Holidays are being swapped for houses as the new savings and spending choice for Australian Millennials, with a new poll commissioned by the by the Tourism & Transport Forum Australia (TTF) showing that young people plan to spend more on their summer holiday than any other age bracket.

According to the Australia-wide survey by pollster Nielsen, nearly one-quarter (21 per cent) of Aussies aged 18 to 24 plan to spend between $2000 and $5000 on their summer vacation, while 11 per cent intend to spend more than $5000.

This compares to just eight per cent of people aged 45 – 64 and 13 per cent of people aged 65 and over who plan to spend between $2000 and $5000. Most Australians (79 per cent) plan on spending less than $2000 on their holiday break – with four per cent planning on getting away with spending nothing.

TTF Chief Executive Margy Osmond said the results reflect a global trend of young people choosing travel over tangible assets, such as home or car ownership.

“The days of young people travelling with little more than the shirts on their back are well and truly over,” Ms Osmond said.

“What we are seeing is the rise of the ‘flashpacker’ – young travellers who have a relatively high disposable income and are not tied down with mortgages and other high household expenses, and who are seeing Australia and the world in a way their parents might not have.

“Rather than just being seen as just a leisure activity, more and more young people look to be choosing to postpone a long-term savings plan by opting to take more extensive and adventurous holidays and to increasingly look to gain ‘life experiences’ such as exploring different cultures, learning languages and gaining work experience through travel.”

According to the survey, Tasmanians are the least likely to spend up big on a holiday, with three in four people (75 per cent) spending $500 or less, NSW and ACT residents are the most likely to spend $2000 or more (23 per cent), while West Australians are the biggest high-end spenders, with 13 per cent planning on spending $5000 or more.