Fliggy releases 2024 Buy Now, Plan Later insights report

Online journey companies platform Fliggy launched its 2024 Buy Now Plan Later Travel Insight at the moment, tenth January. 

The perception exhibits the reserving quantity for the platform’s buy-now / pay-later (BNPL) journey merchandise in 2024 has elevated by over 20% in comparison with the earlier 12 months. 

This development is basically pushed by a youthful demographic, with Generation Z shoppers accounting for practically 1 / 4 of these using this buying mannequin. 

Planning journey via BNPL is now a mainstream methodology of journey consumption.

A versatile technique to plan that results in financial savings

BNPL journey includes shoppers buying single or a number of journey merchandise upfront. 

This mannequin permits vacationers to safe these choices for future use, redeemable as soon as they finalize their journey dates and locations. 

Generally, this strategy offers larger value financial savings in comparison with standard direct reserving, with many choices providing the flexibleness of full refunds with out restrictions earlier than the reservation is finalized.

Fliggy’s head of BNPL product operations Acton Chou mentioned: “Looking ahead in 2025, the recreational tourism market is expected to experience steady growth in both scale and consumer spending. Our primary objective for travel companies is to expand our customer base and tap into the incremental demands of our existing customers. The inherent advantages of the BNPL model which include flexible pricing, adaptable benefits, and versatile usage make it a strategic tool for enhancing customer willingness to spend.”

Significant traits in 2024

The perception signifies that the share of outbound tourism inside the BNPL journey phase in 2024 has elevated by 10 share factors in comparison with the earlier 12 months, with lodge reserving achievement charges for outbound journey surging by 70 p.c year-on-year. 

A noticeable development is the growth of well-liked journey locations from a four-hour flight radius to a twelve-hour flight radius from China. 

The prime locations for BNPL orders in 2024 embody Malaysia, Singapore, Thailand, Japan, South Korea, the Maldives, New Zealand, Australia, the United States, and Indonesia. 

Additionally, there may be rising curiosity in rising locations reminiscent of Iceland, Norway, Kenya, the United Kingdom, and New Zealand, which all have skilled speedy development.

At the identical time, journey experiences continued to diversify in 2024, with shoppers exploring breathtaking landscapes reminiscent of Bomi in Tibet, embarking on self-driving excursions throughout New Zealand, and taking luxurious cruise ships to see albatross and penguins via polar excursions. 

According to information from Fliggy, there was a speedy enhance in demand for worldwide cruises, abroad automotive leases, and tickets to abroad amusement parks. 

Indeed, the quantity of worldwide cruise bookings noticed a close to threefold enhance year-on-year.