New survey findings published by MasterCard Inc show that Taiwanese consumers have elevated the importance of traveling abroad over other expenditures such as shopping, vehicles and home renovation.
Given the option to select more than one motivation for saving, the survey showed that 52 percent of respondents selected traveling abroad as their motivation for saving, just barely behind the 54 percent who were saving for investments and the 53 percent for retirement.
Conducted between July and August this year, the survey analyzed the spending and saving behavior patterns of consumers across 27 major markets throughout the Asia-Pacific, Middle East and Africa.
According to the company, more than 84 percent of Taiwanese were planning on maintaining or increasing the amount they put into savings over the next six months, up 7 percentage points from last year and tied with Bangladesh and Myanmar for the highest increase in the region.
Most said they planned to save up to 27 percent of their inco me, well above the regional average of 19 percent and an indication of a penchant to save for a rainy day and excellent personal financial management practices, the company said.
MasterCard Taiwan president Eva Chen (陳懿文) said that despite the proactive stance toward saving, spending on quality of life and leisure activities is becoming more important to Taiwanese consumers, while spending on home renovations, electronic gadgets, cars and motorcycles, and home appliances have dropped lower on the priorities list.
The rising importance of saving to pay for vacations indicates a shift in embracing the pursuit of a higher quality of life among the public, she said.
The Asia-Pacific portion of the survey covered 8,087 consumers from 16 markets, including Australia and New Zealand.
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