- Almost half of Singaporeans surveyed consider their personal concept of luxury as being able to travel anytime they want during the year
- Malaysia is the most popular destination visited by Revolut Singapore users followed by Japan and Thailand
- Apart from flights and accommodations, Revolut Singapore users spend the most on shopping overseas
- Revolut Singapore users prefer budget-friendly travel with 50% travelling by Scoot, Ryanair and EasyJet
In an era marked by an upsurge in travel enthusiasm, Revolut, the esteemed global financial superapp boasting over 35 million customers, has recently divulged some captivating insights into the travel patterns of its Singaporean users for the year 2023.
Post-pandemic, the world witnessed a vigorous resurgence in travel, with Singaporeans leveraging their globally powerful passports to traverse various destinations. An intriguing study conducted by Revolut in collaboration with research firm Dynata reveals a significant trend: nearly half of the Singaporeans surveyed (49.8%) define the essence of luxury as the freedom to travel at will throughout the year.
Singapore’s Preferred Destinations: A Blend of Familiar and Exotic
Singaporeans demonstrated a penchant for both proximity and novelty in their travel choices. Malaysia emerged as a favored destination, with Johor Bahru and Kuala Lumpur ranking high due to their closeness and favorable exchange rates. Meanwhile, Japan and South Korea, with cities like Tokyo and Seoul, attracted Singaporeans, reflecting a growing interest in East Asian cultures.
Beyond the usual urban retreats, Singaporeans are venturing into more unique locales. Yamaguchi in Japan, Samutprakan in Thailand, and Interlaken in Switzerland topped the list of exotic destinations, offering a mix of scenic beauty, historical richness, and adventurous activities.
What Fuels Singaporean Travelers? Shopping and Dining!
It’s no secret that Singaporeans have a penchant for shopping and culinary explorations. Revolut’s analysis highlights that, apart from major expenses on flights and accommodations, shopping and dining are where Singaporeans splurge the most, with average expenditures of approximately S$800 and S$514 per user, respectively.
Interestingly, the top dining spots for Singaporean travelers include Hai Di Lao in Johor Bahru, Pret A Manger globally, and Tanba Japanese BBQ, also in Johor Bahru. This eclectic mix reflects Singaporeans’ diverse culinary tastes.
Air Travel Preferences: Luxury vs. Budget
When it comes to flying, Singaporeans exhibit a diverse range of preferences. Singapore Airlines remains the top choice, reflecting a lean towards luxury. However, budget airlines like Scoot, Ryanair, and EasyJet collectively account for nearly half of the airline bookings, indicating a pragmatic approach to travel expenses.
The Shift to Cashless Travel and Enhanced Security
In an age increasingly leaning towards digital convenience, Singaporeans are embracing cashless travel, facilitated by multi-currency cards like Revolut. This trend not only ensures security against theft but also offers ease of transactions in various global destinations. Moreover, the use of virtual disposable cards, a unique Revolut feature, has surged, providing additional security for one-off transactions and online purchases.
Future Trends and Special Offers
Looking into 2024, Revolut anticipates a sustained growth in travel enthusiasm among Singaporeans. Special promotions aligned with cultural events like the Chinese New Year are underway, including cashback offers and fee-free foreign exchange options for selected currencies.
Ashley Thomas, Head of Strategy & Operations at Revolut, stated, “We have observed the demand for travel increase significantly in 2023. Singaporeans love travelling to locations both near and far, and usually plan their holidays for the year in advance, making full use of public holidays and long weekends. We expect to see this trend continue in 2024, starting with the upcoming Chinese New Year holidays.”
In summary, the travel landscape for Singaporeans in 2023, as unveiled by Revolut, paints a picture of diverse preferences, a shift towards cashless and secure transactions, and an unquenched thirst for global exploration and culinary indulgence. With the world reopening its doors, Singaporeans are poised to redefine luxury travel in their unique way.
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