Last year, the travel of Latvian citizens to foreign countries exceeded the pre-pandemic period, as well as spending on travel was 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 about 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 passenger, according to the information collected by the online travel agency ” AirGuru.lv”.
On the other hand, “Inbank Latvia” data shows that the average level of service for the trip, which customers have chosen to divide into parts, was around 1300 euros last year.
As inflation decreases and various financial services grow, travel has 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 states that around 6% of the respondents in Latvia, Lithuania and Estonia get a loan to travel in the Baltic States. The service by dividing travel costs into parts is chosen by women in the majority (80%), less by men (20%).
In general, travel habits are similar across the Baltics, however, Estonian residents are more likely to plan their trips for a longer time in advance, and Latvian and Lithuanian travelers are more likely to have minute offers of end of use.
“If in Estonia it is not uncommon for trips to be completely sold out long before they take place, then in Latvia and Lithuania residents are not afraid to wait until the last minute 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,” said Janis Možeiko, co-founder and manager of “AirGuru.lv”.
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Regarding the length of the trip, Estonian travelers almost always choose at least seven nights of rest, and 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 residents of Latvia often choose to fly from Kaunas or Vilnius.
In the three Baltic countries, Egypt, Turkey, Malta, Spain, Italy and Greece are among the most popular destinations. Around two-thirds of travelers (65%) choose a beachside holiday, with the majority preferring all-inclusive meals. 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 relax by the water, Lithuanian travelers more often go on tours and experience the history of cities, and are interested in Latvia also travels 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 has not yet been released.
“Inbank Latvia” is a company of the Estonian credit institution group “Inbank”. “Inbank” was founded in Estonia in 2011, and in 2014 “Inbank” started working in Latvia.
“Inbank” operates in the Baltic States, Poland and the Czech Republic, and also attracts investments in Germany, Austria, the Netherlands and Finland.
2024-05-11 08:12:00
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