Budget carrier IndiGo on Friday reported a loss of INR 9.9 billion ($118 million) in the most recent quarter – a reversal after seven straight profitable reports for India’s largest airline.
International Travel Spending at 12-Month High - India Report
23.10.2024 - 06:51 / skift.com / Narendra Modi / Bulbul Dhawan
Indians spent over $2 billion on international travel in August, data from the Indian central bank shows – the highest amount in the past 12 months. Travel held the lion’s share in total overseas spending during the month: close to 63% of $3.2 billion.
The 2023-24 fiscal yearshowed the highest overseas travel spending on record: $17 billion. It was 25% more than the 2022-23, and accounted for 54% of overall international spending. By comparison, Indians spent about $7 billion on international travel in the 2019-20 fiscal year – 37% of overall overseas spending.
The initial increase was attributed to revenge travel post-pandemic, but the sustained spending this year is indicative of a long-term trend. Indians are willing to spend more on travel and are becoming a key source market for outbound tourism, according to a report by consulting firm McKinsey and Company.
Travel services company Collinson International last month revealed that Millennials in India are spending an average of $6,031 on travel annually, more than any other generation.
Indian travelers are also spending more on unique experiences. In a separate report, Collinson had shared that more than 50% of Indian sports travelers are spending over $500 per trip per person to attend sporting events: a significant amount for a country where middle class individuals have an annual income between $6,000 and $36,000.
Prime Minister Narendra Modi has inaugurated three new airports in India under the Regional Connectivity Scheme: Rewa in Madhya Pradesh, Ambikapur in Chhattisgarh, and Saharanpur in Uttar Pradesh. These airports will commence operations under the scheme soon.
The Regional Connectivity Scheme (RCS-UDAN) is an initiative meant to upgrade and develop aviation infrastructure in India to improve connectivity to smaller cities. The scheme also aims to increase scheduled flights to these smaller regions through government’s financial support.
The focus on improving connectivity has led to the emergence of new airlines such as Akasa Air and Fly91. Two more airlines, Alhind Air and Air Kerala, are also in the process of getting clearance to commence operations.
These three airports are expected to connect people from nearby regions to major aviation hubs in the country. Currently, people from some parts of the country have to travel for a few hours to get to the nearest airport.
Visa processing platform Atlys has recorded a 146% increase in visa applications for Vietnam as compared to 2023. The biggest surge in applications have been recorded in Bengaluru, Mumbai, and Delhi.
Solo travelers accounted for 66% of the visa applications, the platform noted. Meanwhile, group travel has also increased, especially among Gen Z and Millennials.
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