Business Wire

Shorter, More Frequent Trips Gain Popularity Among International Travelers, and Traveling with Cash Can Cause Anxiety, According to Visa Study

Jaa

Visa (NYSE: V) today announced the findings of the payment network’s comprehensive look at travel and tourism in 2017. Visa’s Global Travel Intentions (GTI) Study highlights various parts of the travelers’ journey and found a key motivator for travel is stress relief. The Study also uncovered certain aspects of travel can lead to anxiety and stress, including getting, carrying and exchanging cash. Visa’s cashless solutions offer the freedom to pay anywhere in the world while helping you get a competitive exchange rate when you pay in local currency. While paying in one’s home currency may seem familiar, those purchases, when made overseas, can usually assess conversion-related commissions and overall price mark ups.

This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180206006507/en/

Visa’s cashless solutions offer the freedom to pay anywhere in the world while helping you get a com ...

Visa’s cashless solutions offer the freedom to pay anywhere in the world while helping you get a competitive exchange rate when you pay in local currency. (Photo: Business Wire)

2018 Macro Trends in Travel

In addition to examining the motivations and planning tactics, the GTI Study of outbound travelers from 27 countries and territories also uncovered a number of macro trends expected to continue into 2018:

  • Trips are getting shorter: The global average is now eight nights, down from 10 nights on average in 2013.
  • More trips abroad: Globally, people are planning to take more trips in the future, from an average of 2.5 trips in the past two years to 2.7 trips in the next two years. The Americas lead the pack in number of trips in the past two years, taking an average of 3.2 trips in 2017.
  • Technology is helping some travelers better navigate their destinations: 88 percent of travelers gained online access while abroad. Almost half (44 percent) use ride-sharing apps to get around once they are on the ground.
  • Multi-destination: 11 percent of global travel includes visits to multiple countries.
  • Japan, the United States and Australia are the most visited countries: Japan has overtaken the United States as the most popular destination for global travelers in the past two years. Regional preferences prevail, though, with travelers in the Asia Pacific region leaning heavily toward Japan as a travel destination. American travelers prefer continental Europe, though Mexico, Canada and Japan are also highly desirable.
  • Top spenders: Saudi Arabians are the top spenders when it comes to what travelers spend on their entire trips, including the booking stage as well as expenditures at the destination, with Chinese, Australians, Americans and Kuwaitis rounding out the top five.

Simplifying Payment Abroad

Travelers are increasingly using technology to plan their trips and navigate their destinations – 83 percent of travelers used technology for this purpose in 2017 compared to 78 percent in 2015. Yet the majority of them are still decidedly analog when it comes to making payments internationally.

While many travelers use cards while on vacation, most (77 percent) still prefer to use cash when making purchases. Using a Visa card to pay in local currency could help international travelers get a more competitive exchange rate and possibly help them avoid being hit with hidden currency conversion fees when they get home. The Study also found the following themes related to the use of cash while traveling internationally:

  • Cash causes anxiety: Travelers cited loss of cash or theft as a top money concern while on trips.
  • Big Spenders: The average global traveler spends US$1,793 per trip, yet the global median amount of cash brought to destination globally clocks in at a whopping US$7781.
  • Trade-off: In order to travel with that much cash, 72 percent of people prepared their foreign currency prior to their departure date.
  • Telling sign: Only slightly more than one in ten people made an ATM withdrawal at their destination. Security at ATMs is one area of concern affecting this statistic, cited by nearly one in five travelers as a barrier to using an ATM. Travelers from Europe, the Middle East and Africa are, however, more likely to withdraw cash during vacation compared to those from other regions.
  • Leftover cash: A whopping 87 percent have leftover cash after their trips, but only 29 percent convert it back to currency they can actually use at home. The global median leftover amount is US$123.

“We are excited to see the desire for global travel grow as technology becomes integral in every stage of the travelers’ journey,” said Lynne Biggar, Chief Marketing and Communications Officer, Visa. “Using your Visa card abroad means a safe, secure, seamless and convenient experience, without the worry of carrying cash. As more people travel internationally in 2018, we look forward to helping travelers make the most of their trips.”

Tips for Stress-Free Payment While Traveling

  • Use your Visa card to pay in “local currency” to get a competitive exchange rate and help avoid getting stuck with hidden currency conversion fees when you get home.
  • Use a credit or debit card for purchases. Visa offers security, convenience and ease when paying abroad. It may be considered safer than carrying cash, and is backed by Visa’s Zero Liability Policy 2 , which states accountholders won’t be held responsible for unauthorized charges on their account.
  • Whenever possible, pay through a chip-activated terminal when using your credit or debit card for enhanced security.
  • Look for the Visa or PLUS logo at any point-of-sale terminal or ATM to ensure these international payment cards are accepted.

More GTI Findings

The average global traveler spends US$1,793 per trip. Travelers expect to spend more in upcoming trips, with the highest likely increase in the Asia Pacific.

 

Intended spend for next leisure travel versus previous trip (Median US$)*

Region       Last trip       Next trip       Percent change
Global       US$1,793       US$2,443       36.25% Increase
Africa & Middle East       US$2,666       US$2,666       0% Increase
Asia Pacific       US$1,677       US$2,443       45.68% Increase
Europe       US$1,174       US$1,409       20.02% Increase
North and South Americas       US$2,248       US$2,840       26.34% Increase
                 

Among the top global spenders, travellers from Australia, China, Kuwait and the United States remain optimistic when it comes to spending for their upcoming overseas travel. Saudi Arabian respondents are still the number one spenders, but are projected to spend less on their next international trips.

 

Top five global markets – intended spending amount for next international trip (Median US$) **

      Saudi Arabia       China       Australia       United States       Kuwait
Next trip     US$4,800       US$4,034       US$3,529       US$3,500       US$3,474
                           

Top five global markets – amount spent on last international trip (median US$) *

      Saudi Arabia       Kuwait       China       Australia       UAE
Last trip     US$5,333       US$3,143       US$2,988       US$2,745       US$2,722
                           

For more information about Visa’s Global Travel Intentions Study visit Visa.com/TravelStudy.

About Global Travel Intentions 2017

The Global Travel Intentions Study analyzes travel behavior and tourism spending patterns of global travelers. A comprehensive study monitoring and analyzing international travel trends and consumer travel behavior, the Study is part of Visa’s continued commitment to helping industry players in their pursuit of growth in the global travel and tourism industry. Visa’s GTI Study was conducted in conjunction with research and business intelligence firm ORC International and collected data over the course of 15,500 interviews in 27 markets. Visa has been conducting this biannual study since 2008. Where possible, trends are shown.

About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit usa.visa.com/aboutvisavisacorporate.tumblr.com and @VisaNews.

1 US Dollar equivalent of local currencies
2 Visa's Zero Liability Policy does not apply to Visa corporate or Visa purchasing card or account transactions, or any transactions that are not processed by Visa. For specific restrictions, limitations and other details, please consult your issuer.
* Median amount intend to spend for next trip (USD)
** Median amount spent last international trip (USD)

Contact information

Visa Inc. (North America)
Andy Gerlt, 415-805-5153
agerlt@visa.com
or
Visa Inc. (Rest of the World)
Kinan Suchaovanich, +66.98.830.9239
ksuchaov@visa.com

Tietoja julkaisijasta

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Tilaa tiedotteet sähköpostiisi

Haluatko tietää asioista jo ennen kuin ne uutisoidaan? Kun tilaat tiedotteemme, saat ne sähköpostiisi yhtä aikaa suomalaisen median kanssa. Tilauksen voit halutessasi perua milloin tahansa.

Lue lisää julkaisijalta Business Wire

2018 D.I.C.E. Cannes Announced Round 3 Speakers16.8.2018 17:01Tiedote

The Academy of Interactive Arts & Sciences’ D.I.C.E. Cannes event will take place 9-11 September 2018 at the Hotel Barrière Le Majestic Cannes in France. Leading video game executives will participate in the premier networking opportunities, listen to key speakers address the conference theme - Trailblazers - to tackle some of the industry’s biggest ideas and trends. Newly announced speakers include: Craig Duncan, Studio Head at Rare – Duncan will share his studio’s experience and learnings with “A Rare Voyage of Adventure.” Duncan will provide insight into Rare’s bold new IP Sea of Thieves, a game that has inspired friendships and players creating stories together. David Hubert, Animation and Cinematic Director at Eidos Montreal – In Hubert’s talk he will discuss how cinematics are redefining AAA story-driven games and how they will continue to shape the medium to push the envelope throughout the production process. Adam Orth – In a session titled “Digging for Fire: Virtual Reality 20

GN Hearing and Google Announce Partnership to Bring Direct Mobile Streaming from Android Devices to Hearing Aids16.8.2018 16:00Tiedote

GN Hearing and Google have today announced a new technology partnership that will make GN Hearing the first manufacturer to enable a full spectrum of direct audio streaming from Android devices to hearing aids. The expectations are that direct streaming will become available to hearing aid users of the recently launched hearing aids ReSound LiNX Quattro™ and Beltone Amaze™ in a future Android release. “According to the World Health Organization, around 466 million people worldwide have disabling hearing loss. This number is expected to increase to 900 million people by the year 2050. Google is working with GN Hearing to create a new open specification for hearing aid streaming support on future versions of Android devices,” states Seang Chau, Vice President of Engineering at Google. Users will be able to connect and monitor their hearing aids, so they can get the full advantages of their Android devices without using an intermediate device for streaming to their hearing aids. This will

Zurich Expands Global Use of Guidewire InsurancePlatform with Selection of Guidewire Cyence Risk Analytics16.8.2018 15:55Tiedote

Guidewire Software, Inc. (NYSE: GWRE), the provider of the industry platform Property and Casualty (P&C) insurers rely upon, today announced that Zurich Insurance Group (Zurich) has selected Guidewire Cyence™ Risk Analytics (Cyence) to leverage the cyber risk knowledge and insights the solution provides to help the company prospect, underwrite, and price risks. Zurich will roll out Cyence globally with an emphasis on enhanced analytics and intelligence for risk selection. Unprecedented technological advances of the 21st century have shifted the nature of risk across the P&C insurance industry. Ever-evolving cyber risks present unique challenges including limited availability of traditional actuarial data needed to model these risks. Cyence combines economic modeling, cybersecurity, machine learning and Internet scale data collection to help risk takers assess the financial impact of cyber risk. “After conducting a thorough search, we found that the capabilities of Guidewire Cyence Risk

Scientist.com Named One of America’s Ten Fastest-Growing Private Companies by Inc. Magazine16.8.2018 15:06Tiedote

Scientist.com, the world’s leading marketplace for outsourced scientific services, today announced that it ranked no. 9 on Inc. magazine’s 2018 list of the 5,000 fastest-growing, privately owned companies in America. Scientist.com ranked no. 2 nationally in the Health category and no. 2 in the state of California. The San Diego-based company builds private marketplaces that connect life science research organizations with a global network of over 2,600 contract research organizations (CROs) and providers of scientific services. “Our mission is to empower and connect scientists worldwide and make it possible to cure all human diseases by 2050,” stated Kevin Lustig, Scientist.com’s CEO and Founder. “On Scientist.com, a single, highly trained scientist can run an entire drug discovery program from concept to clinic from his or her laptop without ever physically entering a laboratory.” The pharmaceutical industry spends about $150B a year on medical research and produces about 25 new medic

REN Using Kalkitech Sync Platform at Substations for Automated Disturbance Record Collection and Data Conversion16.8.2018 13:59Tiedote

Kalkitech, a global leader in solutions that simplify field data collection, protocol translation, and IT-OT transformation for utilities, announced Redes Energéticas Nacionais, S.A. (REN) has installed an automated file collection solution for its transmission network. It is used to automatically supply near-time data to an automated fault analysis and protection behavior software application. The solution utilizes Kalkitech’s SYNC 3000 Substation Data Concentrator in 64 out of a total of 82 substations located throughout the utility’s coverage area to collect data from multiple vendors and multiple types of protection relays which use several different communication protocols. SYNC 3000 collects disturbance record data using standard protocols like IEC 61850 and IEC 60870-5-103 as well as proprietary protocols like ABB SPA Bus and Alstom Courier. In the cases where data is not originally in a COMTRADE format, SYNC 3000 makes the required conversion into this standard format. An IEEE

FastForward.ai Launches “Ooredoo Next”, Myanmar’s New Digital Engagement Platform16.8.2018 13:15Tiedote

FastForward.ai launched today Ooredoo Next, the new digital engagement platform for Ooredoo Myanmar. Supported by FastForward NXTTM real-time API platform featuring artificial intelligence and machine learning, Ooredoo Next allows all mobile users in Myanmar to easily engage with Ooredoo brand inside Facebook Messenger using real-time automated answers. For Ooredoo Myanmar, FastForward.ai digital engagement platform enables efficient management of social media advertising campaigns, customer relationship management and monetization. Augie K. Fabela II, Co-Founder and CEO, FastForward.ai said: “We bring Silicon Valley user experience to the Telco world. We enable mobile operators to give their customers 100% control of their choices: they decide the services they want to use, how and when they want to use them." Romeo S. Ganescu, Co-Founder and Chief Product Officer, FastForward.ai said: “The future of mobile engagement lies inside social and messaging networks and our FastForward NXTTM

Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.

Tutustu uutishuoneeseemme