September 13, 2012
Nearly Half of Taiwanese Travelers Finance their Vacation with Money Saved Throughout the Year Majority Favor Using Credit Cards for Travel Expenses
Taipei, 13 Sep 2012 – Over half of respondents (53%) in Taiwan made at least one international leisure trip in the past year, pointing to the importance of overseas travel amongst the Taiwanese. That's according to the results of the latest MasterCard survey on Consumer Purchasing Priorities – Travel.
For international leisure travel, Taiwan was ranked sixth out of 14 markets in the Asia/Pacific region, with Hong Kong topping the list at 85%. Singapore came in second at 72%, followed by Malaysia and China (tied at 67%).
In terms of business travel, only 26% of respondents in Taiwan traveled internationally for business in the past 12 months, a 1% decline from the previous year. Though Hong Kong (51%) also saw a 1% decline in international business travel, it still tops the Asia/Pacific region for business travel. China (49%) ranks second, with a 3% increase from 2011, followed by Thailand (46%), Malaysia (41%) and Singapore (32%).
In addition, the survey found that nearly half (49%) of Taiwanese travelers financed their trips with money saved throughout the year rather than using their bonuses, credit cards, through loans, or by using profits from investments, ahead of China (41%) in the Greater China region but behind Hong Kong (61%).
"According to the latest MasterCard Consumer Purchasing Priorities – Travel survey, over half of Taiwanese travel abroad for leisure purposes, demonstrating that overseas travel remains an essential recreational activity for the Taiwanese," said Julie Yang, head of Taiwan, MasterCard Worldwide.
"Observing these trends, MasterCard works to provide cardholders with a wide range of travel-related benefits and services, such as the Priceless Beijing program which seeks to enable cardholders to have Priceless experiences and privileged access to the very best the city has to offer, and the recent ‘High Flyers Summer Treats’ promotion at the Hong Kong International Airport. At MasterCard, we are always looking for ways to reward cardholders with one-of-a-kind travel experiences.”
- Credit card is the preferred payment method when traveling as opposed to cash. For expenses exceeding USD $100, 65% of Taiwanese used a credit card, compared to 61% the previous year. In terms of accommodation, mid-range hotels are the most popular amongst the Taiwanese.
- Cell phones are the top must-have gadget across all age groups, with 73% of Taiwanese bringing along their cell phones on their travels abroad.
- Car (69%) remains the preferred mode of transport for domestic trips, although those in the 18-24 years age group rely more on trains.
- The top international destinations for Taiwanese travelers are Japan (50%), China (37%) and Hong Kong (31%), while Kaohsiung (42%) and Taichung (37%) remain the top two most popular domestic destinations.
The MasterCard Survey on Consumer Purchasing Priorities, released twice yearly, is aimed at determining consumer spending priorities, including education, travel, dining and entertainment, financial management and expenditure of luxury goods across 14 markets in Asia Pacific. The survey and its accompanying reports do not represent MasterCard financial performance.
The latest MasterCard research is based on a survey conducted between 24 April 2012 and 10 June 2012 and involved 6904 respondents aged 18 – 64 in 14 Asia/Pacific markets with 421 respondents in Taiwan, 409 in Hong Kong and 845 in China.
The MasterCard Worldwide Index suite in Asia/Pacific, Middle East and Africa includes the long-running MasterCard Worldwide Index of Consumer Confidence, as well as the MasterCard Worldwide Index of Women’s Advancement, Online Shopping, Index of Financial Literacy, and the Index of Global Destination Cities. In addition to the Indices, MasterCard’s research properties also include a range of consumer surveys including Ethical Spending and a series on Consumer Purchasing Priorities (covering Travel, Dining & Entertainment, Education, Money Management, Luxury and General Shopping).
MasterCard also regularly releases Insights reports providing analysis of business dynamics, financial policies and regulatory activities in the Asia/Pacific, Middle East and Africa region. Over 80 Insights reports have been produced since 2004.
MasterCard has also released a series of four books on Asian consumer insights, authored by Dr. Yuwa Hedrick-Wong, Global Economic Advisor for MasterCard Worldwide and published by John Wiley & Sons.
MasterCard (NYSE: MA), www.mastercard.com, is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @mastercardnews, join the conversation on Cashless Conversations Blog and subscribe for the latest news.