Singapore’s affluent continue to be most frequent travellers in Asia Pacific: Visa study
Consumer trends survey shows that the affluent in Singapore intend to travel overseas more frequently with family
Singapore - Singaporean affluent consumers are travelling more than their counterparts across Asia Pacific according to a new Visa study on affluent consumer trends in Asia Pacific.
According to the Visa Affluent Study 20151, Singapore affluent residents are amongst the most travelled consumers in the region, at 3.1 average trips reported in the past 12 months. The findings from Singapore match the number of overseas trips reported taken by Chinese affluent followed by Hong Kong (2.8) and India (2). Moreover, Singapore respondents say they intend to travel even more at 4.7 average trips this year, making them the most travelled in the region.
The average age of Singapore’s affluent is 37 years old at a household income of over 150,000 dollars, one of the highest average incomes across the region. Two thirds of the affluent in Singapore who were surveyed are married, the second lowest proportion across all markets in Asia Pacific behind Hong Kong.
Overall spending during family holidays is on the rise, with luxury holidays still popular among respondents. 81 per cent of the Singapore affluent use holidays for family bonding purposes and nearly half (46 per cent) of respondents reported that they went on a luxury weekend getaway in the past 12 months. While abroad, Singapore affluent travelers also tend to splurge on quality lodging. Survey findings showed that 35 per cent of respondents stayed at luxury 5-star and over hotels during their holidays, and 49 per cent stayed at upscale hotels.
“Singaporeans love to travel and the research findings reaffirm that the affluent in Singapore are consistently seeking luxury experiences and services when they venture abroad. Based on Visanet2 data, Visa Infinite cardholders spend close to 20 per cent of their card purchases on travel related categories and twice the amount on travel compared to dining. This is the highest proportion as compared to their counterparts in Southeast Asia. Survey results also showed that shopping (45 per cent) and relaxing at beaches/resorts (43 per cent) are the top two reasons of consideration when Singaporean affluent pick their destinations. The third reason that determines the holiday destination for the Singapore affluent is sightseeing (37 per cent),” said Ooi Huey Tyng, Visa Country Manager for Singapore and Brunei.
Findings from the survey also show that the affluent in Singapore expect concierge services when planning their trips and more than one in three Visa cardholders have used this service to make travel plans. Over one quarter (26 per cent) of respondents have also used concierge services to make dining reservations and interestingly, one in five rely on the service to send thank you notes after their trips.
The study also showed that the Singapore affluent set aside on average slightly over a thousand dollars every month for discretionary spending such as a night out with friends, family holiday or fine dining. More than half of Singapore affluent seek to attain financial security by saving as much as they can and save close to 50 per cent of their income, which is one of the highest proportions across the markets surveyed in the Asia Pacific region.
1 Visa Affluent Study 2015 was conducted between November and December 2014 by TNS Singapore on behalf of Visa. 500 respondents aged 18 to 55 with household income of at least S$100K from Singapore participated in the online survey conducted to understand affluent consumer behaviour in terms of their lifestyles, attitudes and spends.
2 Visanet data as of Dec 2014
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