Consumer spending on travel grew 52% in 2022, according to new research conducted on behalf of Nexi, the European PayTech. The European survey of over 10,000 consumers also revealed that over two-thirds of consumers prefer to buy from local shops online, rather than shopping with foreign marketplaces.
Nexi’s latest ecommerce report reveals a total indicative travel spend of over €175 billion in 2022, including €52 billion on hotels, almost €45 billion on flights and over €33 billion on charter and package trips.
The travel sector accounted for 32% of overall ecommerce spending among the countries surveyed (Austria, Denmark, Finland, Germany, Italy, Norway, Sweden, Switzerland), with travellers in Italy and Germany accounting for 70% of the total spend. However, it was Austria and Finland that saw the largest year-on-year increases, with consumers indicating spending levels over 110% higher than the previous year.
Omar Haque, head of group eCom at Nexi Group, said: “It’s no surprise that after years of disruption and cancelled trips, consumer spending on flights, hotels and holidays showed the strongest resurgence last year. Since the global pandemic, online consumer spending on physical goods has had a sharp decline, but buying services and travel online is increasingly popular, supported by a wider choice of payment options and greater personalisation.”
“Yet, while consumers have an appetite for global travel, what’s remarkable is the overwhelming preference to buy locally and use local payment methods,” continued Haque. “There are several reasons for this, primarily customer familiarity and convenience. Merchants that understand the unique dynamics of each country, while keeping their eye on the bigger picture across Europe, will stand to benefit the most from the seismic shifts taking place.”
Research revealed that 68% of people surveyed had bought online from a local shop in the previous month. Consumers indicated they do so primarily (47%) because it feels good to support small / local businesses, while 29% indicated it is because it feels more personal or familiar. One in five (19%) signalled that they shop local because they do not support big global marketplaces.
This data was reported in the Nexi 2022 Ecommerce Report, which reported that overall ecommerce spending grew by 11% in 2022, with physical goods having the highest share of spending (49%). This was followed by travel (32%) and then services (19%). Find out more here.
