Top Preferred and Costly Summer Vacation Destinations, as Determined by VTB
In an insightful analysis, VTB's Geoplatform AI service has unveiled the most expensive and popular summer vacation spots for Russians in 2024. The data, based on anonymized information about clients' transactions and movements, offers a comprehensive view of Russian summer travel trends.
According to Maxim Konovalikhine, Senior Vice President and Head of the Data Analysis and Modeling Department at VTB, the AI algorithms support decision-making in various areas such as developing the branch network, ATM infrastructure, financing construction, providing mortgage loans, and other services.
The most expensive summer vacation spots for Russians, based on daily expenses, are as follows: Dubai, UAE, known for luxury shopping, high-end hotels, and entertainment, tops the list with the highest average daily spending. The Maldives, exclusive resorts and premium services drive up costs, making it one of the priciest choices. Thailand (Phuket, Krabi) and Cyprus, popular yet relatively costly destinations due to high tourist volume and premium resorts, follow closely. Italy (Rome, Venice, Amalfi Coast), with its European cultural and luxury travel experiences, contributes to higher costs as well.
On the other hand, the most frequented destinations are: Turkey (Antalya, Istanbul) remains the top destination for Russians due to affordability, proximity, and variety of resorts. Greece (Crete, Rhodes) is popular for its beaches, culture, and cuisine, attracting many Russian tourists. Bulgaria (Sunny Beach, Varna) maintains its appeal due to affordability. Dubai, UAE, and Thailand continue to attract Russian tourists with their unique offerings, despite their higher costs.
Dubai stands out as both highly popular and one of the most expensive destinations, while Turkey and Greece top popularity but have moderate expenses. Maldives and Italy rank high on expense but are less popular compared to Turkey or Greece.
The average summer vacation duration in popular destinations such as Sochi, Anapa, Belokurikha, Yalta, and Vladivostok is 11 days. However, these destinations are among the most expensive, with Sochi, Anapa, Belokurikha (in the Altai region), Yalta, and Vladivostok having the highest average daily expenses.
The biggest lovers of summer travel are residents of Moscow and the Moscow region, St. Petersburg, Sverdlovsk region, and the Krasnodar region, accounting for up to 50% of all summer trips in the country.
In conclusion, VTB’s Geoplatform AI insights highlight a mix of luxury and budget-friendly destinations shaping Russian summer travel trends in 2024. The use of these AI algorithms helps improve the quality of service and offer more relevant solutions to VTB's clients, serving over 25 million clients across Russia.
In the realm of business and finance, breakthrough AI technology by VTB's Geoplatform service has shed light on the impact it can have on various sectors, such as decision-making in areas like providing mortgage loans, ATM infrastructure, and even technological advancements like developing the branch network.
Given these advancements, it's not surprising that Dubai, with its blend of luxury technology, high-end businesses, and popular tourist attractions, ranks both as the most expensive and popular summer vacation spot for Russians in 2024. This underscores the potential of technology to fuel both economic growth and consumer trends.
