Visa has revealed that Singapore residents continue to prioritize travel, with outbound spending surging in December and January. This growth reflects a trend in increased cross-border spending across key travel corridors, supported by a strong Singapore dollar and a dynamic shift in consumer travel and spending patterns.
Visa’s data highlights that shopping and dining are still top priorities for Singapore travellers, accounting for 61% of their total travel spend. Retail spending saw a 14% year-on-year increase, while spending on restaurants and fast food rose by 27% and 30%, respectively, underscoring the enduring appeal of overseas shopping and dining experiences.
Notably, Malaysia, Japan, and Thailand emerged as the leading travel corridors for cross-border spending, closely followed by South Korea and Australia during the year-end holidays. In particular, the implementation of visa-free travel to China led to an impressive 86% year-on-year increase in travel spend to China. The trend of regional travel is being propelled by relaxed entry requirements and robust economic ties.
Malaysia has long been the top destination for Singapore travellers, with cities like Kuala Lumpur, Johor Bahru, and Cameron Highlands consistently attracting visitors. Meanwhile, Japan and Thailand saw significant increases in card spending, with Japan recording a 138% surge compared to pre-pandemic levels. Japan and Thailand are gaining traction as key travel destinations, while long-haul markets like the UK, US, and France remain popular among high-spending travellers.
A notable trend is the growing interest in healthcare-driven travel. South Korea and Thailand, in particular, have seen a rise in healthcare-related travel, with South Korea experiencing a 58% increase in medical tourism spending. Japan and Thailand saw the highest travel spend growth, with increases of 42% and 29%, respectively.
Visa’s data also reveals that Malaysia experienced the most significant growth in food and groceries spending at 75% year-on-year, reinforcing its role as an important travel and consumption hub.
As travel demand continues to rise, these shifts in consumer preferences highlight the evolving landscape of global travel, with Singapore residents prioritizing both leisure and healthcare-based trips, while embracing the benefits of regional travel and spending.
