S’pore estimated to rank 7th in world’s top overseas travel spenders, says Visa
SINGAPORE — International travel by Singapore households are expected to double by 2025, and spending is expected to rise to US$44.9 billion (S$61.5 billion) by then, placing the Republic as the seventh highest overseas spender globally, according to a report by credit card company, Visa.
The amount would also place Singapore in the top three in the Asia Pacific region.
According to Visa’s “Mapping the Future of Global Travel and Tourism in Asia Pacific” report, the average annual spend on overseas travel per Singapore household is projected to hit US$30,230 by 2025, almost six times more than the Asia-Pacific household average of US$5,230 and the global household average of US$5,309.
“Travel continues to be a staple activity amongst Singaporeans,” said Ms Ooi Huey Tyng, Visa’s country manager for Singapore and Brunei. “The increasing popularity of online travel portals and mobile travel apps, coupled with more convenient and secure electronic payment options, will ... lead to continued growth in international travel.”
Globally, China would lead the pack in terms of travel spend, followed by the United States, Germany, the United Kingdom and Russia in the top five. Hong Kong, Singapore, France, Brazil and South Korea round up the top 10.
The study showed that worldwide, households that make at least US$20,000 per year account for more than 90 per cent of spending on international travel.
The report also estimated that, by 2025, travellers around the world aged 65 and above would make an estimated 180 million trips abroad, more than double what they do now.
In Singapore, international travel amongst seniors is expected to grow by more than 300 per cent to over 3 million trips by 2025. These “senior travellers” currently make an average of 1.31 outbound trips per person each year. By 2025, this number is expected to increase to 2.84.
“Many of today’s senior travellers have the time, money and interest to explore new and unique destinations in all parts of the world,” said Ms Ooi.
“(As) Singapore is a key aviation hub and is an extremely well-connected city, travelling abroad is relatively easy,” she added, saying that would help drive up spending.