Over 500 Singaporean adults found that rest, relaxation and peace of mind are the top priorities for holidaymakers
Singaporeans are gearing up for a year of travel, with more than 90 pc planning trips in the coming 12 months, according to a report by the Allianz Partners Travel Index.
In a press statement, Allianz Partners says that, rising costs are a significant barrier, with 73 pc of those not travelling citing financial reasons as the main obstacle.
The report outlines that over 500 Singaporean adults found that rest, relaxation and peace of mind are the top priorities for holidaymakers. A notable 74 pc plan to visit resorts or wellness destinations, while 50 pc are interested in cultural experiences and 43 pc seek adventure.
Allianz says that these preferences mirror regional trends across Asia-Pacific, where 65 pc travel for relaxation, 50 pc for culture and 40 pc for adventure.
Notably, geographical proximity and affordability are making Asia the preferred destination, with 52 pc of Singaporeans planning regional trips.
The report says that Oceania follows at 19 pc, while only 9 pc will head to the United Kingdom or Europe. North America, Canada, South America and the Middle East and North Africa account for a combined 6 pc of planned travel.
Allianz says that most Singaporeans expect to spend between USD 1,200 and even more than USD 3,000 per trip. Travellers with lower budgets are 30 pc more likely to choose Asia, while those aged 50 and above are almost twice as likely as younger travellers to spend more than USD 3,000, highlighting a generational shift in discretionary spending.
The report adds that compared to other APAC markets, Singaporeans budget less for travel, with only India and Japan spending less.
Allianz data reveals that 87 pc of Singaporeans say they will purchase travel insurance, mainly to cover unforeseen events, ensure peace of mind, and protect trip costs. Those spending more than USD 3,000 are almost 24 pc more likely to buy insurance than those with smaller budgets.
Vinay Surana
“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 are 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,” says Vinay Surana, Managing Director of Asia Pacific, Middle East and Africa at Allianz Partners.
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