Visa announced the findings of Visa’s Global Travel Intentions (GTI) Study, the payment network’s comprehensive look at travel and tourism in 2017. Although travel is stress relief, 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 markups.
2018 Macro Trends in Travel
Simplifying Payment Abroad
Travelers are increasingly using technology to plan their trips and navigate their destinations – 83 percent of travellers used technology for this purpose in 2017 compared to 78 percent in 2015. Yet the majority of them are still decidedly analogue when it comes to making payments internationally.
While many travellers 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 travellers 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 travelling internationally:
“We are excited to see the desire for global travel grow as technology becomes integral in every stage of the travellers’ 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 travellers make the most of their trips.”
Tips for Stress-Free Payment While Traveling
More GTI Findings
The average global traveller spends US$1,793 per trip. Travelers expect to spend more on upcoming trips, with the highest likely increase in the Asia Pacific.
Intended spend for next leisure travel versus previous trip (Median US$)*
|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.