Visa released details of a new study showing a 35 percent increase in international travel over the next decade. The study was conducted with Oxford Economics and analyzed billions of Visa transactions to identify spending patterns across major purchases and in specific regions of the world. The report predicts more than 280 million households globally will make at least one international trip per year by 2025. Visa says it sees two trends driving this growth. One is the significant rise in the global middle class, which is enabling more people to travel. Naturally, as people have more income, they’re more inclined to spend it on travel. Visa says there will be a new “traveling class,” a group of consumers for whom travel is a part of life rather than a luxury. The other trend Visa identified is the fact international travel is becoming more affordable. New technology is making it easier to travel spontaneously as well as customize and plan a trip. Visa estimates more than 340 airports will be built in the next decade, making international travel more convenient and accessible. The study also posits digital connectivity is increasing awareness of and access to alternative modes of transport, accommodation and travel destination. China is expected to lead the way in this growth with an 85 percent increase in travel spending by 2025.
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