Credit-card spending by consumers on overseas travel sees sharp increase: Krungsri

The spending volume through Krungsri credit cards in the first five months of this year amounted to 90 billion baht, an increase of 13%. Credit-card spending, especially travel-related, has increased steadily since the end of last year. Japan remains the most popular overseas destination for Thais, Krungsri said.

According to Krungsri Credit Card managing director Somwang Toraktrakul, credit-card spending in Japan during the first five months of this year reached 860 million baht. The top spending categories were: department stores; fashion and apparel; hotels and accommodation; cosmetics and miscellaneous products; and domestic transportation and public transportation.

The average spending per person was around 20,000 baht, reflecting a growth of 100% compared to 2022 and highlighting the potential for market growth among travel enthusiasts and products/services related to Japan.

It is expected that the card spending in Japan will reach around 2.5 billion baht this year, which represents a sharp growth of 342% over last year and 24% compared to 2018 (pre-Covid), Somwang said. The bank also wants to boost the number of customers travelling to Japan and spending via credit cards there to 150,000 people, for a growth of 316% compared to last year and 15% compared to 2019.

In addition, Krungsri Bank has launched a campaign, “Krungsri for Japan”, to target Japan enthusiasts. Collaborating with more than 500 affiliated companies and business partners in Thailand and Japan, Krungsri Bank has created a business ecosystem that integrates products, services, and special privileges related to travel, dining, shopping, and various supplementary services, Somwang said. This comprehensive approach aims to fulfill all aspects of the Japan experience in one place, catering to the needs of Japan enthusiasts, he added.