Fintech & Ecommerce

Visa Reveals What Extra Benefits Travellers Are Willing to Pay For

Visa Global Travel Intentions Study discovered that there are no signs of travel rebound, despite rising costs. The report also reveals payment trends associated with both domestic and international trips.

Visa Reveals What Extra Benefits Travellers Are Willing to Pay For

Visa has published the results of the 2023 U.S. edition of the Visa Global Travel Intentions Study. The findings revealed the main travel spending trends and statistics:

  • An average trip spending amount equalled $4,204, with more than 60% of travel funds financing purchases at destinations, leading travellers to budget more for on-site needs.
  • Digital wallets are an integral aspect of the travel experience for 74% of travellers today. Among affluents (83%) and millennials (82%), the use of digital wallets accelerates.
  • 85% of travellers used their main domestic card internationally.
  • Cash is still a preferred payment method abroad. However, cash use brings US tourists a lot of inconveniences, starting from theft threats to feeling compelled to make a purchase because they have foreign cash left over.
  • Inbound tourists in the U.S. embrace cashless payment options, actively using payment cards (98%) and digital wallets (54%).
  • About 45% of tourists visiting the US encountered a cash-related issue, e.g. handling dollars and coins, finding money changers, inability to make a purchase because they ran out of dollars or lost cash.
  • 60% of travellers are willing to pay a higher price for the flexibility to alter their trip plans.
  • 76% of surveyed travellers will choose eco-travel options if these alternatives are offered at the same price or cheaper than traditional travel options. This is specifically true for accommodation choices.

Overall, the study discovered that the travel surge observed once Covid-19 limitations were lifted is not going to abate any time soon. While the majority of Americans surveyed by Visa (73%) notice an increase in travel costs, only 6% of travellers plan to cancel or delay their plans.

The main motivation for trips is relaxation (47%), exploring something new (35%) and seeking adventures (33%). Australia, Canada, France and the United Kingdom are viewed as top travel destinations for American tourists in 2024.

It was earlier estimated that the volume of the travel industry may reach a significant landmark of $15.5 trillion by 2033.

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.