Visa has reported that Singapore residents are increasingly prioritizing travel, with a sharp rise in their spending during the year-end and the recent Lunar New Year holiday week.

Key Insights: Flexibility of the Singapore dollar has allowed substantial growth in cross-border expenditures, with notable consumer shifts in travel priorities.

Travel Priorities: Shopping and dining make up 61% of travel expenses, alongside significant year-on-year increases in lodging and airline bookings.

Top Destinations: Malaysia, Japan, and Thailand lead as preferred travel spots for Singaporeans, with fresh notable growth in spending attributed to enhanced travel facilitation such as visa-free access into China, which saw an 86% surge in spending.

Travel Strategies: As costs control is paramount, early bookings have found traction among travellers, alongside a growing interest in alternative airlines.

During this year’s Lunar New Year holiday, Malaysia stood out as the favorite travel corridor for Singaporeans, followed closely by Japan and then Thailand, encouraging expanded investment in the travel and consumption market overall.