BANGKOK, February 6,2020 – Visa, the world’s leader in digital payments, today revealed Thai consumers spent the most during their Christmas holiday, accounting for 30 percent of total holiday spending, ahead of five other holidays last year – King Bhumibol’s Birthday Anniversary, New Year’s Eve, Chulalongkorn Day, Chinese New Year and Songkran.
The Visa Holiday Study analysed anonymised data from VisaNet, one of the world’s largest electronic payment networks, to gain a better understanding of Thai consumers’ spending habits during holiday periods. The data will be used to help create and improve payment solutions and offers in collaboration with Visa’s partners.
Suripong Tantiyanon, Country Manager for Visa Thailand said: “At Visa, we always look for innovative ways to add value to our partners and consumers. One way we do this is by harnessing the vast amount of data that flows through our global network VisaNet, in the most secure and ethical ways. Visa’s Consulting & Analytics team analysed the data used in the Visa Holiday Study to provide insights that will support our partners and the industry to grow their businesses and further the adoption of digital payments in Thailand.”
Top 6 Holidays Ranked in Thailand by Overall Spending
The most popular holidays as measured by consumer overall spending were Christmas (30 percent), King Bhumibol’s Birthday Anniversary (16 percent), New Year’s Eve (15 percent), Chulalongkorn Day (15 percent), Chinese New Year (13 percent) and Songkran (11 percent).
The highest average transaction size was on Christmas day (THB 4,949), followed by Chinese New Year (THB 2,773), Chulalongkorn Day (THB 2,742), King Bhumibol’s Birthday Anniversary (THB 2,517) New Year’s Eve (THB 2,492) and Songkran (THB 2,137).
Where Thai Consumers Spent Their Money: Top Ten Consumption Categories
Since Thai holidays are social occasions and involve traveling to visit families, it comes as no surprise that the top two spending categories were Supermarkets and Fuel, contributing 26 percent each. Other top spending categories included Restaurants (15 percent), Department Stores (11 percent), Retail Goods (10 percent), Telecom & Utilities (8 percent), Apparel & Accessories (7 percent), Discount Stores (6 percent), Fast Food (6 percent) and Professional Services (5 percent).
Where Thai Consumers Went and Spent
Many Thai consumers also made the most of their holidays to go abroad. The top ten travel destinations by overall spending during the six holidays were: Japan (25 percent), United Kingdom (8 percent), South Korea (7 percent), United States (6 percent), France (5 percent), Singapore, Hong Kong, Switzerland and Italy (4 percent) and Taiwan (3 percent).
How Much Thai Consumers Spent Abroad by Average Transaction
Top ten countries with the highest average transaction size are Switzerland (THB 14,240) followed by France (THB 13,444), Italy (THB 13,356), Hong Kong (THB 8,393), United Kingdom (THB 8,014), Japan (THB 5,961), Singapore (THB 5,778), Taiwan (THB 5,333), South Korea (THB 4,486) and United States (THB 4,445).
“Thai Visa cardholders are enjoying the speed, convenience and security of electronic payments no matter where or how they choose to spend their holidays. We hope these insights in Visa’s Holiday Study will be helpful to everyone in the industry and beyond as we continue to transition towards a cashless future,” concluded Suripong.
About Visa Consulting & Analytics
Visa Consulting & Analytics (VCA) is the payments consulting arm of Visa. VCA is a global team of several hundred payments consultants and data scientists. VCA consists of experts in strategy, product, portfolio management, risk, digital and more, with decades of experience in the payments industry. The consultants work closely with data scientists, who are experts in statistics, advanced analytics and machine learning with exclusive access to insights from VisaNet, one of the largest payment networks in the world. The combination of deep payments consulting expertise and breadth of data allows VCA to identify actionable insights and recommendations that drive better business decisions.
Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure, and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products. For more information, visit https://usa.visa.com/, visacorporate.tumblr.com and @VisaNews.
For further media information, please contact:
Trongjate Namwong Visa International (Thailand) Ltd. Tel: 02 263 9239