Singapore

Travel Trend: Wanderlust Conquers Wallets

Travel Trend: Wanderlust Conquers Wallets


SINGAPORE, July 5, 2023: Despite economic uncertainty, travel sentiment is buoyant as desire to travel trumps wallets, according to the 2023 Asia Pacific Travel Confidence Index released by Booking.com on Monday.

The report provides an in-depth analysis of the travel mindset in the Asia Pacific (APAC) region, revealing a startling paradox: While financial concerns rank highest among their concerns (42%), a shocking 73% of APAC Regional travelers remain unwaveringly optimistic about their future travel plans for the next 12 months.

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Travel Trend: Wanderlust Conquers Wallets 3

More than half (53%) of travelers surveyed have no intention of postponing their travel plans despite complex and interconnected crises such as inflation, climate change and supply chain disruptions weighing on the global economy. Even more impressive, 59% of travelers surveyed are still sticking to their original travel plans and plan to increase their travel budgets this year to fund more trips.

The TCI 2023 study, commissioned by Booking.com and independently conducted by Milieu Insight, involved a survey of more than 8,000 travelers from 11 countries and territories in the Asia Pacific region, including Singapore, between April and May 2023.

It provides an in-depth analysis of travel confidence and sustainability interest across destinations in the Asia-Pacific region. The report includes rankings assessing the level of traveler confidence in each market, with Singapore ranked fourth (4th).

Additionally, the report reveals for the first time four unique traveler personas, providing valuable insights into their key motivations, priorities and travel behaviors:

conscious explorer (Hong Kong, India, China, Taiwan) actively pursue environmentally friendly and sustainable travel. They are passionate about exploring while minimizing their environmental impact. They engage in eco-tourism, stay in sustainable accommodation, and support local communities that live by their values.

comfort seeker (Singapore, Australia) Prioritize comfort and convenience. They seek indulgent experiences and accommodations that maximize relaxation. They value personalized service and high-quality amenities, and prioritize comfort over sustainability in their travel decisions.

mindful voyager (Vietnam) has a thoughtful and thoughtful approach to travel driven by a sense of environmental responsibility and a desire to help the local community. However, they often experience anxiety in unfamiliar environments and actively seek resources to overcome travel worries and gain self-confidence.

home pragmatist (New Zealand, Korea, Japan, Thailand) prefer to actually travel and be close to home. They prioritize convenience and efficiency, and optimize time and resources. They seek a seamless, well-organized and efficient travel experience that makes the most of limited time and resources.

Key Findings in Singapore

In the city-state of Singapore, travel is a much-needed escape from the stresses of everyday life for 60% of residents. Meanwhile, 43% of visitors to Singapore seek to immerse themselves in the local culture, craving authentic experiences that bring them closer to the heart and soul of their destination.

When it comes to spending, Singapore tourists have their own priorities. A staggering 32% would rather spend their hard-earned cash on travel experiences than life’s other fleeting pleasures. In addition, 27% of Singapore tourists expressed a sense of adventure, tending to travel to lesser-known and less-visited destinations.

Beyond escapism and cultural immersion, visitors to Singapore are driven by their enthusiasm. A whopping 79% of them prioritize food and the dining experience, savoring the flavors of different cuisines from around the world. They also appreciate stunning scenery, with 70% seeking out stunning, awe-inspiring scenery. Exploring famous sights and landmarks is high on their travel bucket list, with 64% eager to discover the iconic wonders of the world. And let’s not forget about shopping – 60% of Singapore tourists enjoy shopping therapy during their adventure trip.

However, their commitment to sustainable travel decisions seems less prominent. Surprisingly, only 32% think sustainability is important, suggesting a decrease in the importance given to environmental considerations. In an increasingly eco-conscious world, Singapore tourists are the least likely (18%) to invest in sustainable accommodation options, indicating a strong tendency to prioritize personal comfort and enjoyment while traveling.

However, they haven’t lost sight of the importance of effectively managing travel expenses and being resourceful when planning their trip. When it comes to cost-cutting strategies, 57 percent opt ​​for affordable accommodation options, 52 percent plan to travel during off-peak periods to take advantage of lower prices, and 48 percent opt ​​for less expensive transportation.

Laura Houldsworth, Managing Director, Asia Pacific, Booking.com said: “Despite some macroeconomic headwinds, one thing remains clear for all Asia Pacific travelers: their spirit of adventure and desire to create lasting memories through travel remains strong And strong.”

“Despite the profound impact of the pandemic, insights from this year’s Travel Confidence Index are reassuring evidence that Asia-Pacific is reclaiming its position as the world’s fastest-growing travel region1. As travelers around the world continue to grapple with uncertainty And the rising cost of living, Booking.com remains committed to making it easier for travelers in the Asia-Pacific region to search, book and enjoy the perfect vacation and experience the world better.”

To learn more about Booking.com’s TCI 2023 study and the full report for Singapore, follow this link.

TTR Weekly



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