Thai travellers' spending is expected to see the largest jump among Asians for their next trips, according to Visa's Global Travel Intentions Study.
The study examined international travel trends and behaviour of 17,500 global travellers from 27 countries.
Thais are expected to leapfrog Asian and global travellers in terms of overseas spending for their next trip with a 50% increase, compared with the averages of their Asia-Pacific counterparts (46%) and global travellers (36%).
The average Thai traveller spends US$1,502 (49,255 baht) per trip, and that is expected to increase to $2,252 for their next trip, according to respondents. Asia-Pacific and global travellers spend on average $1,677 and $1,793, respectively.
"From our conversation with different players in the tourism industry, the increase in intended spending for Thai travellers can be attributed to there being more financial products than ever before," said Suripong Tantiyanon, country manager of Visa Thailand. "The products are more sophisticated and better suited to travellers' needs, with added benefits and privileges. As a result, Thai travellers are more confident and willing to spend more."
The study also uncovered that the use of payment cards is prevalent, especially during the pre-trip stage. Three in four Thai travellers reportedly prefer and use cards for pre-trip expenditures, such as flight and hotel reservation, compared with cash at 52%. Respondents said their preference for cards is due to promotions, lower transaction fees, better rewards for international usage and higher security.
Though cash is used by all Thai travellers at some point during their trip, credit cards are also heavily featured at 67%. A quarter of Thai travellers use a different card than their usual one while abroad, basing their decision on transaction speed, wider acceptability, lower fees and better rewards. Additionally, 26% of Thai travellers would have spent more with wider card acceptance.
The use of digital wallets is fast emerging, with a quarter of Thai travellers having used the feature at their destination. Solo and blended business and leisure travellers, in particular, are heavy users at 41%.
"It is exciting to see travellers willing to spend and venture overseas more, and we believe that the payment industry continues to have an important role to play," Mr Suripong said. "That is why it is important they are not limited to a handful of fund sources or few accepted payment methods.
"Travellers' needs and behaviours are inherently diverse, driving adoption and usage of payment form factors, including mobile applications, QR codes or plastic cards, which will be key to sustaining the growth of the industry in the long run."
