Singaporean Travellers Are Prioritising Rest, Relaxation and Peace of Mind – Even While Cost-Of-Living Is Top of Mind
The Allianz Partners Travel Index, which surveyed over 500 Singaporean adults regarding travel plans and holiday aspirations, reveals that more than nine in 10 (90%) Singaporeans plan to travel in the year ahead. While travel is high on the agenda for most, cost-of-living is also having an impact on spending, with 73% of those not travelling citing cost as their main barrier.
Rest, relaxation and peace of mind are the priority for Singaporeans, with 74% planning holidays focused on resorts and wellness, followed by enjoying cultural experiences (50%) and to have an adventure (43%). This is in line with regional findings with 65% of APAC respondents travelling to rest and relax, 50% to enjoy cultural experiences, and 40% for adventure. Destination wise, most Singaporeans are planning to travel within Asia (52%) and Oceania (19%), followed by UK and Europe (9%), North America or Canada (4%), and South America or Middle-East and North Africa (2%).
How much Singaporeans will spend on travel
Most Singaporean travellers are planning to spend between $1.2k to above $3k per trip in the coming year. The research suggests that the affordability, adventure on offer and geographical proximity is helping make Asia the go-to destination for many. 30% more travellers with lower travel budget ($1.1k and below) are likely to pick Asia as a travel destination than those with a higher budget (over $3k).
Almost twice as many travellers in the 50+ age group than in the 18-29 age group will spend more than $3k on their holidays indicating this generation are prioritising their discretionary spend towards travel. On average, compared to other markets in APAC, Singaporeans budget lesser for travelling, behind Australia, New Zealand, Mainland China and Hong Kong SAR. India budgets the least for travel, followed by Japan.
Being prepared is top-of-mind
Alongside rest and relaxation, Singaporeans are prioritising being prepared for unforeseen events. Almost all Singaporean and APAC respondents say they will purchase travel insurance (87% vs 86%), citing top concerns such as personal safety (59% vs 48%), falling sick (56% vs 40%), being scammed, robbed or pickpocketed (55% vs 40%), flight cancellations and delays (55% vs 42%), and extreme weather events (46% vs 40%).
For Singaporeans, the main reasons for buying travel insurance are to cover such unforeseen events (73%), for security or peace of mind (68%) and to cover the cost of the trip (24%). For APAC travellers, the number one reason to purchase travel insurance is for peace-of-mind (65%), followed by readiness for the unexpected (59%).
When it comes to purchasing, Singaporean travellers will purchase insurance directly from an insurance provider (55%), followed by a travel website (17%), or through a travel provider like airline, hotel or tour operator (9%).
The research also found that there are direct correlations between travel budgets, and likelihood of purchasing insurance, with those spending more than $3k on their travel almost 24% more likely to purchase travel insurance than those budgeting $1,100 and less.
Everyone's a travel influencer
According to the Allianz Partners Travel Index, word of mouth and social media are incredibly influential for Singaporeans when selecting their holiday destinations. More than half of all Singaporeans (67%), whether planning to travel or not, stated that they are inspired by recommendations from family and friends when it comes to travel locations. Similarly, majority of APAC travellers rely on recommendations from family and friends, but there is more reliance on social media among Chinese and Hong Kongers.
Those who intend to travel also cite social media as a key source of inspiration when selecting their destination, with YouTube (69%) being the main source, followed by Instagram (56%) and Facebook (53%).
While cost-of-living is front of mind for many Singaporeans, travel intentions remain high for many, especially for rest and relaxation. With the peak mid-year holidays approaching, we expect that travel demand will remain high across age groups and will continue throughout the rest of the year. The research also tells us that concerns over personal safety is leading to a more conscientious approach from travellers and they are willing to spend a little extra for peace of mind. The travel industry is unpredictable and evolving, with potential tensions ranging from bad weather events and flight delays to incidents such as lost luggage or falling ill on holiday, making it more important than ever to be prepared for unforeseen events. We would like to see all travellers, regardless of their travel budget, make travel insurance an essential purchase because we know that when the unexpected happens overseas, it can be costly. Having this extra layer of protection will provide a peace of mind, making travel a stress and worry-free experience. Vinay Surana, Managing Director of Asia Pacific, Middle East and Africa at Allianz Partners
About Allianz Partners
In the United States, Allianz Partners USA (AGA Service Company) offers Allianz Travel-branded travel protection plans and serves millions of customers each year. In addition to travel protection, the company offers event ticket protection, registration protection for endurance events and unique travel assistance services such as international medical assistance and concierge services. AGA Service Company is doing business as Allianz Global Assistance Insurance Agency in California (License # 0B01400) and Massachusetts. Allianz Partners USA is part of the Allianz Partners group. Allianz Partners is a world leader in B2B2C insurance and assistance, offering global solutions that span international health and life, travel insurance, mobility and assistance. Customer driven, our innovative experts are redefining insurance services by delivering future-ready, high-tech, high-touch products and solutions that go beyond traditional insurance. Present in over 75 countries, our 19,400 employees speak 70 languages, handle over 58 million cases each year, and are motivated to go the extra mile to offer peace of mind to our customers around the world.
For Allianz Partners USA products offered and sold in the U.S.: Terms, conditions, and exclusions apply to all plans. Plans are available only to U.S. residents. Not all plans are available in all jurisdictions. Availability of coverage, including the epidemic-related benefits and covered reasons described here, varies by product and by state. Products may not include all benefits or covered reasons described here. All benefits are subject to maximum limits of liability, which may in some cases be subject to sublimits and daily maximums. Benefits and limits vary by plan. For a complete description of the coverage and benefit limits offered under your specific plan, carefully review your plan's Letter of Confirmation/Declarations and Certificate of Insurance/Policy. Insurance coverage is underwritten by BCS Insurance Company (OH, Administrative Office: Oakbrook Terrace, IL), rated "A" (Excellent) by A.M. Best Co., under BCS Form No. 52.201 series or 52.401 series, or Jefferson Insurance Company (NY, Administrative Office: Richmond, VA), rated "A+" (Superior) by A.M. Best Co., under Jefferson Form No. 101‐C series or 101‐P series, depending on state of residence. A+ (Superior) and A (Excellent) are the 2nd and 3rd highest, respectively, of A.M. Best's 13 Financial Strength Ratings. Except as otherwise specified, AGA Service Company d/b/a Allianz Global Assistance is the licensed producer and administrator of Allianz Travel-branded travel protection plans in the U.S. and an affiliate of Jefferson Insurance Company. Allianz Global Assistance is a mark of AGA Service Company or its affiliates. The insured shall not receive any special benefit or advantage due to the affiliation between Allianz Global Assistance and Jefferson Insurance Company. Plans include insurance and assistance services. Noninsurance benefits/products are provided and serviced by Allianz Global Assistance.
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