Visa’s Global Travel Intentions Study of more
than 15,000 globetrotters finds carrying cash can come with
concerns for travelers worldwide
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
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 currencies2 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: http://www.businesswire.com/news/home/20180206006507/en/
Visa Inc. (North America)Andy Gerlt,
415-805-5153agerlt@visa.comorVisa Inc. (Rest of the World)Kinan
Suchaovanich, +66.98.830.9239ksuchaov@visa.com
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