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Airline bookings set to soar for Golden Week

September 27, 2018 Statistics & Trends No Comments Email Email

Worldpay, Inc. (NYSE: WP; LSE: WPY), a global leader in payments technology, is predicting a 46 percent surge in travel bookings in the run-up to this year’s Golden Week Festival[1] on Oct.1-7.http://www.itb-asia.com/press/media-services/accreditation/

Last year, the payments processor recorded a staggering 841 million HK dollars 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 percent year-over-year increase in airline bookings last year, creating a super surge in travelers seeking holiday destinations farther afield. With reports[3] of increased crowds causing busier trains and traffic delays, travelers 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 percent[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 percent on the previous week.

Commenting on the data, Phil Pomford, general manager for APAC at Worldpay, said: “Last year, we saw a significant surge in the run-up to the Golden Week festivities, suggesting that more and more Hong Kongers are opting to travel farther afield for a golden getaway. The population spent a whopping US$25.5 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 travelers 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.”

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