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Domestic tourism flourishes after a long ‘holiday’, revenue grows by 50%

15/04/2022

Postpaid payment and online payment have boosted tourism, consumption and education revenue growth after a long time when face-to-face interactions were “frozen”.

The long-term Lunar New Year and the policy of opening up, stimulating demand to attract domestic tourists are opportunities for the tourism service and consumer goods industries to make a breakthrough in profits. In addition, in the context of social distancing, online transactions support many educational institutions when students have to switch to online learning.

“Book first, pay later” is the preferred choice of tourists

According to statistics from Payoo, the average tourism revenue in the first two months of this year is 4.2 times higher than the average in November and December 2021 and 12 times higher than during the epidemic (from May to October). 2021. Compared to the same period last year, the tourism segment at the beginning of this year achieved a growth of 50% in revenue, mainly growing from the group of airline tickets and hotels.

In which, “book first, pay later” is the form contributing to the strong growth of tourism. The transaction value of this form of payment increased 3 times in December 2021 and 6 times in November 2021, thanks to the main motivation from the group of airline tickets. Many customers prefer this form of payment to take advantage of preferential programs of ticket agencies, or reserve seats for peak occasions, holidays and Tet.

“Book in advance, pay later” is a form where customers book tickets, reserve seats in advance and go to an affiliated store, visit a website or an e-wallet application to pay. Specifically, when the customer completes the booking and selects “Postpaid payment”, the screen will display the reservation code. The customer saves the reservation code and makes the payment according to the specified time limit. If after the reservation period the customer has not paid, the reservation will be automatically canceled.

The above recovery data is a hopeful signal for the process of “breaking the ice” of domestic tourism. According to a study by the VISA Card Organization released in January this year, 76% of Vietnamese are currently planning domestic leisure travel by 2022, much higher than 38% of those planning a domestic leisure trip. foreign calendar.

At the same time, with efforts to meet the safety requirements during the pandemic of the local authorities, the Government’s supportive policies on opening the door to international tourists from March 15 to and the general public. With comprehensive and convenient payment solutions for tourists, Vietnam’s tourism industry will surely get out of the gloomy shadow to recover strongly.

Domestic tourism is always the “backbone” of the green economy

The long-term Lunar New Year and the policy of opening up, stimulating demand to attract domestic tourists are opportunities for the tourism service and consumer goods industries to make a breakthrough in profits. In addition, in the context of social distancing, online transactions support many educational institutions when students have to switch to online learning.

“Book first, pay later” is the preferred choice of tourists

According to statistics from Payoo, the average tourism revenue in the first two months of this year is 4.2 times higher than the average in November and December 2021 and 12 times higher than during the epidemic (from May to October). 2021. Compared to the same period last year, the tourism segment at the beginning of this year achieved a growth of 50% in revenue, mainly growing from the group of airline tickets and hotels.

In which, “book first, pay later” is the form contributing to the strong growth of tourism. The transaction value of this form of payment increased 3 times in December 2021 and 6 times in November 2021, thanks to the main motivation from the group of airline tickets. Many customers prefer this form of payment to take advantage of preferential programs of ticket agencies, or reserve seats for peak occasions, holidays and Tet.

“Book in advance, pay later” is a form where customers book tickets, reserve seats in advance and go to an affiliated store, visit a website or an e-wallet application to pay. Specifically, when the customer completes the booking and selects “Postpaid payment”, the screen will display the reservation code. The customer saves the reservation code and makes the payment according to the specified time limit. If after the reservation period the customer has not paid, the reservation will be automatically canceled.

The above recovery data is a hopeful signal for the process of “breaking the ice” of domestic tourism. According to a study by the VISA Card Organization released in January this year, 76% of Vietnamese are currently planning domestic leisure travel by 2022, much higher than 38% of those planning a domestic leisure trip. foreign calendar.

At the same time, with efforts to meet the safety requirements during the pandemic of the local authorities, the Government’s supportive policies on opening the door to international tourists from March 15 to and the general public. With comprehensive and convenient payment solutions for tourists, Vietnam’s tourism industry will surely get out of the gloomy shadow to recover strongly.
According to Payoo’s statistics, many industries experienced outstanding growth thanks to consumer demand during the Lunar New Year. Typically, supermarkets and trade centers increased well due to the demand for shopping at the end of the year and at the beginning of the new year. The transaction value of this group in the first 2 months of the year increased by 60% compared to the previous 2 months. In particular, there are chain stores with revenue growth of 3 times.

For phones, electronics in January grew by 45% compared to the last two months of the year due to the demand to buy new mobile devices during Tet. However, by February, the group’s overall sales were only about 60% compared to January.

F&B in the first 2 months of the year also benefited from New Year’s Eve and New Year’s parties. Sales in January increased by 40% and 20% respectively compared to November and December. February was also slightly higher than January by 5%.

The beauty, spa and cosmetics segment also grew in January because of the demand for beauty products before Tet, with online payments increasing by 30-40% and payment at counters up by 25%. In February, sales returned almost equal to the previous months. In contrast, the Fitness group before Tet decreased by nearly 30%, but after Tet, the demand for exercise increased, so it increased slightly again, nearly 10% compared to January.

Education in the context of reopening schools

Contrary to tourism or consumption, the education segment went against the general growth trend when sales in January compared to the previous 2 months only reached 77-85% in both online and in-person channels. The main reason is because this is a holiday month plus the peak epidemic, so students are absent from school.

However, by February 2022, when schools reopened, the value of in-person transactions increased by 70-80% compared to previous months, while online transactions decreased by 10-25%. Previously, thanks to the application of online payment solutions for parents to conveniently transact at home during a long time of separation, many educational institutions have survived and maintained a stable business status.

By CafeF

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