Travel remains a high priority for Singaporeans - with over 90% of travelers planning to take a trip in the year ahead - the rising cost of living continues to impact travel spend. Nearly 73% of those not planning to travel cited cost as the main barrier.
In the Singapore findings of the recently released Allianz Partners Travel Index, which surveyed over 500 Singaporean and 5,500 APAC adults on their upcoming travel plans and holiday aspirations, Allianz Partners found that almost all Singaporean and APAC respondents surveyed said that they will purchase travel insurance (87% vs 86%), citing top concerns such as personal safety (59% vs 48%), falling sick (56% vs 40%), being scammed, robbed or pickpocketed (55% vs 40%), flight cancellations and delays (55% vs 42%), and extreme weather events (46% vs 40%).
The survey found that while cost-of-living is top of mind, travellers across the region are still willing to spend to protect themselves. The main reasons APAC travellers are buying travel insurance is for peace-of-mind (65%), followed by to cover for unforeseen events while travelling (59%) and to cover the cost of the trip, such as reimbursement (25%).
When it comes to purchasing travel insurance, Singaporeans will purchase insurance directly from an insurance provider (55%), followed by a travel website (17%) and through a travel provider like airline, hotel or tour operator (9%).
According to the Allianz Partners Travel Index, word of mouth and social media are incredibly influential for Singaporeans when selecting their holiday destinations. More than half of all Singaporeans (67%), whether planning to travel or not, stated that they are inspired by recommendations from family and friends when it comes to travel locations. Similarly, majority of APAC travellers rely on recommendations from family and friends, but there is more reliance on social media among Chinese and Hong Kongers.
Those who intend to travel also cite social media as a key source of inspiration when selecting their destination, with YouTube (69%) being the main source, followed by Instagram (56%) and Facebook (53%).