Experiences or things: What do tourists in Singapore spend more on

Tourist spending went up by 60% from pre-pandemic levels.

After it eased border restrictions, Singapore recorded the highest international tourist spending on experiences in destinations globally, registering a 60% increase compared to the pre-pandemic period until March 2022, said financial services firm, Mastercard.

According to Mastercard Economics Institute’s report, Travel 2022: Trends and Transitions, tourists were shelling out cash for travel experiences instead of things when in a destination.

It also reported higher airfares for travellers in the Asia Pacific compared to their global counterparts. The average air travel expenses in the Asia Pacific remained elevated at about 11% and 27% above 2019 levels in Australia and Singapore, respectively.

This is due to constraints in supply including air transportation employment, which continues to remain below pre-pandemic levels.

As border restrictions loosened and flight booking trends continue, Mastercard said over 430 million more passengers will go to the Asia Pacific compared to last year.

For Asia Pacific traveller destinations, the US remained at the top, followed by Australia, Singapore, the UK, and Canada.