Travel is one of the highest credit card spend categories for Asia Pacific survey respondents, accounting for almost a third (27%) of annual expenditure. Singapore respondents spend the most on travel (more than USD10,000 per annum) when compared to respondents from other countries in Asia Pacific. Demand for air travel grows from strength to strength with respondents in Asia Pacific making approximately 6 return trips a year. SINGAPORE, Sept. 12, 2024 /PRNewswire/ -- Collinson International, a global leader in the provision of airport experiences, loyalty and customer engagement solutions, and owner and operator of Priority Pass, today released new Asia Pacific research titled '2024 Travel Benefits and Customer Engagement Report'. Surveying 7,250 respondents across 14 markets in Asia Pacific, the report analyses the behaviours, perceptions, and preferences of travellers in the region; with key findings showing that travel is one of the highest spend categories for respondents across all markets, accounting for almost a third of annual expenditure - matched only by 'everyday spend' categories, when grocery and retail shopping spend is combined. The research also reveals Southeast Asia to be an emerging travel powerhouse. The annual travel spend for survey respondents based in Singapore is USD10,619, almost double that of markets such as mainland China (USD5,014), and Japan (USD4,529). Southeast Asian survey respondents in Malaysia and Thailand also spend considerably on travel annually, budgeting USD5,939 and USD5,548 respectively.Commenting on the findings, Rohan Bhalla, Asia Pacific Vice President, Business Solutions at Collinson International, said, "Our research has shown that travel is a key driver for consumer expenditure. This 'travel resonance' is especially strong with Southeast Asian survey respondents, further demonstrating how much the region is primed to be the next travel powerhouse. Beyond the rise of Indian outbound travellers and the much-anticipated Chinese outbound travel resurgence, we should not ignore the potential of Southeast Asia's travel market; a dynamic region that generated over 40 million departures and USD53 billion in outbound travel expenditure[1] pre-pandemic."Consumers in Asia Pacific are not just looking to travel more, but are also desiring enhanced experiences. On average, survey respondents in Asia Pacific advised that they spend USD4,763 per annum on travel; with the average spend on a domestic return trip is USD700 and USD2,000 for an international trip. When asked which travel perks they value most, 44% of respondents ranked airport lounge access as their top travel-related credit card benefit - surpassing more service-oriented benefits, such as security fast-track (11%) and airport transfers (9%).In fact, 90% of respondents in Asia Pacific agreed that access to airport lounges is a travel benefit that they would expect on any credit card with an annual fee. 89% would consider switching to a new card that offered membership with their favourite airport lounge access programme if it was no longer offered by their current card, with Japan (96%), Malaysia, Taiwan region (both 92%), the Philippines and Singapore (both 91%) feeling this most strongly.According to the report, 92% of respondents informed that they are more likely to use their payment cards for everyday spend and travel expenses if the cards offer travel-related rewards or benefits. Notably, 45% of respondents ranked travel benefits as the most important when choosing to sign up for one credit card over another; placing them above other benefits, such as everyday rewards, the prestige associated with the card, and sign-up bonuses. Travel benefits are particularly important in Japan (56%), Malaysia (53%), and Thailand (50%).The research also revealed that travel experiences beyond airport lounge access, such as accessing dining offers while travelling, are highly valued amongst Asia Pacific travellers - with respondents in Thailand, Malaysia, Australia, Hong Kong SAR, Taiwan region, Singapore, and the Philippines listed 'dining offers' in their top five most preferred travel benefits."With strong, positive consumer sentiment towards travel, brands, particularly in the financial services sector, have a unique opportunity to leverage travel as a key competitive advantage," Bhalla said. "By integrating travel and airport related benefits and experiences - such as lounge access, security fast track, airport transfers, dining and duty-free offers - into customer engagement and loyalty programmes, brands are able to level-up their customer value proposition, enhance customer satisfaction, differentiate from competition, and deliver measurable business impact."Catering to the rapid recovery of travel and to the evolving needs of travellers, Collinson International has expanded its network of airport lounges and travel experiences in Asia Pacific by 15% over the last 12 months; in turn doubling its inventory of dining, refreshment and relaxation options at airports across Asia Pacific. Today, there are close to 650 airport lounges and travel experiences within Collinson International's Priority Pass network in Asia Pacific, of which more than 100 are travel experiences. Globally, the Priority Pass network has over 1,600 airport lounges and travel experiences across 145 countries.For more information on the '2024 Travel Benefits and Customer Engagement Report', please click here.[1] European Travel Commission (Sep 2019). Study on the South-East Asian Outbound Travel Market.-END-Survey MethodologyFor this report, the data collection agency Cint surveyed 7,250 consumers between 16-25 April 2024 across 14 Asia Pacific markets: Australia, Bangladesh, Mainland China, Hong Kong SAR, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan region, Thailand, and Vietnam. These consumers own a credit card that has an annual fee and rewards / benefits and took at least two return trips by air in the 12 months.About Collinson InternationalCollinson International is the global, privately-owned company dedicated to helping the world to travel with ease and confidence. We work with the world's leading payment networks, over 1,400 banks, 90 airlines and 20 hotel groups worldwide. We deliver market-leading airport experiences, loyalty and customer engagement, and insurance solutions for over 400 million end consumers.Collinson International is the operator of Priority Pass, the world's original and leading airport experiences programme. Travellers can access a network of over 1,600 lounges and travel experiences, including dining, retail, sleep and spa, in 725 airports in 145 countries, helping to elevate the journey into something special.
Read The Rest at :
