Thirty-six per cent of Vietnamese travelers plan to spend between $1,000 and $2,000 on their next holiday, the recent Klook Travel Pulse study by online travel agency Klook reveals.

According to the study, which looked at shifts in the travel demand and behavior of travelers in Vietnam and the Asia-Pacific, nearly half of Millennial and Gen Z travelers in the latter plan to spend twice their monthly income on travel. In particular, one-in-three are willing to spend more than $2,000 on their next holiday, which is more than double Asia’s average monthly income.

Though the average income in Vietnam is only VND7 million ($300) per month, according to data from the Ministry of Labor, Invalids and Social Affairs, the average travel spending revealed by Klook is not overly high overall. According to Mr. Nguyen Huy Hoang, General Director of Klook Vietnam, tourists between the ages of 20 and 40 in the medium to high-income bracket tend to take one or two trips a year. “Travel spending by young Vietnamese is much lower than the average in the Asia-Pacific region,” he said.

Experience is the new travel currency, the study found, and is the first consideration, trumping flights and accommodation. Seventy-one per cent of Vietnamese travelers were willing to invest in experience. Most wanted experiences that include nature and outdoors (71 per cent), culture (61 per cent), and water activities (53 per cent).

Social media is the No. 1 holiday inspiration tool for Gen Zs in the Asia-Pacific. Fifty-four per cent of Millennial and Gen Z travelers in the region turn to social media to find inspiration and plan their holiday. Meanwhile, 69 per cent of Vietnamese travelers, the highest number in the region, use social media platforms for holiday inspiration and planning. The most-frequently used platforms are Facebook, TikTok, and Instagram, respectively.

Asia-Pacific travelers are spontaneous and prefer short-haul travel. Thirty-one per cent plan their holiday a month in advance, while 30 per cent choose to travel within the region. Vietnamese travelers are also spontaneous, with 46 per cent planning their trip just a month ahead, while 68 per cent book experiences right before they fly. More than half of Vietnamese travelers only want to travel domestically, while one-third want to travel within the region. Destinations for their next trip include Singapore, domestic destinations, Japan, and Thailand.

Regarding outbound tourism, insights from Klook’s database in the first half of 2023 show that the most popular destinations are Thailand, Singapore and Japan. Compared to figures from the first half of 2019, overall outbound demand in the first half of this year increased 11 per cent, while average tourism spending increased 40 per cent.

In terms of inbound demand to Vietnam, the most popular destinations are Da Nang, Ho Chi Minh City, and Ha Long Bay. Leading source markets include South Korea, Singapore, and India. Compared to the first half of 2019, Klook has grown both vertically (new product verticals) and horizontally (more product offerings in more destinations) to cater to rising demand. Overall inbound demand increased 80 per cent, while average tourism spending increased 20 per cent.