Many believe that holidays are too important to spend less on and normally view holidays as a reward that they and their families deserve. A whooping 86 percent of Asians surveyed indicated that they are happy to cut back on other areas in order to save up for a trip. Some of the lifestyle sacrifices that Asians are willing to make include having less nights out, eating out less, shopping less and spending less on groceries. 25 percent of the them even said that they would stop buying cigarettes just to save up the trips.
42 percent of travelers from Asia are also planning to increase their travel budget in the coming 2014. This is not surprising looking at the fact that many travel startups are closing higher rounds of investments, and how big players such as Rakuten Travel are expanding into Southeast Asia. However, many consumers still show a strong preference for travelling within their region, citing reasons such as discovery as their top reasons (42%) followed by money saving (31%) and time saving (23%).
Although many consumers are planning to increase their travel budget, only 65 percent of Asian consumers plan to travel within their region as compared to the 85 percent global average. This could be due to many factors such as a lower Internet penetration. Since most travel booking are now completed on the Internet, Asia is definitely still well behind many other regions in terms of online travel reservations. If one takes into account the population of the region, it would mean that the online travel market will only rise as more Asians understand better about the web and place greater trust in online sites.
Either way, it seems that there is no stopping the travel industry from its prosperity as globalization continuously open new doors for both traditional and innovative travel startup to thrive and serve the increasingly higher population of travellers.