Travel has become an integral part of our modern lives. It is no longer just a leisure activity but has evolved into a necessary consumer good in Vietnamese lives. Understanding visitor spending and affordability will help businesses better understand the value of their offerings and meet the needs of their visitors. According to the Vietnam Travel Market Tracker Q2/23, the most common travel budget for a trip among Vietnamese travelers is between 1 and 5 million VND (US$43 to US$216) for a 2-3 day trip to a domestic destination. Furthermore, over 70% of travelers choose to budget under 10 million VND (US$432) for their entire trip. This shows that Vietnamese travelers are conscious of their spending and are looking for ways to make the most of their travel budgets.
The report also found that there are some differences in spending habits between different generations of Vietnamese travelers. Gen Y & Gen Z travelers are more likely to spend around 1 to 5 million VND (US$43 to US$216) on a trip, while Gen X and baby boomers travelers are more likely to spend up to 10 million VND (US$216 to US$432) on a trip. This is likely due to a number of factors, including income levels, travel experience, and priorities…
Gen Y travelers are the highest travel spenders. Although the most common travel budget for Gen Y travelers is between 1 to 5 million VND (US$43 to US$216) on a trip, 30% of Gen Y travelers are willing to spend more than 10 million VND (US$432) on travel. Gen Y travelers may not have a high income like Gen X, but they have a stable income and a higher preference for travel experiences.
Gen Z travelers are the lowest travel spenders. Similar to Gen Y, the most common travel budget for Gen Z travelers is around 1 to 5 million VND (US$43 to US$216) per trip. Gen Z travelers are still quite young. They are either students or just starting their careers, which means they have lower incomes and less disposable income than older generations. As a result, their affordability per trip is the lowest in generations.
Gen X and Baby Boomers have the most stable travel budgets. The most common travel budget for this group is either between 1 to 5 million VND (US$43 to US$216) or 5 to 10 million VND (US$216 to US$432), depending on the type of trip, location, and length of stay. While some people may assume that this group has the highest income, they are not necessarily the group that is willing to spend the most on travel. This may be because they have other financial priorities, such as saving for retirement or supporting their families. As a result, they may be more cautious in their spending on travel and choose to allocate their budget toward other priorities
Vietnamese travelers are becoming increasingly discerning in their spending habits when it comes to travel. While they are still willing to spend money on travel, they are more interested in experiences that will create lasting memories. Analyzing the travel budgets of Vietnamese travelers is not a simple task, as there are many factors to consider.
The information in this article comes from the Vietnam Travel Market Tracker, which monitors the behaviors of Vietnamese travelers throughout the year. The results are collected, analyzed, and compared to previous data collected in Quarter 1/23. As mentioned, there are many factors that can affect travelers’ income and spending habits, such as the economy, changes in employment, or the season of travel. As a result, it is important to track and update this information regularly, as travel budgets can vary at different times of the year and under different circumstances.