kz1N5dLO TRR COVID-19 in ASEAN - FINAL - Updated

Mastercard-CrescentRating
TRAVEL
READINESS
REPORT
COVID-19 in ASEAN 2020
#TravelReadinessASEAN
July 2020 #ASEANTravel
P A G E
MASTERCARD-CRESCENTRATING
TRAVEL READINESS REPORT
(COVID-19 IN ASEAN 2020) 2

#ASEANTravel
July 2020
P A G E
01 FOREWORD 04
Navigating an unexpected environment
02 IMPACT ON ASEAN 09
How ASEAN growth has been affected by COVID-19
03 UNDERSTANDING RECOVERY AND READINESS 26

Laying the foundations for recovery
04 CHARTING PATHS TOWARDS GROWTH 30

How recovery and future growth would look like
05 TRAVEL RECOVERY GAP INJECTORS 38

Key recommendations and stakeholders involved in recovery
06 SPOTLIGHT ON ASEAN MUSLIM TRAVELERS 50

Opportunities in the ASEAN Muslim Travel Market
07 EXPERT OUTLOOK 55
Further evidence from destinations and thought leaders
08 GUIDEPOSTS FOR FUTURE TRAVEL 58

Takeaways for policy makers and service providers
09 DATA SOURCES AND ACKNOWLEDGMENTS 64

P A G E
01 FOREWORD
P A G E
01 FOREWORD
W hile we were just starting to look forward to the

next decade, COVID-19 invaded our world. It has
now become the greatest challenge our generation
effective return to growth scenarios need to take into
account their wide implications on all travel.
This report has been structured around several
has faced. It has had a devastating impact on human
important perspectives that destinations need to
lives and lifestyle. We in the travel industry have been
take into account in order to effectively understand,
some of the hardest hit. After months of challenges
plan and grow post-COVID-19. These key factors are
due to the lockdown of destinations, we are beginning
captured in the Mastercard-Crescentrating Travel
to see a glimmer of hope to restart tourism.
Readiness Framework (TRF).
Over the last few years, April/May has been the time
Based on the TRF, the report describes three different
that we have released the Mastercard-CrescentRating
paths and market size projections expected in the
Global Muslim Travel Index (GMTI). However, this
coming years. We then propose 16 strategic injectors or
year, given the current crisis, we have prioritized the
recommendations, along with current examples and
release of this new “Travel Readiness Report” to help all
future proposals, for destinations to successfully close
stakeholders better frame the impact of COVID-19 on
the gaps caused by COVID-19.
our industry and help build scenarios for future travel.
We still do plan to release GMTI 2020 in the 4th quarter The frameworks, models and tools that are presented
of this year. in the report are applicable to any destination, region
or business. In this study, we have used ASEAN to
Fazal Bahardeen While we have laid out the travel economy numbers
illustrate the use of methodologies and models.
Founder & CEO and indicators to understand the impact of the
CrescentRating.com disruption, the focus of this report is to provide all As we are facing these unprecedented challenges,
HalalTrip.com more than ever, there is a need for deeper insights to
stakeholders with frameworks and models to help
them build strategic plans to chart their own paths to better prepare not just for post-COVID but he pending
growth. environmental crisis and the need for destinations
to come together to avert another “COVID-19”-like
Our previous reports have focused on how the general
scenario. In our 6th year of partnership between
industry can better cater to the Muslim travel market,
Mastercard and Crescentrating, we are committed to
and we continue to focus on this area closely. However
providing in-depth research to help all stakeholders
COVID-19 has impacted everyone and created new
make educated choices towards building a sustainable
gaps. These demanded more robust frameworks and
future travel.
new ways of thinking to manage the complexity and
drive strategic solutions to help resuscitate travel. Any
P A G E
01 FOREWORD
C OVID-19 has shaken the world in unimaginable

ways. It has impacted every industry, every nation,
and every individual. While governments around the
region, to mapping out different recovery trajectories,
to providing plausible courses of action for businesses
in the tourism industry to move forward with greater
world have been quick to respond to the challenges confidence.
and have been providing support, the very nature of the
COVID-19 has driven a sharp increase in more digitally
pandemic means that some industries will be hit harder
focused commerce, such as online shopping, as well
than others—with tourism being one most affected
as accelerated uptake of cashless payments such as
industry. This is a particularly pressing issue in ASEAN,
contactless cards and digital wallets. Consumers were
where regional and international tourism contribute
quick to adopt these habits to keep themselves safe and
heavily to many countries’ economies.
adhere to social distancing needs, and businesses have
According to recently conducted Mastercard Impact had to adjust their own operations in order to meet their
Studies™, confidence in travel has started rising across customers’ expectations in this regard. The fact of the
the world, especially in Southeast Asia. While most matter is, tourism businesses will have to make their
people have had to cancel or delay trips, these studies own course corrections moving forward, as travelers
have shown that more than half the people across Asia seek operators and experiences that can cater to their
Pacific are going to plan for future trips when travel desire for heightened safety during a period of ongoing
restrictions have lifted. While countries have started uncertainty.
slowly easing restrictions on movement and travel, this
As we all prepare for a new normal, there is a need
Safdar Khan comes with heightened safety measures and protocols
for reliable data insights that can help sectors plan
Division President in place that were never there before. While the travel
Southeast Asia Emerging Markets
and future-proof their businesses. 2020 is our sixth
sector is gearing up for these measures, they need to
Mastercard year partnering with CrescentRating to develop in-
ensure that they are prepared to meet the new needs of
depth reports that serve as a beacon for businesses
customers.
and governments who are looking to bolster their
At a time like this, every player in the travel space is faced travel offerings and bring memorable experiences to
with the question of how they can act now, and plan, their end-customers. We trust this report can help the
as governments start easing restrictions. The Travel tourism industry craft strategies that will make them
Readiness Report by Mastercard and CrescentRating more digital, resilient, agile, and flexible to changing
offers these players in the travel and tourism sector consumer needs, and successfully navigate the
in-depth insights into the various ways areas- from difficult—but not insurmountable—challenges of the
how COVID-19 has affected household finances in the future.
P A G E
01 FOREWORD
REPORTS
We are facing unprecedented challenges. More than ever, there
Halal Travel Frontier 2020 Travel Readiness Report -
is a need for deeper insights on heath, economy and behaviour to ASEAN 2020
chart a path towards growth. In our 6th year of partnership between
Download the Reports here
Mastercard and Crescentrating, we are committed to providing in-
depth research to help all stakeholders make educated choices
towards recovery and growth..
2020
6th Year
2019
5th Year Global Muslim Travel
Index 2019
2018 Indonesia Muslim

Travel Index 2019
4th Year
2017
3rd Year
Global Muslim Travel

Index 2015
Muslim Travel
Shopping Index
2016
2015 2nd Year Muslim Women in Halal Travel Frontier
2015
Travel 2019 2019
1st Year
Global Muslim Travel Digital Muslim Travel Indonesia Muslim

Index 2018 Report 2018 Travel Index 2018
Global Muslim Travel Muslim Business Ramadan Travel Global Muslim Travel Japan Muslim Travel Muslim Millennial
Index 2016 Traveler Insights 2016 Report 2016 Index 2017 Index 2017 Travel Report 2017 Halal Travel Frontier
2018
P A G E
01 FOREWORD
MASTERCARD-CRESCENTRATING TRAVEL READINESS FRAMEWORK (TRF)
This report has been structured around several important

perspectives that destinations need to take into account
in order to effectively understand, plan and grow post- DRIVERS
COVID-19. These key factors are captured in the Mastercard-
Crescentrating Travel Readiness Framework (TRF).
The impact analysis begins with an understanding of how
COVID-19 has affected ASEAN in terms of the relevant
areas related to health, economy and consumer behaviour.
These three factors will also reflect themselves as the key
multidimensional drivers that will propel destinations towards
better readiness and recovery. MASTERCARD-
CRESCENTRATING
The report then describes the phases to recovery by time INJECTORS PHASES
TRAVEL READINESS
and space (i.e. travel routes). The temporal element consists FRAMEWORK
of four phases: containment, recovery, normalization and
growth. These overlap with the three main travel phases
that destinations will welcome as they reopen their markets
to tourism: domestic, intra-regional and international travel.
Based on this combination, the report describes three different
paths and market size projections expected in ASEAN in the
coming years.
Finally, we propose 16 strategic injectors or recommendations, PATHS
along with current examples and future proposals, for ASEAN
to successfully close the gaps caused by COVID-19.
P A G E
02 COVID-19 IMPACT ON ASEAN DESTINATIONS

HEALTH - ECONOMY - BEHAVIOUR
ECONOMY
HEALTH BEHAVIOUR
COVID-19 IMPACT ON ASEAN DESTINATIONS
P A G E
02

TIMELINE OF COVID-19 IN ASEAN

ECONOMY
HEALTH BEHAVIOR
The first reported cases of COVID-19 in ASEAN was in January. Singapore and Vietnam were the first destinations to implement
international travel restrictions. The first fatalities were reported in February. This led to most of ASEAN implementing movement
controls across their international and inter-state borders by mid-March. These destinations are now beginning ease travel
restrictions starting July.
ASEAN largely implemented similar measures due to their close cooperation, which has helped the region to better contain the
spread of the virus.
INTERNATIONAL INTERNATIONAL &

FIRST FIRST EASING TRAVEL
TRAVEL DOMESTIC TRAVEL
CASE FATALITY RESTRICTIONS RESTRICTIONS
RESTRICTIONS
January February March April May June July
Brunei
Cambodia
Indonesia
Laos
Malaysia
Myanmar
Philippines
Singapore
Thailand
Vietnam
P A G E
02

YOUNG ASEAN DEMOGRAPHICS

ECONOMY
HEALTH BEHAVIOR
ASEAN has one of youngest populations with a median age of 31 years. Within ASEAN, Laos has the youngest population with a
median age of 22.8 and Singapore the oldest population with a median age 39.7.
31% of the population is between 20 years and 40 years of age. Since the younger population will be more eager to travel and less
risk averse, this presents an advantage when re-starting travel in ASEAN.
125.000.000
100.000.000
Total ASEAN
75.000.000
Population (2020)
Population
670 Million 50.000.000
25.000.000
0
0-9 10-19 20-29 30-39 40-49 50-59 60-69 70-79 80-90 90+
Age Group
Median age 31 years 65% below 40 years
Sources: United Nations, Department of Economic and Social Affairs, Population Division
P A G E
02

IMPACT ON GDP AND EMPLOYMENT

ECONOMY
HEALTH BEHAVIOR
T&T Total contribution to employment (Millions)

600 50
T&T Total contribution to GDP (B USD)
40
400
30
20
200
10
0 0
2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022
Total contribution of Travel & Tourism (T&T) to the ASEAN GDP Travel and Tourism growth was adding around 1 million jobs a
in 2019 was around 12.5%. Cambodia (31%), Thailand (22%) year from 2017 to 2019. It was projected to continue this growth
and Philippines (21%) are the top 3 countries with the highest in the next few years to reach 42 million by 2022. T&T contributed
contribution to GDP. If the 2017 to 2019 growth rates continued, to 13 million jobs in Indonesia.
the total contribution to GDP was projected to reach USD 0.5
trillion by 2022.
Source: World Travel and Tourism Council

P A G E
02

DOMESTIC TOURISM
ECONOMY
HEALTH BEHAVIOR
200
Domestic tourism within ASEAN

destinations was USD 141 billion in 2019.
Domestic Tourism (B USD)
150
This was projected to grow to USD 188
Billion by 2022. Philippines has the largest
domestic tourism market.
100 Domestic tourism is the first phase in

opening up travel and tourism. However,
it will be hampered by the adverse impact
on household income, daily activities and
50 travel behaviour. The reports looks at these
impacts in three ASEAN destinations:
Malaysia, Philippines and Thailand.
0
2017 2018 2019 2020 2021 2022
Source: World Travel and Tourism Council

P A G E
02

IMPACT OF COVID-19 ON HOUSEHOLD FINANCES

ECONOMY
HEALTH BEHAVIOR
Most of whose finances were negatively impacted by COVID-19 were from low and medium income households across
all three destinations. From an age group perspective, all age groups were impacted.
Even when the destinations start to open up for domestic tourism, the impact of finances on these groups will hamper
the re-start of domestic tourism.
HOW HAS COVID-19 IMPACTED HOUSEHOLD FINANCES?

MALAYSIA THAILAND PHILIPPINES
Household finances have been negatively impacted across all age groups. Covid-19 has negatively impacted the household finances of nearly half of all adults in Nearly half of all households have suffered a setback to their household finances,
Affluent consumers have been the least affected. Thailand -- across all ages and income groups. particualrly those with low to moderate incomes.
CURRENT IMPACT WHO GOT NEGATIVELY CURRENT IMPACT WHO GOT NEGATIVELY CURRENT IMPACT WHO GOT NEGATIVELY
ON FINANCES IMPACTED? ON FINANCES IMPACTED? ON FINANCES IMPACTED?
30% 56% 13% Monthly HH Income 48% 37% 15% Monthly HH Income 47% 36% 17% Monthly HH Income
36% 29% 19% 50% 41% 53% 61% 52% 33%
Low Medium High Low Medium High Low Medium High
Low:< 4K RM, Medium: 4K to 7K RM, High: >7K RM Low:<20K Baht, Medium: 20K to 40K Baht, High: >40K Baht Low:<25K PHP, Medium: 25K to 50K PHP, High: >50K PHP
Age Age Age
<25 Yrs 25-34 Yrs 35-44 Yrs 45+ Yrs <25 Yrs 25-34 Yrs 35-44 Yrs 45+ Yrs <25 Yrs 25-34 Yrs 35-44 Yrs 45+ Yrs
Negative No Positive Negative No Positive Negative No Positive
Impact Impact Impact 31% 30% 31% 29% Impact Impact Impact 49% 45% 41% 54% Impact Impact Impact 48% 52% 49% 42%
(1-2) (3-5) (6-7) Percentages are calculated within respective categories (1-2) (3-5) (6-7) Percentages are calculated within respective categories (1-2) (3-5) (6-7) Percentages are calculated within respective categories
Source: Mastercard Impact Studies May, 2020

P A G E
02

IMPACT OF COVID-19 ON DAILY ACTIVITIES & SHOPPING

ECONOMY
HEALTH BEHAVIOR
The most common daily activities that people were doing less are going shopping, eating out and patronizing
entertainment venues. Locals from all destinations were alike in postponing large purchases.
As these are typical activities in domestic tourism, destinations will need to address these to re-start domestic tourism.
HOW HAS SHOPPING BEEN IMPACTED?

The time usually spent visiting restaurants, shopping malls and entertainment venues Most people have reduced visiting entertainment venues, shopping malls, and 9 out of 10 consumers across all age groups have cancelled or delayed a trip due to
has been offset by an increase in online activities and the use of home delivery services. restaurants -- and using public transportation. Online shopping, home delivery and Covid-19.
The movement control order by the government has resulted in a significant drop in the working from home are all up. And many cash transactions are now being replaced by
use of public transport and other consumer economic activities contactless payment methods.
DOING LESS DOING MORE DOING LESS DOING MORE DOING LESS DOING MORE
Will postpone Will postpone Will postpone
Going out major Going out major Going out major
93% to eat
1% purchases
79% to eat
4% purchases
93% to eat
2% purchases
Visiting Visiting Visiting

93% Shopping 2% 84% Shopping 3% 95% Shopping 1%
Malls Malls Malls
75% 66% 80%
92% Entertainment
venues
1% 86% Entertainment
venues
2% 94% Entertainment
venues
2%

P A G E
02

IMPACT OF COVID-19 ON TRAVEL

ECONOMY
HEALTH BEHAVIOR
Vast majority of respondents have either canceled or delayed both domestic and international travel.
Destinations will need rebuild traveler confidence, primarily on health and safety.
HOW HAS TRAVEL BEEN AFFECTED?

Approximately 80% of Malaysians have had to cancel or delay some type All types of travel have been heavily impcted, particularly vacations within 9 out of 10 consumers across all age groups have cancelled or delayed a
of trip as a result of the Covid-19 travel restrictions. Thailand. The vast majority of those with medium and high incomes have trip due to Covid-19.
cancelled or delayed their travel plans.
CANCELLED OR WHO GOT AFFECTED? CANCELLED OR WHO GOT AFFECTED? CANCELLED OR WHO GOT AFFECTED?
DELAYED TRIPS DELAYED TRIPS DELAYED TRIPS
Personal Travel Monthly HH Income Personal Travel Monthly HH Income Personal Travel Monthly HH Income
73% 88% 88% 61% 78% 88% 75% 91% 92%
47% 65% Low Medium High 35% 62% Low Medium High 40% 76% Low Medium High
Low:< 4K RM, Medium: 4K to 7K RM, High: >7K RM < 20K Baht, Medium: 20K to 40K Baht, High: >40K Baht Low:< 25K PHP, Medium: 25K to 50K PHP, High: >50K PHP
Other Markets
Other Markets
Other Markets
Domestic
Domestic
Domestic
Age Age Age
20% 27% <25 Yrs 25-34 Yrs 35-44 Yrs 45+ Yrs 25% 30% <25 Yrs 25-34 Yrs 35-44 Yrs 45+ Yrs 16% 26% <25 Yrs 25-34 Yrs 35-44 Yrs 45+ Yrs
76% 83% 84% 71% 76% 73% 73% 71% 90% 89% 88% 85%
Business Travel Business Travel Business Travel
Percentages are calculated within respective categories Percentages are calculated within respective categories Percentages are calculated within respective categories

P A G E
02

IMPACT OF COVID-19 ON TRAVEL PLANNING

ECONOMY
HEALTH BEHAVIOR
HOW ARE THE DYNAMICS AROUND TRAVEL CHANGING?

Virtually all of the travel cancellations and trip delays were done in February or March. Vacation cancellations have continued into April - with an additional 10% reporting that There was very little incremental trip cancellations/delays in April -- suggesting that
Malaysians are likely to be a bit cautious about resuming their travel plans after they have cancelled a trip within the past few months vs. the level recorded in March. most plans were changed in March or earlier. I-r,,JP1 should rebound quickly since 69%
restrictions are lifted. However, most people will be ready to book their vacations when all travel restrictions expect to plan a trip once travel restrictions are lifted.
are lifted.
CHANGES TO PERSONAL AND VACATION TRAVEL OVER THE PAST FEW MONTHS, AND CHANGES TO PERSONAL AND VACATION TRAVEL OVER THE PAST FEW MONTHS, AND
PLANS FOR THE FUTURE CHANGES TO PERSONAL AND VACATION TRAVEL OVER THE PAST FEW MONTHS, AND PLANS FOR THE FUTURE
PLANS FOR THE FUTURE
WAVE-1 WAVE-2 WAVE-1 WAVE-2 WAVE-1 WAVE-2

MARCH 2020 APRIL 2020 MARCH 2020 APRIL 2020 MARCH 2020 APRIL 2020
74% 78% 68% 78% 81% 84%

CURRENT STATE
CURRENT STATE
CURRENT STATE
Canceled Canceled Canceled Canceled Canceled Canceled
OVER THE PAST FEW OVER THE PAST FEW OVER THE PAST FEW OVER THE PAST FEW OVER THE PAST FEW OVER THE PAST FEW
MONTHS MONTHS MONTHS MONTHS MONTHS MONTHS
delayed trip delayed trip delayed trip delayed trip delayed trip delayed trip
71% 72% 69% 77% 73% 75%
LOOKING FORWARD
LOOKING FORWARD
LOOKING FORWARD
51% 64% 69%
will travel ofter will travel ofter will travel ofter
all restrictions are all restrictions are all restrictions are
lifted lifted lifted

P A G E
02

INTRA-ASEAN TOURISM
ECONOMY
HEALTH BEHAVIOR
60 Intra-ASEAN tourism was estimated at

USD 54 billion in 2019. This was projected
to grow to USD 57 Billion by 2022. Intra-
Intra-ASEAN Tourism (B USD)
ASEAN represents around 36% of the total

ASEAN outbound market.
40
Top 3 intra-ASEAN travelers are from
Malaysia, Thailand and Singapore. They
account for around 74% of the intra-
ASEAN trips.
20 This suggests a possibility for ASEAN

destinations to also tap into travelers who
had planned to travel outside of ASEAN,
who now may be attracted to travel within
ASEAN as intra-regional travel starts to
open up.
0
2017 2018 2019 2020 2021 2022
Source: ASEAN Key Figures 2019 - The ASEAN Secretariat

P A G E
02

IMPACT OF COVID-19 WAVE-1 WAVE-2

ECONOMY An additional 10%
delayed their travel plans
in April (63% to 73%). MARCH 2020 APRIL 2020
ON SINGAPORE
HEALTH BEHAVIOR However, travel activity
is likely to rebound
quickly; two-thirds of
67% 71%
CURRENT STATE
the population expect to Canceled Canceled
plan a trip when all travel
restrictions are lifted.
OVER THE PAST FEW OVER THE PAST FEW
The report looks at Singapore to understand the impact of Intra-ASEAN travel. MONTHS MONTHS
CHANGES TO
The nature of travel in Singapore is largely influenced by its geographical PERSONAL AND
delayed trip delayed trip
location and its size.

VACATION TRAVEL 63% 73%
OVER THE PAST FEW
MONTHS, AND PLANS
Around 36% of Singaporean traveled within ASEAN with Malaysia and FOR THE FUTURE
Thailand being the most popular destinations. With this Singapore remains
LOOKING FORWARD
a key market as intra-ASEAN travel opens up. 66%
will travel ofter
all restrictions are
lifted
HOW HAS COVID-19 IMPACTED HOUSEHOLD FINANCES? HOW HAS SHOPPING BEEN IMPACTED? HOW HAS TRAVEL BEEN AFFECTED?
ON HOUSEHOLD FINANCES ON DAILY ACTIVITIES ON TRAVEL

One out of four households in Singapore have already experienced a negative financial The time usually spent visiting restaurants, shopping malls and entertainment venues The vast majority of people have cancelled or delayed travel plans -- with Malaysia and
impact, particularly those with low to moderate incomes. has been offset by an increase in online activities and the use of home delivery services. Thailand being the most affected overseas destinations.
Also, the decline in mobility and the steep rise in working from home have caused a large
drop in the use of public transport.
DOING LESS DOING MORE
CURRENT IMPACT WHO GOT NEGATIVELY CANCELLED OR WHO GOT AFFECTED?
ON FINANCES IMPACTED? DELAYED TRIPS
25% 61% 14% Monthly HH Income 90% Going out
2% Personal Travel Monthly HH Income
to eat Will postpone
30% 27% 17% 60% 81% 88%
Low Medium High major 67% 36% Low Medium High
purchases
Low:< 4K RM, Medium: 4K to 7K RM, High: >7K RM Low:< 25K PHP, Medium: 25K to 50K PHP, High: >50K PHP
Visiting
Other Markets
90% 2%
Domestic
Shopping
Age Malls Age
65%
<25 Yrs 25-34 Yrs 35-44 Yrs 45+ Yrs Visiting <25 Yrs 25-34 Yrs 35-44 Yrs 45+ Yrs
Negative No Positive Entertainment 26% 16%
Impact Impact Impact 36% 26% 25% 25% 88% venues
3% 91% 83% 79% 75%
(1-2) (3-5) (6-7) Business Travel
Percentages are calculated within respective categories Percentages are calculated within respective categories

P A G E
02

INBOUND ASEAN TOURISM

ECONOMY
HEALTH BEHAVIOR
150
Inbound travel market to ASEAN was

Inbound-ASEAN tourism (B USD)
estimated at USD 105 Billion in 2019 and

was projected to grow to USD 117 Billion by
2020.
100
Thailand is the largest International
inbound market within ASEAN.
Mainland Chinese travelers accounted for
21% of inbound trips to ASEAN. The other
50 7 top visitors to ASEAN were from South
Korea, Japan, USA, Australia, India, UK and
Taiwan. They accounted for 25% of arrivals
to ASEAN.
0
2017 2018 2019 2020 2021 2022

P A G E
02

ECONOMY
TOP 8 INBOUND MARKETS TO ASEAN (2019) HEALTH BEHAVIOR
MAINLAND CHINA SOUTH KOREA JAPAN USA AUSTRALIA INDIA UK TAIWAN
UK
USA
MAINLAND CHINA SOUTH KOREA JAPAN
INDIA TAIWAN
As ASEAN looks at opening international travel, the greatest opportunities will be in

it’s top inbound markets. AUSTRALIA
Out of it’s top 8 inbound markets, it may be able to create travel “bubbles” with
destinations which have managed the COVID-19 health issues better.
In this report we look at the impact of COVID-19 on household income, daily activities
and travel behavior in Australia, Mainland China, Taiwan, South Korea and Japan.
P A G E
02

IMPACT OF COVID-19 ON HOUSEHOLD FINANCES

ECONOMY
HEALTH BEHAVIOR
HOW HAS COVID-19 IMPACTED HOUSEHOLD FINANCES?

AUSTRALIA TAIWAN
The household finances of Australia, One out of four Australians have experienced a negative impact on their household While the majority in Taiwan were not negatively impacted financially, one in five state
finances as a result of Covid-19. The low and mid income groups were most affected. that their household experienced a financial loss due to the Covid-19 outbreak.
Mainland China, Taiwan, Japan and South
CURRENT IMPACT WHO GOT NEGATIVELY CURRENT IMPACT WHO GOT NEGATIVELY
Korea were largely unaffected by the ON FINANCES IMPACTED? ON FINANCES IMPACTED?
pandemic. 26% 64% 10% Monthly HH Income 18% 73% 9% Monthly HH Income
This bodes well for ASEAN inbound travel 31% 26% 16% 20% 19% 13%
Low Medium High Low Medium High
when travel bubbles are implemented.
Low:<2.5K AUD, Medium: 2.5K to 8K AUD, High: >8K AUD Low:<2.5K AUD, Medium: 2.5K to 8K AUD, High: >8K AUD
Age Age
<25 Yrs 25-34 Yrs 35-44 Yrs 45+ Yrs <25 Yrs 25-34 Yrs 35-44 Yrs 45+ Yrs
Negative No Positive Negative No Positive
Impact Impact Impact 19% 28% 24% 27% Impact Impact Impact 6% 14% 22% 19%
(1-2) (3-5) (6-7) Percentages are calculated within respective categories (1-2) (3-5) (6-7) Percentages are calculated within respective categories
SOUTH KOREA MAINLAND CHINA JAPAN

Nearly 4 in 10 have experienced a negative financial impact as a result of the Covid-19 The majority of households did not experience any negative impact on their finances. The finances of most Japanese households have not been impacted by the Covid-19
outbreak. Those with low to moderate income were the most affected. Those with the lowest incomes were most affected. outbreak.
CURRENT IMPACT WHO GOT NEGATIVELY CURRENT IMPACT WHO GOT NEGATIVELY CURRENT IMPACT WHO GOT NEGATIVELY
ON FINANCES IMPACTED? ON FINANCES IMPACTED? ON FINANCES IMPACTED?
38% 58% 4% Monthly HH Income 24% 57% 19% Monthly HH Income 27% 72% 2% Monthly HH Income
44% 46% 28% 57% 23% 23% 28% 35% 18%
Low Medium High Low Medium High Low Medium High
Low:< 4M KRW, Medium: 4M to 6M KRW, High: >6M KRW Low:<20K Baht, Medium: 20K to 40K Baht, High: >40K Baht Low:<25K PHP, Medium: 25K to 50K PHP, High: >50K PHP
Age Age Age
<25 Yrs 25-34 Yrs 35-44 Yrs 45+ Yrs <25 Yrs 25-34 Yrs 35-44 Yrs 45+ Yrs <25 Yrs 25-34 Yrs 35-44 Yrs 45+ Yrs
Negative No Positive Negative No Positive Negative No Positive
Impact Impact Impact 25% 36% 31% 45% Impact Impact Impact 31% 21% 30% 17% Impact Impact Impact 26% 23% 28% 28%
(1-2) (3-5) (6-7) *Low Base, Percentages are calculated within respective categories (1-2) (3-5) (6-7) Percentages are calculated within respective categories (1-2) (3-5) (6-7) Percentages are calculated within respective categories

P A G E
02

IMPACT OF COVID-19 ON DAILY ACTIVITIES

ECONOMY
HEALTH BEHAVIOR
HOW HAS SHOPPING BEEN IMPACTED?

AUSTRALIA TAIWAN
All five destinations experienced Australians have had to curtain regular public activities as a result of the Covid-19 The time usually spent visiting restaurants, shopping malls and entertainment venues
less eating out, visiting malls outbreak. In addition, they have reduced their use of cash in favor of contactless
payment methods.
has been offset by an increase in online activities. There has also been a large shift away
from grocery shopping that has been replaced by home delivery and online shopping.
and entertainment venues. Most
also postponed major purchases.
DOING LESS DOING MORE DOING LESS DOING MORE
However, for South Korea and Japan,
Will postpone Will postpone
few postponed their major purchases. Going out major Going out major
64% to eat
3% purchases
78% to eat
1% purchases
Visiting Visiting
60% Shopping 2% 78% Shopping 2%
Malls Malls
52% 55%
Visiting Visiting
Entertainment 2% 86% Entertainment 1%
64% venues venues
SOUTH KOREA MAINLAND CHINA JAPAN

The time usually spent visiting restaurants, shopping malls and entertainment venues The time usually spent visiting restaurants, shopping malls and entertainment venues has 9 out of 10 consumers across all age groups have cancelled or delayed a trip due to
has been offset by an increase in online activities and the use of home delivery services. been offset by an increase in online activities. Grocery shopping has also been frequently Covid-19. Japan and Hong Kong SAR were the most impacted overseas destinations.
Also, grocery shopping has declined in favor of home delivery and online shopping. replaced by home delivery and online shopping.
DOING LESS DOING MORE DOING LESS DOING MORE DOING LESS DOING MORE
Will postpone Will postpone Will postpone
Going out major Going out major Going out major
78% to eat
4% purchases
77% to eat
7% purchases
81% to eat
2% purchases

79% Shopping 4% 75% Shopping 7% 86% Shopping 1%
Malls Malls Malls
48% 66% 28%
Entertainment Entertainment Entertainment
79% venues
3% 74% venues
7% 83% venues
0%

P A G E
02

IMPACT OF COVID-19 ON TRAVEL PLANNING

ECONOMY
HEALTH BEHAVIOR

AUSTRALIA MAINLAND CHINA SOUTH KOREA
Vacation cancellations have continued into April - with an additional 17% reporting that Travel is gradually being restored. The proportion who cancelled/delayed a trip over the Most of the widespread travel cancellations/delays were done prior to April. It appears
they have cancelled a trip within the past few months vs. the level recorded in March. past few months has actually declined in April, and 60% of the population expect to plan that travel should rebound fairly quickly -- 68% of South Koreans expect to plan a trip
However, nearly 70% of Australians will be ready to book their vacations as soon as all a trip once all restrictions are lifted. once all travel restrictions are lifted.
travel restrictions are lifted.
CHANGES TO PERSONAL AND VACATION TRAVEL OVER THE PAST FEW MONTHS, AND CHANGES TO PERSONAL AND VACATION TRAVEL OVER THE PAST FEW MONTHS, AND
CHANGES TO PERSONAL AND VACATION TRAVEL OVER THE PAST FEW MONTHS, AND PLANS FOR THE FUTURE PLANS FOR THE FUTURE
WAVE-1 WAVE-2 WAVE-1 WAVE-2 WAVE-1 WAVE-2

MARCH 2020 APRIL 2020 MARCH 2020 APRIL 2020 MARCH 2020 APRIL 2020
41% 64% 85% 77% 60% 66%

CURRENT STATE
CURRENT STATE
CURRENT STATE
Canceled Canceled Canceled Canceled Canceled Canceled
OVER THE PAST FEW OVER THE PAST FEW OVER THE PAST FEW OVER THE PAST FEW OVER THE PAST FEW OVER THE PAST FEW
MONTHS MONTHS MONTHS MONTHS MONTHS MONTHS
delayed trip delayed trip delayed trip delayed trip delayed trip delayed trip
47% 63% 84% 75% 58% 64%
LOOKING FORWARD
LOOKING FORWARD
LOOKING FORWARD
68% 60% 68%
will travel ofter will travel ofter will travel ofter
all restrictions are all restrictions are all restrictions are
lifted lifted lifted

P A G E
02

IMPACT OF COVID-19 ON TRAVEL

ECONOMY
HEALTH BEHAVIOR

TAIWAN JAPAN
Travel has continued to be negatively impacted. An additional 12% have cancelled a trip Vacation cancellations have continued into April - with an additional 12% reporting that
in Apnl (69% to 81%). Also, the resumption of travel is likely to be gradual -- with only they have cancelled a trip within the past few months vs. the level recorded in March.
52% of the population expecting to plan a trip after all travel restrictions are lifted. The resumption of vacation travel is likely to be gradual with 43% of the population
expecting to plan a trip once all travel restrictions are lifted.
CHANGES TO PERSONAL AND VACATION TRAVEL OVER THE PAST FEW MONTHS, AND
PLANS FOR THE FUTURE CHANGES TO PERSONAL AND VACATION TRAVEL OVER THE PAST FEW MONTHS, AND
WAVE-1 WAVE-2 WAVE-1 WAVE-2

MARCH 2020 APRIL 2020 MARCH 2020 APRIL 2020
69% 81% 31% 43%

CURRENT STATE
CURRENT STATE
Canceled Canceled Canceled Canceled
OVER THE PAST FEW OVER THE PAST FEW OVER THE PAST FEW OVER THE PAST FEW
MONTHS MONTHS MONTHS MONTHS
delayed trip delayed trip delayed trip delayed trip
66% 74% 32% 40%
LOOKING FORWARD
LOOKING FORWARD
52% 43%
will travel ofter will travel ofter
all restrictions are all restrictions are
lifted lifted

P A G E
03 UNDERSTANDING RECOVERY & READINESS

P A G E

TRAVEL READINESS DRIVERS
HEALTH ECONOMIC BEHAVIORAL

MANAGEMENT MANAGEMENT MANAGEMENT
ECONOMIC
MANAGEMENT
Monitoring & Resource Individual
detection support adjustments
HEALTH
MANAGEMENT BEHAVIORAL
MANAGEMENT
Recovery & Resource Organizational
resistance allocation adjustments
Prevention & Resource Societal

well-being transformation adjustments
The report establishes that destinations need to be able to manage three key drivers in order to accelerate their recovery and enable them to
be more resilient and ready. These travel readiness drivers are multidimensional and consist of key levers associated with behaviour, economy
and health. These dimensions need to be looked into whenever a global crisis such as COVID-19 occurs. The development of measures to better
manage these drivers will enable destinations to remain resilient amidst fleeting and ever-changing circumstances in the current COVID-19
situation and future crisis.
P A G E

PHASES OF TRAVEL OPENING UP IN ASEAN
DOMESTIC TOURISM
TRAVEL BUBBLES/CORRIDORS/GREEN LANES
INTRA ASEAN TRAVEL
INBOUND-ASEAN/INTERNATIONAL
Destination are opening up in different phases

for tourism. Most will initially open up for
domestic travel. In the next phase we will see
travel opening up between certain destinations.
These are known as travel bubbles, travel
corridors or green lanes.
The next stage will be opening up for regional
travel such as intra-ASEAN travel. The final phase
will be fully opening up for all travel including
international travel.
The report looks at how these reopening phases
will align with the overall economic impact
scenarios.
P A G E

4 RECOVERY PHASES TO GROWTH
GROWTH
• International travel activity

increases
• COVID-19 cure developments • Optimism in tourism sector
• Economy supported by intra

RECOVERY
ASEAN travel
• Services gradually open

NORMALISATION
• Domestic travel slowly
• Emergence of COVID-19 resumes
• Restricted movement
orders in place
CONTAINMENT
The report recommends destinations to plan their of virus infections due to this reopening, ideally
COVID-19 recovery roadmap along four key phases: enough measures have been put in place to see the
Containment, Recovery, Normalisation and Growth. destination into phase 3.
In phase 1 containment, destinations implemented Phase 3 sees a normalization process with
lockdowns to restrict movement due to the developments in the cure for COVID-19 along
surge of COVID-19 cases in their region. Phase 2 with a restructuring of economies and industries
recovery sees the easing of restriction orders, with supported by intra ASEAN travel. The eventual goal
businesses gradually reopening and people being is to reach phase 4 which signals growth. Here,
allowed to travel mostly within a country. Although international travel activity is revitalized as the travel
destinations may see an increase in the number economy looks optimistic and lives resume.
P A G E
04 CHARTING PATHS TOWARDS GROWTH

P A G E

DOMESTIC, INTRA, INBOUND-ASEAN TRAVEL (2019)
Inbound-ASEAN Domestic
35.1% 46.8%
300
200
100
Total Domestic, intra-ASEAN and inbound-ASEAN

market was estimated to be around USD 300 Billion
in 2019.
This is the base case taken into consideration in the
Intra-ASEAN recovery path scenarios analyzed in this report.
18.1%

World Travel and Tourism Council
P A G E

FUTURE TRIP PLANNING SENTIMENTS: DOMESTIC & INTRA-ASEAN TRAVEL
HOW IS TRAVEL EXPECTED TO GET IMPACTED AFTER RESTRICTIONS ARE LIFTED?

MALAYSIA THAILAND PHILIPPINES SINGAPORE
Nearly half expect to plan a domestic trip and 20% expect to Once the restrictions are lifted, most people will plan vacations Two-thirds expect to plan a domestic trip, while 3 in 10 plan to A similar proportion expect to travel within Singapore (48%)
book an overseas trip after travel restrictions have been lifted. somewhere in Thailand. go somewhere else and to other countries (50%) once the restrictions are lifted.
LIKELIHOOD TO PLAN A TRIP LIKELIHOOD TO PLAN A TRIP LIKELIHOOD TO PLAN A TRIP LIKELIHOOD TO PLAN A TRIP
Domestic Markets Domestic Markets Domestic Markets Domestic Markets

7% 7% 5%
6%
10% 5% 16%
12% 27%
24%
8% 43% 10%
10% 49% 17%
13% 8%
24% 21%
22% 24% 18%
13%
Other Markets Other Markets Other Markets Other Markets

8% 7% 9%
11% 15% 14% 14%
12% 10% 25%
25% 15%
21% 8%
32% 17% 25%
23% 25%
16% 23%
20% 12% 13%
Definitely will Probably will Might or might not Probably will not Definitely will not Don’t know

P A G E
FUTURE TRIP PLANNING SENTIMENTS: INTERNATIONAL
HOW IS TRAVEL EXPECTED TO GET IMPACTED AFTER RESTRICTIONS ARE LIFTED?
AUSTRALIA TAIWAN SOUTH KOREA MAINLAND CHINA JAPAN

Australians are ready to plan their vacations as 50% are expecting to plan a trip to somewhere The trips to be planned are likely to include both Most of the travel will be within Mainland China. 50% are expecting to plan a trip to somewhere
soon as travel restrictions are lifted. Two thirds in Taiwan, while 20% are thinking about visiting domestic and international travel. The other places most likely to be visited are in Taiwan, while 20% are thinking about visiting
expect to book a domestic trip, and one-third another market. Japan and Australia. another market. Japan and Mainland China are
want to plan a foreign getaway. the most likely destinations outside Taiwan.
LIKELIHOOD TO PLAN A TRIP LIKELIHOOD TO PLAN A TRIP LIKELIHOOD TO PLAN A TRIP LIKELIHOOD TO PLAN A TRIP LIKELIHOOD TO PLAN A TRIP
International Markets International Markets International Markets International Markets International Markets
4% 6% 8%
13% 9% 9% 10%
20% 19% 20% 8%
11% 16%
19% 31% 10%
26% 11% 30%
21% 19% 17%
11% 40% 14%
19% 19% 27%
10% 22%
Definitely will Probably will Might or might not Probably will not Definitely will not Don’t know

P A G E

MASTERCARD-CRESCENTRATING COVID-19 GROWTH RECOVERY PATHS
Mastercard and Crescentrating

have been closely monitoring the POSITIVE MARKET
impact of COVID-19 on ASEAN MARKET (94%@2019) OPENNESS
SIZE TRAVEL READINESS DRIVERS R-17
destinations since the virus first
+ INTERNATIONAL (I)
h
D-50
broke out in the region in January I-33
wt
Gro
PLAUSIBLE
2020. (71%@2019)
I-30
Notwithstanding the significance D-53
R-17
of the availability of a COVID-19 th
ow
cure, the speed of ASEAN travel Gr
R-20
recovery will also depend on
tion
+ INTRA-REGIONAL (R)
I-19 D-61
the presence of travel readiness
liza
R-19
drivers in the destinations as well
ma
I-19 D-62
Nor
as the ability of ASEAN to open n I-10 PESSIMISTIC
tio
their travel markets to serve the za
ali R-30
(31%@2019)
rm D-60
full spectrum of domestic, travel I-11 No I-14
I-13
corridors, intra ASEAN and and R-19 ion
D-70 alizat
R-20 D-67 R-29 D-57 Norm
international travel.
ver y
y r
o
ve
Based on these dynamic factors, Rec ry
DOMESTIC (D)
co
e
Recov
Re
the report suggests three

COVID-19 growth recovery paths
facing ASEAN till 2022: positive, Containment
plausible and pessimistic. Market
projections on the size of the
2020 2021 2022
ASEAN travel market are also
indicated in each recovery phase
within the respective paths.
P A G E

POSITIVE PATH: BACK TO NORMAL
Q4 2020: Q1 2021: Q3: 2021

COORDINATED INTRA ASEAN TRAVEL SUCCESSFUL VACCINE DEVELOPED RAPID INTERNATIONAL REOPENING
The catalyst in the Towards the second With a rapid return to

recovery phase is high half of 2020, several normalcy and the travel
ASEAN collaboration drugs are used to treat industry jumpstarting
to encourage travelers COVID-19 patients its economy towards
to visit neighbouring and reduce mortality international travel,
ASEAN countries. rates. However, the the overall ASEAN
ASEAN destinations will successful development travel market will see
coordinate to create of a COVID-19 vaccine returning to 94% of its
travel corridors, between will punctuate the 2019 levels. The tourism
ASEAN countries. These start of true travel industry will eventually
trips will be promoted in normalization beginning return to several familiar
concerted campaigns to end of 2020. The vaccine travel patterns among
raise travelers’ confidence will be made available consumers.
while educating on the for ASEAN populous
health precautions amidst from Q1 2021. This will
the existing COVID-19 increase optimism
environment. among travelers and the
economy.
P A G E

PLAUSIBLE PATH: A NEW NORMAL
Q1 2021: Q3 2021: Q1: 2022

LIMITED ASEAN COORDINATION DEFENSIVE TRAVEL MEASURES ADJUSTED INTERNATIONAL TRAVEL
Recovery phase is Normalization begins Return to growth is

gradual due to sporadic with news of a potential finally on the horizon
collaboration among vaccine being made in 2022. International
ASEAN countries to available by mid 2021. travel begins to open
promote travel within Meanwhile, there with travelers having
the region. Destination continues to be multiple to adjust themselves
marketing campaigns adjustments made by to several changes in
are largely uncoordinated various parties including the tourism landscape
with travelers requiring travelers across travel including less crowds,
further clarity on the ecosystem. Despite the greater staggering and
safety conditions of each opening of more travel contactless touchpoints.
destination. The lack of routes within ASEAN, the This will culminate in
coordination is mainly mood remains cautionary, an estimated market
due to ASEAN countries as everyone continues to returning to 71% of its 2019
still trying to manage guard and balance both levels.
recurring COVID-19 waves health and economy.
in their destinations.
P A G E

PESSIMISTIC PATH: THE NEW NORMAL
Q4 2021: Q3 2022: BEYOND 2022:

DOMESTIC CENTRIC TRAVEL THE NEW WAY OF LIFE OTHER BLACK SWANS
Recovery continues to be Drug treatments are still There is great uncertainty

a challenge for ASEAN as limited. With no vaccine on the sustainability of
the virus resurges amid a found, travel continues to tourism. Without any
period of major economic be at a virtual standstill. growth, the traditional
recession and uncertainty Beyond domestic travel industry will
due to turbulent travel, inter ASEAN and collapse. Digital sharing
global geopolitics. international travel are of past travel escapades
Destinations largely available to a selected few will be the means for
focus their resources including for business people to escape, rekindle
on domestic issues and or those with evidence past experiences and
economies, with tourism of virus immunity. The reconnect with places
overshadowed by other industry will take time to virtually. It is uncertain
sectors. There is little accept this new normal, how this will affect their
sharing of resources with travel market size in well-being in the long run
between ASEAN countries, 2022 returning to 31% of its and any other possible
with travel limited to 2019 levels. negative repercussions
domestic markets. beyond tourism.
P A G E
05 TRAVEL RECOVERY GAP INJECTORS

P A G E

MULTI-PRONGED ASEAN APPROACH TO RECOVERY
The COVID-19 recovery plan for ASEAN requires CRESCENTRATING ACES FRAMEWORK FOR DESTINATIONS
a comprehensive analysis of the key tourism
performance areas, gaps caused by the pandemic
and steps that can be taken by different travel
stakeholders to inject recommendations to
ACCESS COMMUNICATIONS ENVIRONMENT SERVICES
strategically address these challenges.
For this report, using the Crescentrating ACES
framework, the analysis reveals the impact the Visa Outreach Safety Core Needs
Requirements
virus has had in creating gaps on factors related to
access, communications, environment and services
of destinations. These gaps widen due to the Connectivity
Ease of Faith Core Services
Communication Restrictions (Hotels and Airports)
accumulation of challenges faced by both travelers
and destinations. The difficulties faced in each gap
can also be summarized by a tension theme that Transport Digital
Visitor Arrivals Unique Experiences
reflects the complexity of the strains and constraints Infrastructure Presence
faced by different parties. A global map depicting
these factors captures the strategic landscape which
Enabling Climate
requires intervention.
The report suggests several injectors with the key
stakeholders involved to close the various gaps.
Sustainability
The availability and intensity of implementation of
these measures can influence the path and speed to
recovery for ASEAN from COVID-19.
Learn more about ACES

& other models from
the official play book:
P A G E

MASTERCARD-CRESCENTRATING MULTI-PRONGED TRAVEL RECOVERY GAP INJECTORS

TRAVELER FOCUSED TRAVELER KEY GAPS & TENSION THEMES DESTINATION DESTINATION FOCUSED
INJECTORS STRAINS FACING DESTINATIONS DUE TO CONSTRAINTS INJECTORS
COVID-19
Hospitality Retain, Reskill &

Virtual Celebrations Festive Voids
Unemployment Redeploy
ACCESS GAP:
“Borders & Barriers”
Trip Planning Halted Global
Nostalgia Marketing Regional Reboot
Disruption Travel
Destination Brand
Hyper-Personalization Virus Fatigue Promotion-Virus Noise
Building
COMMUNICATION GAP:
“Fear & Faceless” Hybrid
Well-Being Marketing Virtual Fatigue Digitalization Friction
Communications
Borderless Health Apps Lack of Market Health-Value

Medical Risk
Confidence Repositioning
ENVIRONMENT GAP:
Unstable Travel “People & Profits” Grounded Travel Retargeting Niche
Empathetic Marketing
Environment Economy Markets
Open-Frequent Dramatic Lifestyle Multiple Service

Service Innovation
Engagement Changes Constraints
SERVICES GAP:
People-Platform Limited Service “Adapt & Accelerate” Seismic Shifts &
Business Diversification
Support Certainty Uncertainties
NATIONAL TOURISM
GOVERNMENT OPERATORS DEVELOPERS ASSOCIATIONS TOURISTS LOCALS
ORGANIZATIONS
P A G E

Virtual celebrations to fill festive voids Retain, reskill and redeploy hospitality
professionals
Due to global travel restrictions, travelers
are separated from familiar festivals and With deep disruption to unemployment across
the vital memories which would have been multiple hospitality sectors, governments
formed from those important events. This together with trade associations can help
includes cultural festivals and general year the industry to take steps to redeploy service
end holidays. To mitigate this, both tourists professionals. For instance, skills which are
and locals can hold virtual celebrations using more empathetic in nature, such as customer
video conferencing. Some examples include service, tour guides and cabin crew, can be
virtual home visits and video meals with one transported to other public sectors which
another. may be in need of more support during the
ACCESS GAP pandemic.
How do we overcome
physical borders
which cause added
human barriers Regional reboot to jumpstart halted global
Nostalgia marketing to cushion trip travel
disruptions
With the state of global aviation ground to
Travel is an activity that is planned months to a halt, governments and national tourism
years in advance. With the global pandemic, organizations in ASEAN need to come
trip plans have had to be postponed together and create a coordinated plan to
indefinitely. To reduce the sense of loss, reboot travel within ASEAN. The creation
national tourism organizations can promote of intra ASEAN travel corridors allow the
content that rekindles the joy and spirit of travel economy to reboot itself while still
travel. Tourists can also be encouraged to maintaining a degree of control over health
share their past trip experiences to create concerns before full international markets
nostalgia that can cushion some emotions. open.
P A G E

REGIONAL REBOOT - ASEAN COLLABORATION KEY
INTRA-ASEAN
Intra-ASEAN travel was valued at USD 54 Billion in
2019. As younger travellers will be the first to travel,
ASEAN with it’s young population will be able to tap
into this demographic to reboot both the domestic
and intra-ASEAN travel.
DOMESTIC INBOUND ASEAN

Domestic tourism at USD 141
Visitors from China, South Korea,
Billion in 2019, is a significant sector
Japan, Taiwan and Australia
within the ASEAN destinations.
accounted for 37% of trips to
Although it may be seen as a
ASEAN in 2019. These destinations
low-yield segment, allowing a
are also better managed in terms
controlled domestic tourism
of the COVID-19 outbreak. As such
will enable some of the hardest
a joint effort to attract these tourist
hit SMEs within the country to
to ASEAN will be a good first step
survive. More emphasis needs to
in opening up for International
be put in place to understand the
travel.
behaviour of local tourists.
P A G E

Hyper personalized virus info to combat Destination brand building over virus noise
fatigue
The need to remain relevant in travelers’ minds
We continue to receive important COVID-19 versus the public’s attention on COVID-19
news from multiple public and social media poses a dilemma for destination marketing.
platforms. To cope with any fatigue from Instead of trying to break through the virus
the constant consumption of such news, noise with usual promotions and ads, national
government agencies and companies can tourism organizations and operators need
work with developers to create platforms to refocus their efforts on building their
which allow users to to customize and receive destination brand in the backend. This includes
personalized virus related information based a careful monitoring of traveler sentiments and
on their profiles and preference. repositioning their destinations for the future.
COMMUNICATIONS
GAP
How do we remove fear
and communicate
better without traditional
face-to-face methods Hybrid communications to smoothen
barriers?
Well-being marketing to mitigate virtual digitalization friction
fatigue
Communications digitalization and the ability
We are in uncharted territory when it comes to convey the intended information in digital
to understanding the deeper consequences form can cause friction to both processes
of remote communications on a long term and professionals who need time to adjust.
basis. To prevent any possible adverse effects To overcome these difficulties, operators and
of virtual fatigue,, tourism operators and developers can pilot and assess which critical
associations can offer services focused on touch points can be best digitized for continuity
improving the consumer well-being. This and monitor consumer feedback. Examples
includes providing light hearted content such include external signature events or internal
as talk shows and quizzes. business meetings which can be partially done
online.
P A G E

THE VALUE OF FUN
During the COVID-19 crisis, HalalTrip, an

online platform focused on the travel
lifestyle, launched The HalalTrip Show.
One of the objectives of this initiative
was to offer more light hearted content
for its audiences amidst the pandemic.
The HalalTrip Show is a live trivia quiz
which is held twice a month. The 45min
segment features questions related to
history, geography, travel, sports and
general knowledge. In addition to
testing their knowledge on the various
subject matters and the ability to win
prizes, users will also have fun as they
interact with the hosts who are from
HalalTrip.
Such an interaction can be invaluable.
Brands who can provide such
experiences and tension-escapes to
their audiences will be rewarded once
the COVID-19 dust has settled. Learn more about
The Halaltrip Show:
P A G E

Borderless health apps to reduce medical Health-value repositioning to restore market

risks confidence
Concerns over communal spread of COVID-19 Travelers will remain cautious of travelling and
and availability of medical coverage can become visiting particular attractions in destinations
more complicated for travelers. To give greater which were severely impacted by COVID-19.
assurance, governments and developers need to Thus, national tourism organizations and
create mobile health applications which are not operators need to clearly communicate the
confined to country borders and that can give necessary health and safety measures their
users relevant information and a peace of mind destinations and services have in place. These
anytime, anywhere. The role of the government value propositions can be properly positioned
is essential to address user concerns over and branded to restore market confidence.
personal data use from private companies and ENVIRONMENT
developers.
GAP
How do we take
care of both people
and profits
Retargeting niche markets to restart
responsibly?
Empathetic marketing to address unstable grounded travel economy
environment
The traditional ways of targeting travelers
In this unstable environment, travelers may be based on simple segmentation, including by
additionally sensitive towards generic messages and business or leisure, are no longer adequate to
visuals. Thus, in trying to promote their destinations jumpstart the travel economy. National tourism
and services, national tourism organizations and organizations and operators need to zero in on
tourism operators cannot risk being perceived as attracting multi-dimensional target audiences
tone deaf. Content needs to be empathetic and including family travelers with nuclear families
acknowledge the realities that their consumers are and younger travelers who seek to reconnect
facing. This can also come in the form of providing with their loved ones while fulfilling their
simple guides and checklists to help travelers intrinsic needs for adventure and freedom.
navigate their everyday lives.
P A G E

CONTENT MARKETING WITH EMPATHY
Beyond promotions, content marketing has a responsibility in shaping

the future attitudes of consumers. In the COVID-19 climate, this means
acknowledging the challenges that travelers face as well as motivating
them to look forward to a more optimistic future.
Read the article:
One example of this content marketing with empathy is the 5Fs that
will shape travel post COVID-19. Here it envisages travel to be motivated
by associations with family, friends, fulfilment, fearless and freedom.
These speak to the needs of post COVID-19 travelers, and also help
destinations prepare themselves to meet the expectations of the
market once the travel gates are open and ready for boarding.
P A G E

Open-frequent engagement to acknowledge Service innovation to overcome multiple

dramatic lifestyle changes service constraints
People from all walks of life have had to adjust With social distancing still proving to be an
their lifestyles in a sudden and dramatic fashion effective means to control the pandemic
due to the pandemic. While ASEAN has seen spread, service touch points have had to
a general compliance of behavioural changes, stretch themselves spatially, financially and
governments and associations need to continue creatively to continue trying to meet the service
to frequently engage people in an open manner quality expectations of customers. Operators
and listen to their people. Such transparency is and developers need to implement strong
important to defuse bottled tensions and set service innovation and use technologies such
expectations on the recovery journey ahead. as service robots to maintain or provide new
ENVIRONMENT service experiences for their customers.
GAP
How do we take
care of both people
and profits
Business diversification to manage seismic
responsibly?
shifts and uncertainties
People-platform support to address service
COVID-19 has reminded us of the risks of putting
availability and certainty
all our eggs in one basket and the need to
In most ASEAN destinations, some services are diversify our resources and markets.. With this,
still under strict closure or have been forced to national tourism organizations and tourism
shut down due to a lack of business. With fewer operators will need to relook at their traditional
options available for customers, remaining tourism models and identify new business
tourism operators need to come together with diversification opportunities. This can include
developers to create platforms that can pool redefining the concept of travel, providing
remaining resources to continue to serve the new ways of experiencing destinations and
needs of customers in a collective manner. unlocking new tourism markets in the process.
P A G E

SERVICE INNOVATION REQUIRED FOR KEY TOUCHPOINTS
PRIORITY - 1
PRIORITY - 3 PRIORITY - 2
According to the CrescentRating

CRAHFT tool, travelers place HOME TRANSPORT TRANSPORT ACCOMMODATION DESTINATIONS
different levels of importance TERMINALS
on different service touchpoints. Much of the Travelers have been Accommodations will seek to There will be less crowds
information on explained that some Boarding times are communicate with guests that in the sites and attractions
With COVID-19, sectors in charge
booking, steps services will no longer staggered and notified their health and safety benefits at the destinations. In
of these touchpoints have had to to be taken and be available. This to the traveler via their have been taken into account. addition to staggered
undergo significant innovation what to expect at may include meals mobile phones to reduce This can come in the form timings, destinations may
to continue providing service yet each upcoming for certain transport queues and bottlenecks. of new health certificates provide face masks to
touchpoint are routes. Additional Any form of shopping and also accompanying tourists. There will also
maintain service standards. Our
provided to inconveniences has already been done online information which be visible signs reminding
report offers some suggestions for travelers via their may include seat via their mobile phones, details the processes that tourists to take care of their
each touchpoint. mobile phones barriers. These will with collection made at the accommodation has in personal hygiene, as well as
using simple text be communicated the physical premises. place to ensure cleanliness information of the nearest
and visual guides. properly so that Most of the experience and overall safety. Meals medical facility should
This is to help travelers can in terminals will be may be entirely delivered to they feel unwell. Similar
them prepare in a appreciate the safety contactless and facilitated guests in their rooms, and to transport terminals,
convenient manner. value behind these by service machines. maximizing room occupancy for some destinations,
measures. Finally, temperature and will be balanced with social temperature and COVID-19
COVID-19 screening will distancing requirements. tests may be necessary for
Learn more about be a norm both before Routine service tasks will be all travelers. Finally, much of
CRAHFT & other
boarding and upon arrival performed by chatbots and the experience is self-guided
models from the
official playbook: at the destination. service robots. using virtual guides.
P A G E

To date, ASEAN has responded strongly to combat COVID-19 with various measures taken by different
SIGNIFICANT ASEAN INJECTORS tourism stakeholders in their respective economies. Greater regional cooperation will also help to
mitigate any other future waves and result in a stronger ASEAN post COVID-19.
Myanmar-based
MYANMAR
consultant provides As part of its socio-

training using VR for economic efforts, LAOS
LAOS
Asia’s displaced hotel will re-target locals in an
employees. effort to boost domestic
tourism for 2020.
The Thai Tourism Board

is distributing health
THAILAND
certification systems for The Philippines will

hotels and restaurants be diversifying their
PHILIPPINES
to rebrand the country’s destination marketing to
image as a safe include reaching out to
destination. alternative markets like
South America.
SIA cabin crew

redeployed to hospitals Brunei’s Ministry of
and public transport
SINGAPORE
Religious Affairs released

terminals. publications containing
SG-based e-health app religious supplications
BRUNEI
“Doc Doc” can be used for protection from
in various SEA countries COVID-19. Books were
distributed to patrons at
fast food chains’ drive-
thrus.
Indonesia establishes a Cambodia will work alongside The Malaysian Association of Hotels Vietnam hosts virtual summits
task force for combating 5 other countries of the (MAH) published guidelines for hotels for ASEAN leaders to discuss
COVID-19 on 13 March Greater Mekong Subregion to to adhere to when providing services on appropriate measures and
2020 boost tourism. amidst the pandemic. responses.
INDONESIA CAMBODIA MALAYSIA VIETNAM

P A G E
05 RAVEL RECOVERY GAP INJECTORS

06 SPOTLIGHT ON ASEAN MUSLIM TRAVELERS

P A G E

FOUR ASEAN MUSLIM TRAVEL ENABLERS
Inbound-ASEAN
Intra-ASEAN
Domestic
ASEAN boasts some of 60

the most Muslim friendly
travel destinations
40
Muslims Muslims
4 ASEAN
represent represent
Muslim
21% of 43% of the 20
Travel Market
domestic intra-ASEAN
enablers
travellers travelers
0
2019
Median age of Muslims

in ASEAN is 29 years Muslim travelers represented 21% of the domestic tourist and 43%
of the intra-ASEAN travelers. The high percentage of intra-ASEAN
Muslim travelers is due large Muslim travel outbound market of
Indonesia and Malaysia travelling to neighboring destinations.
With its strength as one of most Muslim travel friendly regions in
the world, ASEAN could benefit from this segment of travelers as
intra-regional travel opens up.
Source: CrescentRating Market Analytics Performance Solutions (CR MAPS)

P A G E

YOUNG ASEAN DEMOGRAPHIC
Muslim travelers represented 21% of the domestic tourist and 43% of the intra-ASEAN travelers. The high percentage of Muslim
travelers is due large Muslim travel outbound market of Indonesia and Malaysia travelling to neighbouring destinations. With
its strength as one of most Muslim travel friendly regions in the world, ASEAN could benefit from this segment of travelers as
intra-regional travel opens up.
Muslim Population by Age Group

50.000.000
40.000.000
Po pul a ti o n
Total ASEAN
30.000.000
Muslim Population
(2020) 274 Million 20.000.000
10.000.000
0
0-9 10-19 20-29 30-39 40-49 50-59 60-69 70-79 80-90 90+
Age Group
Median age 29 years 65% below 40 years
Source: CrescentRating Market Analytics Performance Solutions (CR MAPS)

P A G E

CAPITALIZING ON THE MUSLIM FRIENDLINESS OF ASEAN DESTINATIONS
Mastercard-CrescentRating Global
Muslim Travel Index (GMTI) 2019
ASEAN as a region is one of the most
SCORE RANK
Muslim friendly regions in the world. Two
destinations (Malaysia and Indonesia) are
INDONESIA 78 1
joint 1st in the “Mastercard-Crescentrating
MALAYSIA 78 1 Global Muslim Travel Index (GMTI) 2019.
Brunei and Singapore along with Malaysia
BRUNEI 65 10 and Indonesia from ASEAN occupy four
of the top 10 ranked destinations in GMTI.
SINGAPORE 65 10
Singapore has been consistently ranked
THAILAND 57 18 no. 1 among non-OIC destinations. Thailand
is ranked 18 overall and 2nd among non-
PHILIPPINES 46 36 OIC category. Philippines has also steadily
climbed the ranking the last few years and
VIETNAM 35 69 now among the top 10 non-OIC destinations.
CAMBODIA 34 76
This strength allows ASEAN destinations to
position strongly to attract the Muslim market
LAOS 26 126
as travel opens.
P A G E

IMPACT ON KEY MUSLIM TRAVELER PROFILES
MUSLIM MILLENNIAL TRAVELERS MUSLIM WOMEN TRAVELERS GEN Z TRAVELERS
Born between 1981 to 1994, Muslim Muslim women travellers are more greatly Born between 1995 to 2009, the tech-
Millennial Travelers (MMTs) face peculiar affected by COVID-19 than their male savvy, communaholic and realistic Gen Z
tensions as their current stage of life counterparts. One of the hardest hit sectors, are experiencing significant stumbling
involves career progression and starting a the travel and tourism industry is evidently blocks amidst the pandemic. Both the
family. As economies close due to COVID-19, women-dominated. This means that more college and high school class of 2020 will
employees adjust work arrangements women are either being displaced or are miss their graduation which is an essential
and cut salaries in order to retain jobs. facing wage-cuts during the pandemic. rite of passage. Additionally, the inquisitive
This poses greater challenges for MMTs to This negative impact is amplified further nature of Gen Zs generally make them
achieve other goals in life such as settling as women generally have lower wages drawn to travelling. Hence, the COVID-19
down. Travel is no longer accessible, and than men. Additionally, gender roles pandemic lands Gen Zs in a confined
the availability of authentic experiences and expectations render women to be state, and despite their inherent adaptable
is questionable in the near future. Thus, responsible of household affairs. Thus, nature, ultimately hinders them from
MMTs are forced to prioritise economic the potential of Muslim women travelers further discovering themselves through
stability over trip planning. to explore and energize communities is travel.
severed during the pandemic.
P A G E
07 EXPERT OUTLOOK
P A G E
07 EXPERT OUTLOOK
EXPERT OUTLOOK
Zulkifly Bin Md. Said Art Boncato

Deputy Director General Undersecretary for Tourism Regulation,
Tourism Malaysia Coordination, and Resource Generation
Department of Tourism, Philippines
Some tourism facilities such as theme parks, shopping As the aviation industry recovers, it will not operate
malls, cinemas and restaurants are allowed to open at its original network and scale. However, if traveller
now. But they have to follow strict health and safety confidence is established, it will bode well for the
protocols, including social distancing requirements. future of the industry. Right-sizing is also inevitable
Those entering these premises will go through as the tourism industry approaches the recovery
thermal scans and contact tracing registration. phase.
Wearing of face mask is highly encouraged.
watch the full interviews on www.youtube.com/crescentrating

P A G E
EXPERT OUTLOOK
Enver Duminy Tanes Petsuwan

Chief Executive Officer Tourism Authority of Thailand
Cape Town Tourism Deputy Governor for Marketing
Communications
The key for the tourism industry is to prioritise visitor The most important move is the ‘Amazing Thailand
confidence. When promoting a destination, value- Safety and Health Administration’ (SHA) project, a
add to the experience. Change perceptions and unique certification scheme aimed to prepare the
various barriers about domestic travel by listening to Thai tourism industry for the recovery period of the
what the domestic traveller market wants. post-COVID-19 pandemic and enhance confidence
among international and domestic tourists.

P A G E
07 EXPERT OUTLOOK
EXPERT OUTLOOK
Barkathunnisha Abu Bakar Professor Cédomir Nestorovic Donald Ong

Founder, Elevated Consultancy & Training Director of the ESSEC & Manheim Executive Senior Vice President
Director, World Women Tourism MBA Asia Pacific and Professor of International Mastercard Advisors Mastercard
Associate, Murdoch University (Singapore) Marketing and Geopolitics ESSEC Asia Pacific
The unprecedented pandemic may ASEAN will recover sooner and better than If you want to look ahead in terms of
present an invaluable opportunity other regions because it is resilient and versatile. paths to recovery, then we are going
for ASEAN tourism sector to critically It is also human nature to adapt and quickly to need to look at how the trends and
rethink tourism’s unsustainable become used to new situations and hence, impacts on the economy are going
growth trajectory and recalibrate the tourism stakeholders should not be afraid of to translate to changes in consumer
role of tourism as a transformative losing travellers when implementing health behaviour and sentiments.
force for building resilience, inclusivity, and safety measures.
responsibility, and sustainability.

P A G E
08 GUIDEPOSTS FOR FUTURE TRAVEL

P A G E

COVID-19 POLICY PYRAMID FOR AIRLINES
Five key takeaways from the report that policy makers and service leaders need to look into to successfully
clear the skies for airlines within the next two years.
Important
1 Traveler Trust
Gain traveler confidence and
Pricing Models accelerate sales of flight tickets.
2
Assess feasibility of low cost
carriers and affordability of ASEAN
tourism ecosystem. 3 Health Security Processes
Increase investment on hygiene
and sanitation of airlines.
Sustainable Operations 4
Maximize airline passenger
volume while managing social
distancing. 5 Destination Access
Open regional and international
Urgent flight routes to safe destinations.
P A G E

COVID-19 POLICY PYRAMID FOR AIRPORTS
open the gates for airports within the next two years.
Important
1 Traveler Experience
Ensure travelers still enjoy the
Commerce Lifestyle Airport experience.
2
Rejuvenate and encourage
commerce activities safely in
airport and vicinity. 3 Health Security Facilities
Invest in facility designs that
better manage hygiene and
Flow Optimization 4 sanitation in airport.
Maximize airport capacity and
human traffic while managing
social distancing. 5 Aviation Hub
Enhance airport connectivity as
Urgent business, leisure and logistics
gateway.
P A G E

COVID-19 POLICY PYRAMID FOR ACCOMODATIONS
open the doors for accommodations within the next two years.
Important
1 Guest Expectations
Maintain service quality standards
Service Positioning for guests in accommodations.
2
Assess how to effectively position
accomodation in surrounding
environment. 3 Health Security
Technologies
Adopt the use of smart
Occupancy Management 4 technologies effectively for more
contactless interactions.
Maximize room count while
managing social distancing.
5 Availability Signals
Signal to guests that
Urgent accommodation is still running
and ready to welcoming them.
P A G E

COVID-19 CONSUMER CLOUD

What traveler “Alex” is concerned about
Will service quality

How many be affected by
Which destinations masks and contactless customer
require me to be tested hand sanitisers service?
for COVID-19 upon arrival? should I need
to bring with
me?
When will
neighbouring
Will my flights How
countries
be more congested
ease border
expensive will this
restrictions so I
now that less destination
can plan my road
What health passengers be?
trip?
documents are on board?
should I
prepare
beforehand?
How much Which payment

longer will methods can I use?
How will social
immigration Are only cashless
distancing
checks take payment methods
work on board
to go through allowed?
transportation?
now?
P A G E

COVID-19 CONSUMER CLOUD

What traveler “Farah” is concerned about
How big of a
Which destinations Are there any group can I
require me to be supermarkets travel with?
quarantined upon nearby where I
arrival? am staying?
Where can I do
Did I pack my prayers? Will
mosques and Are nursing
enough masks,
prayer facilities in room facilities
sanitisers and
places of interest available? If
sanitary wipes?
be open? yes, are they
Should I bring
Should I get sanitary and
gloves?
tested for safe for me and
COVID-19 my child?
before going
abroad?
Should I
postpone this Is it safe to bring
trip instead? my family? Can
I might need my children and
the money for grandparents
a rainy day. come with us?
P A G E
07 DATA SOURCES & ACKNOWLEDGEMENTS

P A G E
DATA SOURCES
ASEAN Key Figures 2019 - The ASEAN Secretariat
https://www.aseanstats.org/
CrescentRating Market Analytics Performance Solutions (CR MAPS)

maps.crescentrating.com
CrescentRating Playbook
https://www.crescentrating.com/halal-muslim-travel-market-reports.html
Halaltrip
HalalTrip.com
Mastercard Impact Studies May, 2020

www.mastercard.com
Mastercard-CrescentRating Global Muslim Travel Index (GMTI)

https://www.crescentrating.com/halal-muslim-travel-market-reports.html
United Nations, Department of Economic and Social Affairs, Population Division

https://www.un.org/development/desa/pd/
World Travel and Tourism Council

https://wttc.org/
ACKNOWLEDGEMENTS
RESEARCH TEAM:
Fazal Bahardeen
Maryam Mohammad
Nurhafihz Noor
Sabila Maisarah Bte Subarjo
Mastercard is a technology CrescentRating is the world’s HalalTrip’s vision is to be the trusted
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With the company’s global The company uses insight, industry more intuitive for those looking for
payments processing network, intelligence, lifestyle, behavior and a Halal-friendly travel experience.
Mastercard can facilitate the research on the needs of the Muslim
switching (authorization, clearing traveler to deliver authoritative
and settlement) of payment guidance on all aspects of Halal-
transactions and deliver related friendly travel to organizations
products and services. across the globe.
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JEJU ISLAND
BEYOND YOUR
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CONFIDENTIALITY, DISCLAIMER
AND CONTACTS
Any exploitation and usage which is not explicitly allowed by copyright law,
of this publication requires prior consent of the publisher. All information
contained in this publication has been researched and compiled from
sources believed to be accurate and reliable, during development.
However, in view of the natural scope for human and/or mechanical error,
CrescentRating and Mastercard accept no liability whatsoever for any
loss or damage resulting from errors, inaccuracies or omissions affecting
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#COVIDASEAN
July 2020

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TRAVEL READINESS REPORT

03 UNDERSTANDING RECOVERY AND READINESS 26

04 CHARTING PATHS TOWARDS GROWTH 30

05 TRAVEL RECOVERY GAP INJECTORS 38

06 SPOTLIGHT ON ASEAN MUSLIM TRAVELERS 50

08 GUIDEPOSTS FOR FUTURE TRAVEL 58

09 DATA SOURCES AND ACKNOWLEDGMENTS 64

W hile we were just starting to look forward to the

C OVID-19 has shaken the world in unimaginable

2018 Indonesia Muslim

Global Muslim Travel

Global Muslim Travel Digital Muslim Travel Indonesia Muslim

MASTERCARD-CRESCENTRATING TRAVEL READINESS FRAMEWORK (TRF)

This report has been structured around several important

02 COVID-19 IMPACT ON ASEAN DESTINATIONS

HEALTH - ECONOMY - BEHAVIOUR

TIMELINE OF COVID-19 IN ASEAN

INTERNATIONAL INTERNATIONAL &

January February March April May June July

HEALTH - ECONOMY - BEHAVIOUR

YOUNG ASEAN DEMOGRAPHICS

Median age 31 years 65% below 40 years

HEALTH - ECONOMY - BEHAVIOUR

IMPACT ON GDP AND EMPLOYMENT

T&T Total contribution to employment (Millions)

Source: World Travel and Tourism Council

HEALTH - ECONOMY - BEHAVIOUR

Domestic tourism within ASEAN

100 Domestic tourism is the first phase in

Source: World Travel and Tourism Council

HEALTH - ECONOMY - BEHAVIOUR

IMPACT OF COVID-19 ON HOUSEHOLD FINANCES

HOW HAS COVID-19 IMPACTED HOUSEHOLD FINANCES?

Age Age Age

Source: Mastercard Impact Studies May, 2020

HEALTH - ECONOMY - BEHAVIOUR

IMPACT OF COVID-19 ON DAILY ACTIVITIES & SHOPPING

HOW HAS SHOPPING BEEN IMPACTED?

Visiting Visiting Visiting

Source: Mastercard Impact Studies May, 2020

HEALTH - ECONOMY - BEHAVIOUR

IMPACT OF COVID-19 ON TRAVEL

HOW HAS TRAVEL BEEN AFFECTED?

Source: Mastercard Impact Studies May, 2020

HEALTH - ECONOMY - BEHAVIOUR

IMPACT OF COVID-19 ON TRAVEL PLANNING

HOW ARE THE DYNAMICS AROUND TRAVEL CHANGING?

WAVE-1 WAVE-2 WAVE-1 WAVE-2 WAVE-1 WAVE-2

74% 78% 68% 78% 81% 84%

Source: Mastercard Impact Studies May, 2020

HEALTH - ECONOMY - BEHAVIOUR

60 Intra-ASEAN tourism was estimated at

ASEAN represents around 36% of the total

20 This suggests a possibility for ASEAN

Source: ASEAN Key Figures 2019 - The ASEAN Secretariat

HEALTH - ECONOMY - BEHAVIOUR

IMPACT OF COVID-19 WAVE-1 WAVE-2

location and its size.

ON HOUSEHOLD FINANCES ON DAILY ACTIVITIES ON TRAVEL

Source: Mastercard Impact Studies May, 2020

HEALTH - ECONOMY - BEHAVIOUR

INBOUND ASEAN TOURISM