(Finance) – The past summer saw a significant increase in travellers: 78% of Italians took at least one vacation, up 12% from the previous year. The sea, chosen by one interviewee in two, is confirmed as the favorite destination for travelers of all ages, as are destinations within national borders, preferred over other countries in 77% of cases. There is also a marked propensity to “do it yourself” in the choice of itineraries, accommodation and attractions – the organization activity involved over 3 out of 4 travellers. New payment solutions are making space among the trends in the hospitality and tourism sector flexible like Buy Now Pay Later (BNPL), more popular among young Gen Z people to cover the cost of bookings. These are data that emerge from the Compass Observatory dedicated to Holidays, presented on the occasion of the TTG Travel Experience 2024 fairscheduled from 9 to 11 October in Rimini.
When choosing between long or short trips, for one Italian out of two, the main summer holiday lasts at least a week, while the younger generations, also for budget reasons, opt for shorter stays.
In which locations? Italy clearly wins: 77% of holidaymakers chose the Bel Paese, with a marked preference among the more senior and middle class interviewees. 19% selected European destinations, mainly among Gen Z (33%), while extra-continental travel attracted 4% of travelers (6% in Gen X). The interviewees have few doubts regarding the main type of summer holiday: the sea wins hands down, chosen by half of Italians.
The average spend per person for the main holiday in summer 2024 is expected at 340 euros for travel (flights, trains, cars, etc.) while that for accommodation (hotel, rented apartment, etc.) at 676 euros.
It should also be noted that one in five Italians spent more than expected when travelling, often because he had underestimated the real costs or to indulge in some extra indulgence during the holiday. The unforeseen events that increased costs instead especially affected families with minor children.
Although holidays are largely planned, paying 100% of the amount at the time of booking is the most widespread habit among Italiansthe. However, as spending increases, the share of those who pay with the “down payment and balance” formula or spread the spending in a few installments increases. In fact, travelers who pay the bill before departure stand at 74% for smaller expenses, such as transport costs, for which there is often no possibility of splitting the cost over time, given that it drops to 41%. % in the presence of all-inclusive packages. There therefore remains ample space for the adoption of innovative payment formulas for operators in the sector: among those who paid everything immediately, 30% would have preferred to pay a little at a time if there had been the possibility, a share which is increasing as the expense increases, reaching 50% in the case of booking all-inclusive packages. Furthermore, 26% of the sample would consider formulas such as il Buy Now Pay Later, a percentage that grows to 33% among young people from Gen Z. Among those who would choose BNPL, 52% appreciate the possibility of lightening the burden of holidays in managing their budget but there is also a widespread desire to take advantage of this solution to treat themselves to something more, such as traveling more frequently (27%), extending holidays by a few days (24%) or choosing better experiences and services (23%).
“In the post-Covid era, the tourism sector has found great dynamism again – he comments Luigi PaceCentral Director of Marketing and Financial Partnership at Compass. Italians, of any age, love to travel and tend to choose the Bel Paese above all. A virtuous circle has been started in which flexible and accessible financial solutions can play an important role, allowing Italian families to better manage their holiday expenses without giving up a few extra whims. Compass’ commitment is aimed at innovating credit and payment services, in response to new consumer trends and supporting the growth of relevant sectors in our economy.”
“The great return of Italians to summer holidays translates into an important economic opportunity for all the actors involved in the tourism industry – he states Nicola de Cesare, Senior Director E-Commerce & International Markets at HeyLight. Innovative extension solutions also come to support tourism, such as Buy Now Pay Later, an incentive to travel more or to allow oneself a higher spending budget. With HeyLight we are proud to support the commercial development of tourism operators, thanks to the possibility of deferring the cost of bookings through a flexible and multi-channel approach”.