AP NEWS

Big Cities, Big Business: Bangkok, London and Paris Lead the Way in Mastercard’s 2018 Global Destination Cities Index

September 25, 2018

PURCHASE, N.Y.--(BUSINESS WIRE)--Sep 25, 2018--In a world of rising nationalism, international travel takes on greater importance—breaking down barriers, broadening our horizons and driving economic impact felt throughout the world’s cities. For the past decade, Mastercard’s Global Destination Cities Index has offered important analysis of travel to and within cities. This year’s top cities are Bangkok, London and Paris, once again underscoring the importance of robust infrastructure, both business and leisure attractions and strong local culture.

The Mastercard Index, which expanded this year to look at 162 cities, is not simply a ranking of the top travel destinations. Based on visitor volume and spend for the 2017 calendar year, the in-depth analysis also provides a growth forecast for 2018 and—for the first time—a view into average length of stay and amount spent per day.

With the global economy buzzing, the annual growth of international overnight visitors to the Top 10 destination cities was up in 2017 except for Seoul, which saw a dip. The forecast for 2018 indicates across-the-board growth, with Istanbul expecting the largest uptick in visitors.

With roughly 20 million international overnight visitors, Bangkok remains in the top spot this year and is unlikely to be bested due to strong projected growth of 9.6 percent for 2018. Interestingly, visitors tend to stay in Bangkok 4.7 nights and spend $173 per day, on average.

However, not all cities are created equal when it comes to the amount visitors spend in the local economy. Dubai continues to be the top ranking destination city based on overnight visitor spend, a whopping $537 per day on average. It is joined in the Top 10 with newcomers Makkah, Saudi Arabia, which debuts in the number two spot, Palma de Mallorca, Spain, and Phuket, Thailand. Of the most visited cities, Istanbul comes in with the lowest spend per day at $108 on average.

“International travel is crucial to many urban economies, enriching the lives of both residents and tourists. The bar is rising for cities to innovate to provide both a memorable and authentic experience,” said Miguel Gamiño Jr., executive vice president, global cities for Mastercard. “We’re partnering closely with cities around the world to ensure they have insights and technologies to improve how they attract and cater to tourists while preserving what makes them so special in the first place.”

Whether people visit cities for business or leisure, Mastercard works with a broad range of partners, including tourism bodies, urban planners, banks and merchants to:

Identify and address urban challenges through scalable solutions in digital inclusion and economic development; Mastercard recently launched City Possible, a global platform for cities, research institutions and private sector organizations to address common challenges through collaboration Simplify access to key urban services such as  public transportation; in over 100 cities (and growing), visitors and locals can use the contactless Mastercard they already carry to access trains and buses Help people traverse the globe with peace of mind, providing seamless planning, conveniences and connectivity at their destination and worry-free acceptance at millions of locations around the globe Create unique experiences across food, entertainment and shopping in 42 Priceless Cities around the globe, including Bangkok, London, Paris and many others throughout the Index

About the Mastercard Global Destination Cities Index

The Mastercard Index of Global Destination Cities ranks cities in terms of the number of their total international overnight visitor arrivals and the cross-border spending by these same visitors in the destination cities in 2017, and gives international overnight visitor growth forecasts for 2018.

Public data is used in deriving the international overnight visitor arrivals and their cross-border spending in each of the 162 destination cities.

Forecasts are based upon the weighted average of the national level tourism forecasts and the actual 2018 monthly data at the destination level, which is available to the latest month before release.

This Index and the accompanying reports are not based on Mastercard volumes or transactional data.

About Mastercard

Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau

View source version on businesswire.com:https://www.businesswire.com/news/home/20180924006079/en/

CONTACT: Mastercard Communications

Julia Monti, +1 914-217-9533

Julia.monti@mastercard.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: WOMEN TRAVEL DESTINATIONS VACATION LODGING TRANSPORTATION OTHER TRAVEL PROFESSIONAL SERVICES FINANCE CONSUMER MEN

SOURCE: MasterCard Incorporated

Copyright Business Wire 2018.

PUB: 09/25/2018 12:01 AM/DISC: 09/25/2018 12:01 AM

http://www.businesswire.com/news/home/20180924006079/en

AP RADIO
Update hourly