Fliggy, a leading online travel services platform, a subsidiary of Alibaba Group, has published its 2024 Buy Now Plan Later (BNPL) Travel Insight repot.
The insight showed the booking volume for BNPL travel products in 2024 has increased by over 20% compared to the previous year.
This growth is largely driven by a younger demographic, with Generation Z consumers accounting for nearly a quarter of those utilising this purchasing model.
Planning travel through BNPL is now a mainstream method of travel consumption.
It gained popularity among consumers, particularly in the younger demographics in 2024.
A notable influx of first-time users embraced this model. Data from Fliggy reveals over 45% of consumers purchasing hotel packages through this model were new customers.
The insight indicated that the share of outbound tourism within the BNPL travel segment in 2024 has increased by 10% compared to the previous year, with hotel booking fulfillment rates for outbound travel surging by 70% year-on-year.
The top destinations for BNPL orders in 2024 included Malaysia, Singapore, Thailand, Japan, South Korea, the Maldives, New Zealand, and Australia.
Additionally, there is growing interest in emerging destinations such as Iceland, Norway, Kenya, the UK, and New Zealand, which all have experienced rapid growth.
In China, more consumers are turning to live streaming for information on travel and events, often purchasing travel products through the BNPL model.
In 2024, promotional placements for BNPL products through livestreams and Key Opinion Leaders (KOLs) on Fliggy rose by nearly 70% year-on-year, with a significant uptick in conversion rates for livestreaming sales.
Notably, during the 2024 Double 11 shopping festival, Fliggy’s official content-driven sales channels, including its Fliggy Super VIP livestream, performed strongly, with 19 product items each exceeding RMB10 million in sales.
“Looking ahead in 2025, the recreational tourism market is expected to experience steady growth in both scale and consumer spending,” said Acton Chou, had of BNPL product operations at Fliggy.
“Our primary objective for travel companies is to expand our customer base and tap into the incremental demands of our existing customers.
“The inherent advantages of the ‘Buy Now, Plan Later’ model – such as flexible pricing, adaptable benefits, and versatile usage – make it a strategic tool for enhancing customer willingness to spend.”
