Traveling abroad has become a more democratic and less restricted to non-affluent travelers
By Lorna Atiles, VP & Head of Cross Border, Visa Latin America and the Caribbean
When it comes to travel, the cultural and behavioral nuances among travelers of 12 key Latin American and the Caribbean countries should not overlook at one important commonality: Travel is not just a lifestyle and an indicator of social status, but a well-deserved reward. It’s about creating new experiences, memorable enough to get through until the next trip.
Latin American and the Caribbean consumers travel on average 1.9X per year. Most trips are usually to a nearby country (inter-region), which does not require elaborate planning. These trips are usually designed to relax and enjoy.
Main motivations behind traveling:
28% enjoy new and exotic experiences not available in their local environment
27% create exciting memories with family or trip companions
25% recharge their energy by challenging themselves outside of their comfort zone and into new adventures
Top 5 touchpoints where consumers look for travel ideas:
49% Online travel agency
40% Airline website
38% Hotel website
28% Physical travel agency
28% Instagram or search engine
Credit cards are still the preferred payment method for travelers
41% of travelers use a credit card as their main payment method given the simplicity, security, and expense control
Paying in advance is one way of eliminating stress during a trip and allows the traveler to research deals or discounts that might help them manage certain accommodations
In general, Latin American and the Caribbean travelers don’t spend what they don’t have
The COVID-19 pandemic has helped turn them into more cautious consumers and smarter travelers on a budget
Consumers rely on credit cards, too, for secondary purchases (e.g., lodging, event tickets) to help them feel at ease, earn rewards points, and secure interest-free payments
Things to consider to issuers:
Offer travel benefits for all credit cards, beyond affluent
Provide installment options and educate consumers on rewards redemption
Include influencers in your Social Marketing Strategy
Promote transparency of Exchange Rate Fees
Remind your clients about ATMs at destinations
To learn more about the “Emerging travel trends in Latin America & the Caribbean” CLICK HERE to download our latest report.
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