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Study: payment choices affect travel

12/20/2018| 4:44:59 PM| 中文

With downward cost pressures and the strain of competitive threats weighing on travel operators, the need to understand customer buying drivers and preferences has never been more important.

More than one third of British, American, Chinese, French and German travelers surveyed globally (36%) are unhappy about not being able to pay the way they want when booking holidays online, according to an online survey of 7,400 consumers by YouGov and ACI Worldwide, a provider of real-time electronic payment and banking solutions. Lack of transparent pricing is another large concern for travelers, with 66% globally saying there are too many hidden fees such as add-ons when booking trips and tickets online, resulting in final prices that are different to the ones advertised.

“The global travel industry is a huge growth market worth $2.2 trillion a year, with annual growth rates of about 10%,” said Peter Moedlhammer, head of global ecommerce solutions with ACI Worldwide. “The market has undergone massive changes in the last decade, many of them driven by digitalization. What is surprising is that many consumers are unhappy with one or more aspects of their online customer journey, whether it is price transparency, the ability to make changes to a booking or to pay with their preferred payment method.”

Travel and Booking behavior

On average, nearly two in five (37%) of respondents globally travel 1-2 times a year while more than one in five (22%) do so 3-5 times a year.

65% of travelers globally spend between $320-$3,800 on leisure travel annually, with a third (33%) spending more than $1,300 per year.

Globally, 74% prefer to book their travel via a digital device (computer, laptop or mobile phone) and on average, only 10% prefer to book in person.

Travel comparison websites have significant market share, with 30% of travelers preferring to book via this channel.

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TAGS: YouGov | ACI Worldwide | digital payment
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