How much are Singaporeans willing to spend on international travel?
Four in 10 said they would even dip into their savings to fund leisure travel this year.
Singaporeans are placing high priority on international travel and are willing to spend more for it.
According to research conducted by Outpayce, half of Singaporeans would take more international trips than they did during the pandemic.
The study also found that Singaporeans are willing to spend an average of $3,794 on travel over the next year
The figure represents a $325 increase from last year ($3,468.8) and a $155.9 jump from how much Singaporeans spent on travel in 2019.
Some (44%) also plan to dip into their savings to fund leisure travel this year.
Older Singaporeans have bigger budgets for travel, with travellers aged 55 and above saying they will spend $5,571.2 on average over the next year.
Singaporeans’ strong desire to increase spending on travel comes from a variety of factors including the ability to travel to see family and friends (43%), pandemic savings granting the freedom the travel (40%), and the fact that the last few years have been tough, encouraging the desire for a break (35%).
To soften financial pressure during travel, Singaporeans are likely to utilise Buy Now Pay Later services (35%), instalment plans agreed directly with the travel provider (36%), and credit cards (41%).
When choosing a travel provider, Singaporeans consider those that allow them to pay in their currency and are transparent about foreign exchange fees (65%).
According to the study, most Singaporeans (80%) are now paying attention and seeking to minimise foreign exchange (FX) charges when booking trips over the next 12 months.
To limit FX charges, 63% of travellers said they are likely to use a prepaid debit card that holds multiple currencies.