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

PR72233

SINGAPORE, Feb.8, 2018/PRNewswire=KYODO JBN/--

Visa's Global Travel Intentions Study of more than 15,000 globetrotters finds

carrying cash can come with concerns for travelers worldwide

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 also 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.

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%

of travelers gained online access while abroad. Almost half (44%) use

ride-sharing apps to get around once they are on the ground.

- Multi-destination: 11% 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% of travelers used technology for this purpose in 2017

compared to 78% 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%) 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$778[1].  

- Trade-off: In order to travel with that much cash, 72% 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% have leftover cash after their trips, but only

29% 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.

Click here(https://photos.prnasia.com/prnk/20180207/2051523-1-b) to view travel

tips.

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                $1,793            $2,443             36.25% Increase

Africa & Middle East  $2,666            $2,666             0% Increase

Asia Pacific          $1,677            $2,443             45.68% Increase

Europe                $1,174            $1,409             20.02% Increase

North and South Americas $2,248         $2,840             26.34% Increase

Among the top global spenders, travelers 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   $4,800        $4,034   $3,529        $3,500          $3,474

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

            Saudi Arabia   Kuwait    China     Australia    UAE

Last trip   $5,333         $3,143    $2,988    $2,745       $2,722

For more information about Visa's Global Travel Intentions Study visit

Visa.com/TravelStudy.

Click here(https://photos.prnasia.com/prnk/20180207/2051523-1-a) to view GTI

Global Highlights.

[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)

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.

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

(https://twitter.com/VisaNews?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eau

thor).

SOURCE Visa