According to the UOB
Affluent Consumer Survey 2016*,
travel
is
a
significant part of
the lifestyle
s
of
affluent Southeast Asians. On average, more than nine in 10
of the
respondents from Indonesia, Malaysia, Singapore and Thailand
go overseas on holiday
at least once a
year.
Yet, in the light
of slow global economic growth
and as their financial considerations grow more
pronounced,
well-heeled travellers
are opting to
holiday
within the region.
The survey found that
more than six
in 10 polled have chosen Asian destinations for their vacations. In
fact,
Asian countries, with the exception of Australia, have been the top five travel destinations in the past 12
months.
Francis Tan, UOB Economist, noted that
Asian countries
benefit
from Southeast Asian travellers
who
are looking to keep within a travel budget as well as
increased intra-regional air connectivity.
“Given the
weak regional currencies,
Southeast Asians
with a yen for travel
could be
choosing
Asian
destinations
to
maximise their purchasing power.
This is
aided
by the increasing number of flights within
the region, resulting in
more
competitively-priced flights
to
these destinations,” he said.
The
survey
also
found that travel expenses are a top consideration for respondents when
planning their next holiday destination.
Jacquelyn Tan, Managing Director and Regional Head of Cards and Payments, UOB,
said that
to
stay
relevant in
serving
the affluent
Southeast Asian population,
businesses must
provide
cost-efficient
products and solutions
that
suit
travellers' needs today.
“From credit cards such as the UOB PRVI Miles that help customers earn frequent flyer miles faster to
travel deals,
wealthy
customers
in the region
want products and services that can meet their lifestyle
needs and
this includes their
travel habits.
“To match
the
travel
expectations
of the affluent in Southeast Asia, we
have
embarked on regional
partnerships with
strategic
travel-related brands
to
strengthen our offers to
these customers.
These
partnerships continue to enhance our suite of offerings
as we increase
our market share
in
this
segment,”
said
Ms Tan.
To
meet its regional cards growth ambitions, UOB
has partnered
established names
in the travel sector
such as Singapore Airlines and
Kaligo, a booking site,
for
the Bank’s
first-ever region-wide travel campaign.
The
campaign aims to help customers stretch their vacation dollar. With Singapore Airlines, UOB cardmembers across the region stand a chance
to receive
up to 60,000
KrisFlyer miles** which
can be redeemed for
a round-trip ticket to
London or Los Angeles by spending
S$300
in
a single receipt***.
UOB
is also giving away
a
n equivalent of
10 million
KrisFlyer
miles
in total
until 31
January
2017 which can also be redeemed for SilkAir, Scoot and Tigerair flights.
This means that customers
will be able to derive more value out of their year-end shopping and travelling, which is traditionally
when they spend the most****.
Earlier this year, UOB also introduced
the
UOB Privileges Passport, a regional rewards programme that
offers cardmembers access to exclusive local benefits while travelling in Singapore, Indonesia, Malaysia
and Thailand. For example, through partnerships with
premier shopping malls
such as
Bangkok’s Siam
Paragon, Siam Centre, The Emporium Thailand and EmQuartier, a Singapore cardmember can enjoy the
same suite of benefits and rewards available to a Thai-issued UOB credit card.
Ms Tan added, “As Southeast Asia’s affluent continue to
strike a
balance
between
their wanderlust
and
their
economic sensibilities,
we anticipate that intra-regional travels will continue to grow among this
segment. As such, we will continue to explore partnerships with
relevant brands to ensure a robust suite
of regional offerings
that are
relevant
to
our customers.”
*The UOB Affluent Consumer Survey 2016 polled
2,030
respondents aged 25 years and above with a minimum assets under management of
S$150,000 from Indonesia, Malaysia, Singapore and Thailand.
**Customers will be given the equivalent of KrisFlyer miles won in UNI$, a type of bonus point used for UOB credit cards.
***This is part of UOB’s first-ever regional year-end campaign. From November to January 2017, customers can win over 10 million Krisflyer
miles that are up for grabs as well as more than 500,000 prizes, including flights to popular destinations like Bali and Tokyo.
****Source: UOB card data
