Singaporeans increase travel spending by $325

Over 42% of Singaporeans polled said they would spend more on travel in 2023.

A study found that less than half of Singaporean travellers revealed that they would spend more on travel this year than in previous years, posting an average spend over the next year reaching a figure of $3,794.

According to the research of Outpayce from Amadeus, in partnership with Opinium Research, this amount is a rise of $325 from last year’s figure of $3,468 and a huge increase from how much travellers said they would shell out in 2019, with $3,638.

Singaporean travellers aged 55 and above estimated they would spend $5,571.2 on average over the next year, a number significantly higher than the global average for the same demographic with $3,451.6.

Over 44% of Singaporeans said they would dip into savings to fund leisure travel this year.

More trips

Aside from spending, half of Singaporean travellers are also keen to go to more international destinations, which is 12% above the global average.

For spending patterns, Singaporean travellers are willing to use Buy Now Pay Later services, instalment plans agreed upon directly with the travel provider, and credit cards to cushion financial issues.

Over 35% of respondents said they are more likely to make use of Buy Now Pay Later services that allow payment in instalments.

Another 36% said they are likely to take advantage of instalment plans agreed directly with travel providers (airlines, hotels or travel agents).

Four in 10 travellers are planning to use credit cards to supplement travel plans and 80% of travellers will pay attention and seek to minimise Foreign Exchange (FX) charges when booking trips over the next 12 months.

Less than 5,000 travellers were polled from the US, UK, France, Germany, and Singapore during the second quarter of 2023 using an online methodology by international market research firm Opinium on behalf of Outpayce from Amadeus.