Marriott International announced 13 deal signings in Turkey comprising over 2,000 rooms.
25.08.2023 - 13:16 / skift.com / Peden Doma Bhutia
Indians say they still plan on traveling — but 9 in 10 in a recent survey said the increased costs of living will influence their plans for 2023. That might mean choosing cheaper destinations or non-peak travel periods.
The findings come from a recent report by flight-search engine Skyscanner, which relied on its own search and booking data, as well as a study of consumer behavior.
Another finding: While Indian travelers seek value, around 63% of survey respondents said they prefer to travel in comfort.
Mohit Joshi, Skyscanner’s travel trends and destination expert, emphasizes that although travel patterns have evolved in recent years, the desire for vacations remains strong.
In fact, the Indian travel market is projected to reach $125 billion by 2027, a substantial increase from the estimated $75 billion in fiscal 2020, as stated by an industry report from Ficci.
This growth in the travel sector is expected to lead to a rise in employment opportunities, with an estimated increase from 31.8 million jobs in 2020 to 53 million by 2029.
The Skyscanner report also offers several key takeaways.
One noteworthy trend is the rise of “slow travel,” a concept relatively new to Indian travelers who were previously focused on visiting as many must-see attractions as possible. Skyscanner reveals that 46% of Indians now opt for immersive travel experiences, while 40% still prefer fast-paced travel.
Gone are the days when Indian tourists were content with visiting popular landmarks and capturing photographs for their albums. Today, they are seeking more meaningful and immersive encounters. In fact, the Skyscanner data shows that over 38% of Indian travelers spend more than a month on single-destination trips, both domestically and internationally.
Cricket, being deeply ingrained in Indian culture, holds a special place in the hearts of Indians. With the upcoming cricket World Cup in India, 75% of travelers express their willingness to increase their travel budget to witness live cricket matches.
Skyscanner notes a surge in searches for Ahmedabad, one of the host cities, with a 46% increase in search volume from within India, a testament to the deep-rooted passion for the sport.
Online travel agency MakemyTrip has also extended an invitation to residents across prominent Indian cricket centers, urging them to list their properties on their platform. The OTA aims to bolster its inventory of homestay accommodations, targeting select metros and cities that are bound to experience a surge in demand during the World Cup.
Hospitality platform Oyo also plans to add 500 hotels in host cities to meet demand for the cricket World Cup.
Furthermore, Indian travelers are increasingly motivated to embark on purposeful journeys
Marriott International announced 13 deal signings in Turkey comprising over 2,000 rooms.
More Indians are taking personal loans to travel and meet vacation-related expenses, according to Madhavan Menon, executive chairman of Thomas Cook India.
India-headquartered online travel agency Yatra Online plans to launch its initial public offering (IPO) on September 15. The company, which is listed on the Nasdaq since 2016, had filed a draft red herring prospectus on March 25 last year with the Indian regulatory body Securities and Exchange Board of India (SEBI) with a goal of raising up to INR 7.5 billion.
A shift towards experiential journeys, growing demand for premium travel options – Indians approach to travel is evolving, according to Mukul Sukhani, senior vice president of business development at Mastercard.
Marriott, the leading hotel company in India, is set to introduce its 17th brand in the country — Moxy.
Marketers beware: Prior ways of marketing to Chinese consumers, including travelers, won’t work as well today because their preferences changed during the pandemic.
China’s latest loosening of its stringent zero-Covid policy, mostly for domestic tourism, comes across as too little too late, at a time when the rest of the world is living with the virus.
Malaysia’s Capital A will not be merging its airlines, but will instead move all the carriers under one existing structure, similar to how British Airways, Iberia Airline, and Aer Lingus operate under the International Airlines Group umbrella, said CEO Tony Fernandes on Monday.
India-headquartered travel tech firm RateGain Travel Technologies is acquiring Adara, a Silicon Valley-based firm in travel martech and predictive consumer intelligence. The cost: a mere $16.1 million, according to RateGain’s filing on the Indian stock market, which puts Adara, long troubled with management and competition issues for the last few years, out of its misery.
The initial public offering of India-based budget hotel operator and aggregator Oyo may be further pushed back from its intended deadline of a launch within the first quarter this year.
The Tatas will let go of Indian full-service carrier Vistara as they look to merge the airline with the more “internationally-recognized” Air India, Air India CEO Campbell Wilson said on Monday.
Indian low-cost carrier SpiceJet said it has restructured its outstanding lease rental worth over $100 million to aircraft leasing firm Carlyle Aviation Partners into equity shares and convertible debentures.