#Residents #travel #spend #pandemic #BauskasDzive.lv
Last year, the travel of Latvian citizens to foreign countries exceeded the pre-pandemic period, as well as spending on travel is higher than before the pandemic, representatives of the financial technology company “Inbank Latvia” informed the LETA agency, referring to the data collected by the company and the online travel agency “AirGuru.lv”.
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The time spent on one trip has remained approximately the same as before, but now residents travel more often – several times a year. The average amount for the trip has increased by less than 10%, and currently it reaches an average of 500 euros per traveler, according to the information collected by the online travel agency “AirGuru.lv”.
On the other hand, the data of “Inbank Latvia” show that the average amount of the service for the trip, which customers have chosen to divide into parts, was around 1,300 euros last year.
As inflation subsides and various financial services develop, travel has once again become more affordable for citizens. In turn, various technology tools offer trips based on individual interests and financial capabilities, providing a personalized experience.
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The head of “Inbank Latvia” Dainis Skrinda informs that about 6% of respondents in Latvia, Lithuania and Estonia borrow for travel in the Baltic States. The service with dividing the travel costs into parts is mainly chosen by women (80%), less by men (20%).
In general, travel habits are similar throughout the Baltics, however, Estonian residents are more likely to plan their trips for a longer period of time in advance, while Latvian and Lithuanian travelers are more likely to use last-minute offers.
“If in Estonia it is not uncommon for trips to be completely sold out a long time before they take place, then in Latvia and Lithuania residents are not afraid to wait until the last moment to buy a trip at a better price. This explanation is also due to the fact that there are more flight destinations from Riga and Vilnius, more travel opportunities and a wider offer,” informs Janis Možeiko, co-founder and manager of “AirGuru.lv”.
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In terms of the length of the trip, Estonian travelers almost always choose at least seven nights of rest, while in Latvia they also choose shorter trips. Baltic travelers are happy to choose favorable travel offers from neighboring countries as well. For example, travelers from Estonia go to Riga to fly to Malta, but Latvian residents often choose to fly from Kaunas or Vilnius.
Egypt, Turkey, Malta, Spain, Italy and Greece are among the most popular destinations in all three Baltic countries. About two-thirds of travelers (65%) choose a beachside vacation, with the majority opting for all-inclusive dining. On the other hand, every third (35%) goes on trips to European cities. In summer, people choose closer destinations, but as winter approaches, destinations become more distant, for example Thailand, Vietnam, Indonesia, Morocco.
While Estonian travelers prefer to rest by the water, Lithuanian travelers more often go on excursions and get to know the history of cities, while Latvian travelers are also interested in various festivals and other cultural activities.
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In 2022, the turnover of SIA “Inbank Latvia”, a subsidiary of the Estonian “Inbank” group, was EUR 5.106 million, and a profit of EUR 1.146 million was made, according to “Firmas.lv” information. Financial data for 2023 have not yet been published.
“Inbank Latvia” is a company of the Estonian credit institution “Inbank” group. “Inbank” was founded in Estonia in 2011, and in 2014 “Inbank” began operations in Latvia.
“Inbank” operates in the Baltic States, Poland and the Czech Republic, and additionally attracts deposits in Germany, Austria, the Netherlands and Finland.
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