MakeMyTrip CEO on Bringing Back Experiences and Latest Trends

08.05.2024 - 22:15 / skift.com / Summer Travel / Peden Doma Bhutia

Indian online travel agency MakeMyTrip will be resuming its attractions and activities product for travelers, a feature it had paused during the Covid pandemic.

MakeMyTrip Co-Founder and Group CEO, Rajesh Magow, emphasized that these experiences are currently more focused on foreign destinations, as the offerings for domestic destinations are still developing.

That was one bit of news Magow shared in an interview with Skift. We were also interested in what trends he’s seeing as he leads India’s largest online travel agency.

Skift: On news of MakeMyTrip making its products available from 3 to 150 countries, what prompted this move?

Magow: It’s not so much about going global as it is about increasing accessibility to a wider audience. This will help us reach the vast Indian diaspora and enable us to cater to a broader audience, fostering increased inbound travel to India.

Travelers for now would be able to transact only in INR, AED and USD, but work is in progress to allow multi-currency transactions.

MakeMyTrip recently launched the Business Class Funnel. How has the consumption patterns of Indians changed and how do you plan to cater to this demand for premium travel experiences?

This product targeting travelers on long-haul flights or those taking a red-eye, is in its early stages, but it’s gaining momentum. There’s a marked shift in spending patterns. Currently, essential expenses account for 80% of spending, while 20% is for discretionary purposes. By 2030, this ratio is expected to shift to 60:40, doubling discretionary spending.

Looking ahead to 2030, approximately 90 million Indian households will be led by millennials. With increasing incomes and a preference for enhanced experiences over savings, this demographic is influencing consumer behavior. India’s economic evolution also merits attention, positioning the country for a transformation similar to what China experienced.

Now that summer is here, MakeMyTrip has also gone on air with its recent summer campaign. What are the emerging travel trends? Have booking windows become longer?

India is a last-minute market, where bookings are typically made 15 to 30 days in advance. It’s still early days for summer booking trends. However, weekend getaways are becoming popular and seem to be a permanent trend. Whenever there’s a holiday during the week, closer to the weekend, people book trips promptly, and booking windows for these are shorter.

Booking windows are longer when schools and colleges announce summer vacations, which is the time for families to book trips. Earlier this month, our packages unit held a sale event, which generated significant interest. People saw attractive prices and were willing to book in advance. Such events also