Singapore residents have set new records in travel spending during the year-end and Lunar New Year holidays, according to Visa. The payments technology company highlighted that outbound spending surged in December and January, driven by a strong Singapore dollar and changing consumer preferences. Shopping and dining emerged as the top categories, accounting for 61% of travel expenditure.
Visa’s data reveals that retail spending increased by 14% year-on-year (YoY), whilst spending on restaurants and fast food rose by 27% YoY and 30% YoY, respectively. Malaysia, Japan, and Thailand were the leading destinations for Singaporeans, with Malaysia maintaining its position as the top travel corridor. Visa-free travel to China resulted in an 86% increase in spending, reflecting a broader trend of increased regional travel.
Japan and Thailand saw significant growth in travel spending, with increases of 42% YoY and 29% YoY, respectively. Malaysia experienced a 75% YoY rise in food and groceries spending, reinforcing its status as a key travel hub. Adeline Kim, Visa Country Manager for Singapore & Brunei, noted, “Travel continues to be a key category of spend for Visa cardholders in Singapore.”
During the Lunar New Year holiday, cross-border spending grew by 22% YoY. Malaysia remained the preferred destination, with jewellery store spending surging by over 220%. Japan and Thailand also saw notable increases in spending, driven by ski season and healthcare tourism, respectively. As travel planning becomes more strategic, Singaporeans are increasingly making early bookings to manage costs and secure better deals.
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