The Allianz Partners Travel Index has revealed that over 90% of Singaporeans intend to travel in the coming year, despite the rising cost of living impacting travel budgets. The survey, which included over 500 Singaporean adults, highlighted that 73% of those not planning to travel cited cost as the main barrier.
Singaporeans are prioritising rest and relaxation, with 74% planning holidays focused on resorts and wellness. Cultural experiences and adventure are also popular, with 50% and 43% of respondents respectively planning trips for these purposes. Most travellers are expected to spend between $1,200 and over $3,000 per trip, with those aged 50 and above more likely to spend over $3,000.
Travel insurance is a significant consideration, with 87% of Singaporeans planning to purchase it. Concerns such as personal safety, illness, and flight cancellations are driving this trend. The main reasons for buying travel insurance include covering unforeseen events (73%) and ensuring peace of mind (68%).
Social media and word of mouth play a crucial role in destination selection, with 67% of Singaporeans influenced by recommendations from family and friends. Platforms like YouTube, Instagram, and Facebook are key sources of inspiration.
Vinay Surana, Managing Director of Asia Pacific, Middle East and Africa at Allianz Partners, noted, “Whilst cost-of-living is front of mind for many Singaporeans, travel intentions remain high, especially for rest and relaxation.” The survey underscores a conscientious approach to travel, with many willing to invest in insurance for peace of mind amidst an unpredictable travel landscape.
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