Visa says Singaporeans outspend their regional counterparts when travelling.
Singaporeans spend heavily on retail (28 per cent), dining (26 per cent) and activities (19 per cent), according to Visa’s new research. They spend significantly higher than the global average at medium and large retailers, high-end restaurants and on entertainment and nightlife.
And some 43 per cent use credit cards to make these purchases – well above the global average of 28 per cent.
“The definition of luxury has evolved, and today it is more about new experiences and personalised service,” said Ooi Huey Tyng, Visa country manager for Singapore and Brunei.
“While exclusivity and high quality service remain essential in reaching out to the affluent, the new tide of affluent travellers, who are bolder in their choices, demand a sense of adventure and personalised experiences to meet their individual interests.”
Singaporeans have travelled an average of seven times a year in the last two years, compared to the global average of three travels every two years.