SINGAPORE, November 19, 2015 - According to research released today by AIG Asia Pacific Insurance Pte. Ltd. ('AIG Singapore'), Singaporeans are living up to their reputation as avid shoppers, with one in three travellers citing shopping as their main reason for going overseas and 56 per cent of the respondents indicating that shopping holidays are their most desired type of holiday.
Thirty-six per cent of Singaporeans surveyed said that they go on holiday purely to shop, well ahead of those who travelled for a weekend getaway (21 per cent), to an exotic destination (12 per cent), or for a luxury holiday (four per cent).
Shopping holidays also take up the largest share of holiday spending, with Singaporeans spending on average S$336 a day on such trips.
AIG Singapore’s Head of Travel Ms Anita Tan said, “Singaporeans are taking their love for shopping overseas, flocking to destinations such as Thailand, Hong Kong and Taiwan in search of a bargain.”
Ms Tan added that while Singaporeans are loading their luggage full of the latest fashion, it is important that they protect their new purchases, particularly when it comes to travelling home.
“One of the most common risks travellers face is the loss of or damage to their baggage, due to flight transfer errors or theft. Such mishaps could hamper their entire shopping trip. According to our survey, loss of or damage to baggage accounts for 28 per cent of travel insurance claims, second only to medical expenses (41 per cent),” elaborated Ms Tan.
AIG pays over S$40,000 in travel claims to Singaporeans travelling in locations worldwide every day, with customers making more than 7,500 claims when travelling to shopping destinations, such as Thailand, Hong Kong, and Taiwan in the last 12 months1.
“It’s important that travellers keep records of their purchases, such as receipts or photographs, so we can ensure a smooth claims process if something unfortunate happens to these purchases. In the case of theft or loss of baggage, travellers might not be able to recover their lost or stolen items, but with travel insurance, they will have the peace of mind that they will be reimbursed for the lost or stolen items,” Ms Tan advised.
AIG’s Travel Guard® offers comprehensive travel insurance coverage and 24-hour assistance before, during and after a trip. A three-day Travel Guard® plan to shopping destinations such as Thailand, Hong Kong and Taiwan starts at S$33.
1 Claims made by AIG customers between November 2014 and October 2015