HONG KONG, 27 September 2018: Worldpay Inc, a global leader in payments technology, is predicting a 46% surge in travel bookings in the run-up to this year’s Golden Week Festival [1], 1 to 7 October.
Last year, the payments processor recorded a staggering HKD841 million in travel spend in the lead-up to the week-long festival [2], as the boost for online travel agents continues to grow.
According to Worldpay data, there was a monumental 77% year-over-year increase in airline bookings last year, creating a super surge in travellers seeking holiday destinations farther afield.
With reports [3] of increased crowds causing busier trains and traffic delays, travellers are perhaps seeking convenience and minimal disruption when opting for airline travel.
Analysis of consumer spending habits in 2017 found that the peak time for booking is two weeks before the festival, with transaction volumes up 32% [4] on the previous week. The data suggests that leaving it to the last minute is beneficial for tourists looking to pick up a bargain, with the average cost per booking down 10 % on the previous week.
Commenting on the data, Worldpay, general manager for APAC, Phil Pomford said: “Last year, we saw a significant surge in the run-up to the Golden Week festivities, suggesting that more and more Hong Kong residents are opting to travel farther afield for a golden getaway. The population spent a whopping USD25.5 billion [5] on international tourism in 2017, and we are expecting this upward trend to continue as appetite to travel abroad grows.
“The way we book travel is certainly changing, and APAC travellers are particularly hot on mobile spending. To stay ahead in an increasingly competitive industry, online travel companies need to embrace new innovations in online shopping, such as mobile apps and e-wallets, to ensure they are offering customers a seamless booking experience,” he concluded.
Figures quoted are according to Worldpay’s Global Enterprise eCommerce transaction data for airlines and online travel agents headquartered in Hong Kong from September 1-30, 2016 and Sept. 1-30, 2017.
[1] Worldpay transaction data, 2017
[2] Worldpay transaction data, 2017
[3] South China Morning Post, September 2018
[4] Worldpay transaction data, 2017
[5] Travel Industry Council Hong Kong Latest Tourism Statistics, July 2018
