ASIATODAY.ID, SINGAPORE – Asia Pacific travelers like to use credit, debit and prepaid cards as payment methods when on holiday, according to the latest findings from Visa’s “Global Travel Intentions” (GTI) research. This trend shows the attitude of consumers who are increasingly dependent on digital payment methods.
The number of tourists who carry cash when traveling has also decreased by 60% in the post-pandemic period, with only 31% of respondents carrying cash in 2023, compared to 79% in 2020. Tourists expressed a number of reasons for using card payment methods abroad, such as the method payments that are widely accepted by sellers, security aspects when on holiday, and attractive currency exchange rates.
“We have seen that tourist behavior patterns and payment method preferences have changed drastically in the post-pandemic era. Many tourists are now choosing safe, digital and touch-free payment methods,” said Danielle Jin, Head, Marketing, Asia Pacific, Visa in a press release, Monday, December 4 2023.
“The ‘Global Travel Intentions’ research emphasizes the increasingly important role of digital payment tools in improving the tourist experience while on holiday. These findings also show that the tourism ecosystem must help local businesses provide safe and contactless payment solutions according to the preferences of today’s tourists.”
Understand the development of tourism trends and consumer preferences
According to this year’s research, surveying more than 15,000 travelers in Asia Pacific, travelers demonstrated several key behavioral trends and patterns:
- The destination most chosen by tourists: Japan is the destination most chosen by tourists, in fact 25% of respondents have visited Japan this year, followed by Australia (18%) and Singapore (12%). On the other hand, Australia (16%), Japan (16%), and Mainland China (9%) are the top destinations for business leisure in the international market, or “bleisure”, vacation moments combined with business activities.
- Travel costs soar: Tourist spending will increase in 2023, reaching an average of $2,525 for each trip—a drastic jump from $1,708 in 2020.
- Vacation motivation: Moreover, this survey revealed the main motivation for holiday activities, namely relaxation (39%), followed by the desire to explore and learn new things (14%), and visit family and friends (13%). Other motivating factors include shopping (8%) and adventuring (8%).
- Sustainability initiatives are increasingly in the spotlight: 63% of respondents are increasingly interested in holiday experiences that prioritize sustainability initiatives, such as choosing sustainable accommodation facilities, using energy-saving features in transportation, and avoiding the use of single-use plastic as ways to vacation by prioritizing sustainability initiatives.
- Upcoming vacation inspiration: When planning their next vacation, travelers take inspiration from a variety of sources. Advertising materials (49%) and word of mouth (48%) are the largest sources for tourists. Meanwhile, promotional materials (41%), social media (39%), and content about holidays (37%) are also important factors that tourists consider when choosing tourist destinations and activities.
Capturing new opportunities in the tourism sector with data
For the tourism industry, studying changing consumer trends will be an important element behind success. So, Visa’s collaboration with many actors in the tourism ecosystem—from travel agents to airlines, retailers, financial institutions and government agencies—shows that companies that control data can better interact with consumers on a broad scale through shared experiences. personalized and positively impactful.
“Visa’s data and analysis expertise provides a holistic picture of everything related to tourism trends in Asia Pacific. Thus, Visa helps companies attract tourist interest and supports tourists from the first time they decide to go on holiday,” continued Jin.
“To improve services for partners in Asia Pacific, we have also recently established a Center of Excellence in the tourism sector in Asia Pacific. This team is tasked with helping clients utilize data and maximize opportunities in the tourism and cross-region payments industry.”
Visa’s internal expertise in payments data and data science can help companies plan ahead to maximize opportunities as travel flows surge. When combined with partner data, such as airplane seat capacity, Visa data analysis predicts the peak holiday season for tourism ecosystem players consisting of sellers and retailers to banks, fintechs and government agencies in the tourism sector. These institutions—both large and small—can use Visa data analytics to better meet consumer needs and preferences during the peak holiday season, and design promotions and rewards programs for Visa cardholders as soon as they need them.
The “Visa Global Travel Intentions Study 2023” was conducted by 4SIGHT Research & Analytics in April-June 2023, and surveyed 15,467 respondents in Australia, Hong Kong, India, Indonesia, Japan, Mainland China, Malaysia, New Zealand, Philippines, Singapore, South Korea , Taiwan, Thailand and Vietnam. For more than a decade, GTI surveys have reviewed travel and payment patterns while studying new trends in the tourism industry. (AT Network)
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