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By Gaurav Raghuvanshi
SINGAPORE–Global travel budgets may rise by an average of 5% in 2013 as more Asians travel for leisure, according to a survey released by payment services provider Visa Inc. (V) Thursday.
While Saudi Arabians were the biggest spenders in the past, Asians on average are likely to increase their travel budgets 46% this year, with travelers from Singapore, Thailand and Hong Kong planning to at least double the budget of their last trip in the future, Visa said in a statement.
According to Visa’s Global Travel Intentions Study 2013 that surveyed 12,631 travelers from 25 countries, the pull of attractions, scenery and rich culture are strong reasons for travel, offsetting budget concerns.
The study “hints at a change in both the financial landscape and consumer mindset, suggesting either economic recovery or a growing appetite for larger travel budgets,” said Ross Jackson, Head of Cross-Border in Asia Pacific, Central Europe, Middle East and Africa at Visa. “Both provide excellent news for everyone involved in the global travel and tourism industry.”
The U.S. ranked as the most popular destination choice for global travelers, both for trips taken in the past two years and for intended travel in 2013, the survey showed.
Other top destinations in 2011 and 2012 included the U.K., France, China, Singapore, Thailand and Hong Kong.
Regional travel is set to increase, especially in view of the growing popularity and economic strength of Asia-Pacific nations, with 31% of global travel expected to be to Asia, according to the report.
Australia and South Korea are making it to the latest list of most preferred destinations for future travel, it added.
Write to Gaurav Raghuvanshi at gaurav.raghuvanshi@dowjones.com
VISA INC : Global Travel Budgets May Rise 5% as More Asians Travel -Visa ... - 4
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