The Gen XY Lifestyle
Singapore Residents’ Travel Spending Reach Record Highs Over Year-End and Lunar New Year: Visa Report
Singapore residents have demonstrated their unwavering love for travel, with Visa reporting record-breaking outbound spending during the December year-end holidays and the Lunar New Year period.
Driven by a strong Singapore dollar, cross-border travel spend has surged, supported by evolving consumer travel and spending patterns.
Shopping and Dining: Top Priorities
Visa revealed that shopping and dining remain the main focuses of travel spending for Singaporeans. These categories accounted for 61 per cent of total travel expenditure in December. Key highlights include:
- Retail Spending: A 14 per cent year-on-year increase in retail spend.
- Dining: Expenditure at restaurants grew by 27 per cent, while fast food saw a 30 per cent rise, reflecting Singaporeans’ enduring passion for overseas shopping and culinary experiences.
Popular Travel Corridors and Destinations
Malaysia, Japan, and Thailand emerged as the most favoured travel corridors for Singapore residents, with South Korea and Australia closely following. Visa’s data highlights a significant rise in travel spending:
- China: The resumption of visa-free travel resulted in an 86 per cent increase in travel spend to China.
- Japan: Spending by Singaporean travellers in Japan grew by 138 per cent compared to pre-pandemic levels.
- Malaysia: Food and grocery spending in Malaysia surged by 75 per cent year-on-year, reinforcing its status as a top travel and consumption hub.
The most-visited cities included Kuala Lumpur, Johor Bahru, Cameron Highlands, Bangkok, Bali, and Kota Tinggi.
Changing Travel Trends
Compared to December 2023, Japan and Thailand secured their spots as leading destinations, while long-haul markets such as the UK, US, and France continued to attract high-spending travellers. Singaporeans are also increasingly travelling for healthcare services, particularly to South Korea and Thailand. Notable year-on-year travel spend growth included:
- Japan: 42 per cent increase.
- Thailand: 29 per cent increase.
- Healthcare Travel: South Korea saw a 58 per cent rise in healthcare-related travel spending.
Lunar New Year Travel Insights
During this year’s Lunar New Year holiday, Malaysia retained its position as the top travel corridor, with payments volume growing by 57 per cent compared to the same period in 2024. Other highlights include:
- Jewellery Spending: Jewellery store expenditure in Malaysia grew by over 220 per cent.
- Japan: A 36 per cent increase in travel spend during the ski season.
- Thailand: Healthcare spend rose by over 59 per cent.
Indonesia replaced South Korea as the fourth most popular travel destination during Lunar New Year, showcasing evolving travel preferences.
The Strategic Shift in Travel Planning
Singapore residents are becoming more strategic in their travel planning, making early bookings to control costs and secure better deals. Key changes include:
- Airline Preferences: Spending on alternative carriers, including European and Middle Eastern airlines, rose by 15 per cent year-on-year.
- Online Bookings: Online lodging bookings increased by 16 per cent in December 2024.
Travel continues to be a key category of spend for Visa cardholders in Singapore. Travel has surpassed other big-ticket spending items like vehicles, property, and luxury goods as a top priority. Our data shows robust cross-border spend growth, particularly during year-end and festive periods.
Adeline Kim, Visa Country Manager for Singapore & Brunei
Visa’s insights reflect a growing interest among consumers in credit cards that offer travel rewards such as airline miles, zero foreign exchange fees, and multi-currency features.
Infographic credit to Visa.
