Rise & Changing Patterns of Travel Spends in India
Came across this interesting data on Rise & Changing Patterns of Travel Spends in India
Noticed how Yatra Online Ltd. & Thomas Cook Group plc have started coming up with Last minute flight & hotel deals...?
Here's what driving this..
? Overseas travel spending has increased by 25% ($17 Bn in FY24 compared to $13.6 Bn in FY23).
? The share of international travel in LRS* (Liberalised Remittance Scheme) spending has climbed to 54% in FY24, up from 37% in FY20, before the pandemic.
? Last minute Travel Bookings have surged after Pandemic.
? At Yatra online, 3/10 bookings are now made within 3 days of travel & 50% bookings are made within a week.
Reasons being:
?? More Visa Free destinations for India
?? Flexible payment options like EMI & Book-now-pay-later
?? Rise in disposable income
?? Lower age of travellers who prefer having flexible plans, creating a sense of excitement & adventure for them
?? The idea of YOLO, especially after the pandemic
?? Doubling of new airport in last few years
?? Brag value of travel on social media Clearly, the travel & payment companies have a great opportunity here and have already started capitalizing on it.
Clearly, the travel & payment companies have a great opportunity here and have already started capitalizing on it.