Shorter, More Frequent Trips Gain Popularity Among International Travelers, and Traveling with Cash Can Cause Anxiety, According to Visa Study
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 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|
|Africa & Middle East||US$2,666||US$2,666||0% Increase|
|Asia Pacific||US$1,677||US$2,443||45.68% 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|
Top five global markets – amount spent on last international trip (median US$) *
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/aboutvisa, visacorporate.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)
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 ensimmäisten joukossa? Kun tilaat mediatiedotteemme, saat ne sähköpostiisi välittömästi julkaisuhetkellä. Tilauksen voit halutessasi perua milloin tahansa.
Lue lisää julkaisijalta Business Wire
Pacific Drilling Awarded Contract for the Pacific Bora23.10.2018 00:00 | Tiedote
Pacific Drilling S.A. (OTC: PACDQ) (“Pacific Drilling” or the “Company”) announced today that its deepwater drillship the Pacific Bora has been awarded a contract by Nigerian Agip Exploration Limited (a subsidiary of Eni SpA) for drilling operations in Nigeria. The term of the contract is for one firm well plus two additional option wells. The contract is expected to commence in mid to late November 2018 and firm contract backlog is estimated at $9 million. Pacific Drilling Chief Executive Officer Paul Reese commented: “On the heels of our previous announcement of new work for Pacific Santa Ana in Mauritania, we are pleased to have secured this contract for the Bora which reflects our substantial experience in Nigeria and our uninterrupted commitment to providing exceptional drilling services to our clients.” Currently offshore Abidjan, Côte d'Ivoire, the Pacific Bora is a sixth generation deepwater, dynamically-positioned drillship capable of operating in water depths up to 10,000 fee
ResMed Wins German Patent Infringement Case Against Fisher & Paykel22.10.2018 23:30 | Tiedote
ResMed (NYSE: RMD) (ASX: RMD), the world’s leading tech-driven medical company and innovator in sleep apnea and respiratory care, today announced the results of a court and patent office ruling in Germany in ResMed’s favor. A trial court ruling from the Munich District Court states that the headgear used on two Fisher & Paykel CPAP masks – the Simplus full face and Eson 2 nasal mask – infringes ResMed patent EP 2 373 368 B1 in Germany. In a separate decision, the Opposition Division of the European Patent Office had already decided that the patent asserted against Fisher & Paykel is valid. Each decision may be appealed by Fisher & Paykel. “We applaud the Munich District Court for reaching this just finding, and are exploring all options in light of the fact that Fisher & Paykel is selling CPAP masks with headgear that infringes a valid ResMed patent in Germany,” said ResMed Chief Administrative Officer and Global General Counsel David Pendarvis. “We will continue to defend our intellec
Grand Prize Winner in $1.75M Water Abundance XPRIZE Announced at XPRIZE Visioneering 201822.10.2018 20:49 | Tiedote
During Visioneering 2018, XPRIZE’s annual gathering of philanthropists and innovators to evaluate concepts for future competitions, the Foundation revealed the results of its latest, completed XPRIZE. The Skysource / Skywater Alliance was announced as the grand prize winner of the $1.75M Water Abundance XPRIZE, a two-year competition aimed at alleviating the global water crisis with energy-efficient technologies that harvest fresh water from thin air. In addition at Visioneering, five new prize concepts were evaluated with top honors going to a prize concept called “Coral Survival”, a prize designed to protect and restore coral reefs. This prize will move forward into the XPRIZE pipeline. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181022005795/en/ The Skysource / Skywater Alliance team, based in Venice Beach, California, wins the Water Abundance XPRIZE (Photo: Business Wire) The Water Abundance XPRIZE, powered by the Tat
Positive Trial Results with Filgotinib in Psoriatic Arthritis and Ankylosing Spondylitis Both Published in The Lancet22.10.2018 20:15 | Tiedote
Gilead Sciences, Inc. (Nasdaq: GILD) and Galapagos NV (Euronext & NASDAQ: GLPG) today announced that detailed results from two clinical trials evaluating filgotinib, an investigational, selective JAK1 inhibitor, for the treatment of psoriatic arthritis and ankylosing spondylitis were both published in The Lancet. The publication of the Phase 2 EQUATOR data also coincides with a plenary session presentation at the 2018 American College of Rheumatology/Association of Rheumatology Health Professionals (ACR/ARHP) Annual Meeting. “The results of the EQUATOR and TORTUGA studies demonstrate that filgotinib improved the signs and symptoms of patients with psoriatic arthritis whose disease had not responded to prior therapies and independently, for those with ankylosing spondylitis,” said John McHutchison, AO, MD, Chief Scientific Officer and Head of Research and Development, Gilead Sciences. “These findings represent an important step forward in our efforts to improve outcomes for people livin
First Data Polska Deploys Inside Secure’s Mobile Payment Technology To Securely and Easily Connect to Mastercard and Visa22.10.2018 18:36 | Tiedote
Regulatory News: Inside Secure (Paris:INSD) (Euronext Paris: INSD), at the heart of security solutions for mobile and connected devices, today announced that First Data Polska S.A., a division of the global leader in commerce-enabling technology, selected Inside Secure technology to enable secure and flexible connections to Mastercard and Visa. First Data Polska S.A. chose Inside Secure’s Mobile Payment Client to easily integrate their solution with the Visa Token Service (VTS) and Mastercard Digital Enablement Service (MDES) – today’s major tokenization services that convert sensitive data into unique tokens that allow mobile payments to be processed. “Security and reliability are continual requirements for our services,” said Jolanta Rycerz, Member of Management Board at First Data Polska S.A. “We see Inside Secure as a valuable technology provider that enables us to easily migrate to the latest mobile payment technology and security standards. Thanks to Inside Secure, our customers,
PMI Launches Search for Next President and CEO22.10.2018 17:00 | Tiedote
Project Management Institute (PMI), the world’s leading professional membership organization for project managers, announced today that it has retained Heidrick & Struggles to help the organization find its next President and Chief Executive Officer (CEO). The dynamic leader shall oversee the implementation of a new strategic plan and guide the organization toward a future designed to help thousands of project professionals around the world accelerate their careers and make ideas a reality. Heidrick & Struggles is a premier provider of executive search, leadership assessment and development, organization and team effectiveness, and culture shaping services globally. PMI will conduct a comprehensive global review of both internal and external candidates for this key position. The selected candidate will embody PMI’s core values and possess the skillsets necessary to advance the organization’s key goals. PMI’s next President and CEO will help it execute a bold new multi-year initiative d
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