The report also shows key factors that motivate consumers when choosing travel destinations, relevant information on how they pay, before, during and after the trip, as well as details to identify and prioritize offers and discounts.
The Emerging Travel Trends report highlights the most recent preferences that define the motivations when traveling abroad, as well as the payment preferences of Latin Americans and the Caribbean. Although there are differences between the 12 main countries of Latin America and the Caribbean, there is a common denominator: traveling has become something more than a lifestyle or an indicator of social status, it is now a well-deserved reward for the work done.
In general, travel abroad is more accessible, with fewer restrictions for travelers without many resources who plan and save for vacations. Most seek memorable experiences and on average, consumers in the region travel 1.9 times a year, preferably to regional destinations.
“It is exciting to see that the travel and tourism industry is witnessing a steady and accelerating resurgence, and that a broader universe of consumers is willing to travel. Our new report highlights insightful market trends that will help us better understand current consumer travel preferences in LAC, so we can continue to develop solutions and experiences that help make the most of travel plans,” said Lorna Atiles, Vice President and Cross-border business leader for Visa Latin America and the Caribbean. “We look forward to being a key ally in efforts to boost cross-border travel with our unique perspectives and the right digital solutions.”
Among the main travel motivations we find the search for new experiences that are not available in the local environment; create good family memories and recharge energies. Beach destinations, shopping trips (the shortest), of a cultural nature and trips to family or adventure and nature. The report notes that travelers from South America, especially from Argentina, Chile and Peru, prefer to vacation within the continent.
Search engines, social networks and travel influencers are the key drivers in travel decisions. Specifically, key touch points are led by online travel agencies (49%), airline websites (40%), hotel websites (38%), physical travel agencies (28%), and Instagram or search engines. search (28%).
53% of LAC travelers already have a predefined budget for their trip of around USD 4,000. In general, travelers do not spend what they do not have. The COVID-19 pandemic helped them become more cautious consumers and more adept at traveling on a budget. About four fifths of travel expenses are paid before (eg flights, accommodation, local transport) and during the trip (eg local transport, consumption), with 19% remaining to cover expenses after the trip.
For 41% of the travelers surveyed, credit cards are the main payment method due to their ease, security and cost control. In fact, among all-trip payment needs—ranging from flights and accommodations to local travel and health insurance—credit cards are used more than any other method of payment (with debit cards or cash a close second). ). They also use credit cards for secondary purchases (eg lodging, event tickets) for peace of mind, earn reward points, and interest-free payments.