Visa’s Global Travel Intentions Study of more than 15,000
globetrotters finds carrying cash can come with concerns for travelers
worldwide
SAN FRANCISCO & SINGAPORE--(BUSINESS WIRE)--
Visa (NYSE: V) today announced the findings of the payment network’s
comprehensive look at travel and tourism in 2017. Visa’s Global Travel
Intentions (GTI) Study highlights various parts of the travelers’
journey and found a key motivator for travel is stress relief. The Study
also uncovered certain aspects of travel can lead to anxiety and stress,
including getting, carrying and exchanging cash. Visa’s cashless
solutions offer the freedom to pay anywhere in the world while helping
you get a competitive exchange rate when you pay in local currency.
While paying in one’s home currency may seem familiar, those purchases,
when made overseas, can usually assess conversion-related commissions
and overall price mark ups.
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Visa’s cashless solutions offer the freedom to pay anywhere in the world while helping you get a competitive exchange rate when you pay in local currency. (Photo: Business Wire)
2018 Macro Trends in Travel
In addition to examining the motivations and planning tactics, the GTI
Study of outbound travelers from 27 countries and territories also
uncovered a number of macro trends expected to continue into 2018:
-
Trips are getting shorter: The global average is now eight
nights, down from 10 nights on average in 2013.
-
More trips abroad: Globally, people are planning to take more
trips in the future, from an average of 2.5 trips in the past two
years to 2.7 trips in the next two years. The Americas lead the pack
in number of trips in the past two years, taking an average of 3.2
trips in 2017.
-
Technology is helping some travelers better navigate their
destinations: 88 percent of travelers gained online access while
abroad. Almost half (44 percent) use ride-sharing apps to get around
once they are on the ground.
-
Multi-destination: 11 percent of global travel includes visits
to multiple countries.
-
Japan, the United States and Australia are the most visited
countries: Japan has overtaken the United States as the most
popular destination for global travelers in the past two years.
Regional preferences prevail, though, with travelers in the Asia
Pacific region leaning heavily toward Japan as a travel destination.
American travelers prefer continental Europe, though Mexico, Canada
and Japan are also highly desirable.
-
Top spenders: Saudi Arabians are the top spenders when it comes
to what travelers spend on their entire trips, including the booking
stage as well as expenditures at the destination, with Chinese,
Australians, Americans and Kuwaitis rounding out the top five.
Simplifying Payment Abroad
Travelers are increasingly using technology to plan their trips and
navigate their destinations – 83 percent of travelers used technology
for this purpose in 2017 compared to 78 percent in 2015. Yet the
majority of them are still decidedly analog when it comes to making
payments internationally.
While many travelers use cards while on vacation, most (77 percent)
still prefer to use cash when making purchases. Using a Visa card to pay
in local currency could help international travelers get a more
competitive exchange rate and possibly help them avoid being hit with
hidden currency conversion fees when they get home. The Study also found
the following themes related to the use of cash while traveling
internationally:
-
Cash causes anxiety: Travelers cited loss of cash or theft as a
top money concern while on trips.
-
Big Spenders: The average global traveler spends US$1,793 per
trip, yet the global median amount of cash brought to destination
globally clocks in at a whopping US$7781.
-
Trade-off: In order to travel with that much cash, 72 percent
of people prepared their foreign currency prior to their departure
date.
-
Telling sign: Only slightly more than one in ten people made an
ATM withdrawal at their destination. Security at ATMs is one area of
concern affecting this statistic, cited by nearly one in five
travelers as a barrier to using an ATM. Travelers from Europe, the
Middle East and Africa are, however, more likely to withdraw cash
during vacation compared to those from other regions.
-
Leftover cash: A whopping 87 percent have leftover cash after
their trips, but only 29 percent convert it back to currency they can
actually use at home. The global median leftover amount is US$123.
“We are excited to see the desire for global travel grow as technology
becomes integral in every stage of the travelers’ journey,” said Lynne
Biggar, Chief Marketing and Communications Officer, Visa. “Using your
Visa card abroad means a safe, secure, seamless and convenient
experience, without the worry of carrying cash. As more people travel
internationally in 2018, we look forward to helping travelers make the
most of their trips.”
Tips for Stress-Free Payment While Traveling
-
Use your Visa card to pay in “local currency” to get a
competitive exchange rate and help avoid getting stuck with hidden
currency conversion fees when you get home.
-
Use a credit or debit card for purchases. Visa offers security,
convenience and ease when paying abroad. It may be considered safer
than carrying cash, and is backed by Visa’s Zero Liability Policy2,
which states accountholders won’t be held responsible for unauthorized
charges on their account.
-
Whenever possible, pay through a chip-activated terminal when
using your credit or debit card for enhanced security.
-
Look for the Visa or PLUS logo at any point-of-sale terminal
or ATM to ensure these international payment cards are accepted.
More GTI Findings
The average global traveler spends US$1,793 per trip. Travelers expect
to spend more in upcoming trips, with the highest likely increase in the
Asia Pacific.
|
Intended spend for next leisure travel versus previous trip
(Median US$)*
|
Region
|
|
|
|
Last trip
|
|
|
|
Next trip
|
|
|
|
Percent change
|
Global
|
|
|
|
US$1,793
|
|
|
|
US$2,443
|
|
|
|
36.25% Increase
|
Africa & Middle East
|
|
|
|
US$2,666
|
|
|
|
US$2,666
|
|
|
|
0% Increase
|
Asia Pacific
|
|
|
|
US$1,677
|
|
|
|
US$2,443
|
|
|
|
45.68% Increase
|
Europe
|
|
|
|
US$1,174
|
|
|
|
US$1,409
|
|
|
|
20.02% Increase
|
North and South Americas
|
|
|
|
US$2,248
|
|
|
|
US$2,840
|
|
|
|
26.34% Increase
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Among the top global spenders, travellers from Australia, China, Kuwait
and the United States remain optimistic when it comes to spending for
their upcoming overseas travel. Saudi Arabian respondents are still the
number one spenders, but are projected to spend less on their
next international trips.
|
Top five global markets – intended spending amount for next
international trip (Median US$)**
|
|
|
|
Saudi Arabia
|
|
|
|
China
|
|
|
|
Australia
|
|
|
|
United States
|
|
|
|
Kuwait
|
Next trip
|
|
|
US$4,800
|
|
|
|
US$4,034
|
|
|
|
US$3,529
|
|
|
|
US$3,500
|
|
|
|
US$3,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Top five global markets – amount spent on last international
trip (median US$)*
|
|
|
|
Saudi Arabia
|
|
|
|
Kuwait
|
|
|
|
China
|
|
|
|
Australia
|
|
|
|
UAE
|
Last trip
|
|
|
US$5,333
|
|
|
|
US$3,143
|
|
|
|
US$2,988
|
|
|
|
US$2,745
|
|
|
|
US$2,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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For more information about Visa’s Global Travel Intentions Study visit Visa.com/TravelStudy.
About Global Travel Intentions 2017
The Global Travel Intentions Study analyzes travel behavior and tourism
spending patterns of global travelers. A comprehensive study monitoring
and analyzing international travel trends and consumer travel behavior,
the Study is part of Visa’s continued commitment to helping industry
players in their pursuit of growth in the global travel and tourism
industry. Visa’s GTI Study was conducted in conjunction with research
and business intelligence firm ORC International and collected data over
the course of 15,500 interviews in 27 markets. Visa has been conducting
this biannual study since 2008. Where possible, trends are shown.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our
mission is to connect the world through the most innovative, reliable
and secure payment network - enabling individuals, businesses and
economies to thrive. Our advanced global processing network, VisaNet,
provides secure and reliable payments around the world, and is capable
of handling more than 65,000 transaction messages a second. The
company’s relentless focus on innovation is a catalyst for the rapid
growth of connected commerce on any device, and a driving force behind
the dream of a cashless future for everyone, everywhere. As the world
moves from analog to digital, Visa is applying our brand, products,
people, network and scale to reshape the future of commerce. For more
information, visit usa.visa.com/aboutvisa, visacorporate.tumblr.com and @VisaNews.
1 US Dollar equivalent of local currencies
2
Visa's Zero Liability Policy does not apply to Visa corporate or Visa
purchasing card or account transactions, or any transactions that are
not processed by Visa. For specific restrictions, limitations and other
details, please consult your issuer.
* Median amount
intend to spend for next trip (USD)
** Median amount
spent last international trip (USD)
View source version on businesswire.com: https://www.businesswire.com/news/home/20180206006507/en/
Source: Visa Inc.