Research from World Travel Market released today (Monday 7 November) reveals a significant proportion of UK holidaymakers are interested in paying for travel using cryptocurrencies.
The findings from a nationally representative sample of 2000 shows that nearly one-in-four (23%) would definitely or maybe consider using cryptocurrencies to pay for their trip.
At the same time, almost three in ten (28%) of the overall sample admitted that they did not understand crypto enough to have an opinion. The balance (49%) were adamant that they would never pay for their trip in this way.
The youngest respondents were the most likely to consider crypto as a payment option, with a net yes result of 47% from 18-24-year-olds, of whom 18% were “definitely” interested and 29% replying “maybe”.
This age group was also the most informed about crypto in general, with only 17% saying they didn’t know enough to comment. Only 36%, the lowest response from any age group, were actively not interested.
In contrast, more than one-in-three (35%) of 55-64-year-olds admitted their ignorance, with this generation less clued up about crypto than the over-65s of whom only 30% were not informed enough to have an opinion. However, the over-65s were the least likely (4%) of all age groups to pay for a trip with crypto.
Juliette Losardo, Exhibition Director, World Travel Market London, said:
“We were surprised at the overall level of interest in using cryptocurrencies to pay for a trip. It is to be expected that the youngest respondents were the most engaged and informed, and this finding is likely to be of interest for suppliers and destinations interested in attracting this age group.
“Consumer payments are an increasingly prominent aspect of the travel industry. Many travellers expect to be able to buy their trip using the method of their choice, not what suits the supplier. As the 18-24 demographic matures, their spending power will increase, as will the imperative for the industry to offer crypto as an option.
“Clearly, crypto is not for everyone but for some it is the future!”