YouTrip: 7 in 10 Singaporeans Still Want to Travel in 2020

Travel Promotions to Spur Recovery

7 in 10 Singaporeans want to travel in 2020 when border regulations are eased and travel promotions will further entice them to do so

40% of Singaporeans are willing to visit COVID-19 hotspots in 2021,signalling the gradual recovery in travel

85% of Singaporeans are prepared to increase their budget for their next holiday and almost half are willing to spend 30% and more to make up for cancelled plans

"Pay Now,Travel Later" promotions of 50% and above are the most enticing to travellers

SINGAPORE,July 3,2020 --YouTrip,Singapore's leading multi-currency mobile wallet,conducted the Travel Intent Survey 2020 to analyse post-COVID-19 travel intentions of 6,000 Singaporeans. The survey aimed to understand the outlook of travel recovery and changes to travel behaviours of Singaporeans as a result of the pandemic.

First Travel Destination

With less than 6 months till the end of the year,slightly more than half of the respondents (54%) indicated that they'll be travelling in 2020 as soon as travel restrictions lift. Another 20% of Singaporeans would be enticed to travel in 2020 if there's an attractive promotion,suggesting that both border restrictions and prices spur travel recovery. Among Singaporeans with immediate travel intentions within 2020,millennial travellers aged 25 to 34 years old are the most adventurous (35%). Comparatively,only 22% of travellers aged 35 to 44 years and 11% of travellers aged 55 to 64 years old expect to travel within the year.

Caecilia Chu,Co-Founder and CEO of YouTrip said: "It's encouraging to see signs of travel recovering after months of pent up demand. Within our community of users,many of them are avid travellers who I believe will be amongst the first movers for the initial travel recovery."

Popular countries like Japan (23%),Thailand (12%),and Malaysia (11%) remain top choices for Singaporeans,followed by Australia (8%),South Korea (7%),Taiwan (6%),Mainland China (5%),New Zealand (4%),Indonesia (4%),and Vietnam (2%). As for COVID-19 hotspot countries,25% more Singaporeans are willing to travel there in the first half of 2021 (40%) as compared to 2020 (15%),signalling a gradual recovery of tourism in the most affected countries.

The New-Normal in Travelling

As an indicator of the pent up demand for travel,85% of Singaporeans are prepared to spend more on their next holiday. 4 in 10 Singaporeans are willing to budget 30% or more for their upcoming travel plans as a way to compensate previously cancelled plans.

The Chief Economist from the International Air Transport Association (IATA),Brian Pearce estimates that flight tickets will cost 43% to 54% higherthan previous prices due to in-flight social distancing policies. Even though Singaporeans have expressed their enthusiasm for their next holiday,most of them are value-driven when it comes to transport expenses. 72% of respondents said they will be deterred by higher flight ticket prices and would wait for promotional prices before making their travel plans.

This is echoed in 58% of respondents stating that promotional prices will entice them to resume travelling in 2020,further suggesting that Singaporeans are value-driven. "Pay Now,Travel Later" promotions seem to be a viable option for Singaporeans,with more than 70% indicating that they will be keen to purchase if the discounts are at least half-priced or more. Other factors that could influence their purchase include the flexibility of stay and eligibility for full refunds.

"We're taking the time to anticipate and understand the new-normal of travel,and the different ways it'll impact travellers. With this understanding,YouTrip will be ready to better serve our users' needs once travel resumes," Caecilia adds.

Alternatives to Travel Plans

In view of cancelled travel plans in 2020,28% of respondents stated that they'll be saving the money instead. Local staycation (15%),shopping (14%),and visiting local tourist attractions (5%) are amongst alternative options for Singaporeans.

ABOUT YOUTRIP TRAVEL INTENT SURVEY 2020

The YouTrip Travel Intent Survey 2020 was conducted to uncover the outlook on travel recovery and understand post-COVID-19 travel behaviour of 6,000 Singaporeans. The survey was carried out from 17 June 2020 to 24 June 2020,targeting YouTrip users aged 18 and above.

ABOUT YOUTRIP

YouTrip is a regional financial technology startup,dedicated to creating the best mobile financial services for travellers across Southeast Asia by simplifying overseas spending and creating a fuss-free travel experience. YouTrip first launched in Singapore in 2018 and subsequently in Thailand in 2019.

For more information,please visit www.you.co

Logo - /20200514/2804174-1LOGO?lang=0