Indians will spend USD 410 billion on travel and accommodation by the end of the decade aided by a growing economy, swelling incomes and youthful population
India will rank as the fourth-largest travel spender worldwide by 2030, according to a report by travel company Booking.com and management company McKinsey & Company.
India is predicted to rise at one of the fastest rates among the top 10 countries in the world in terms of travel expenditures, says the report.
The statement adds that Indians will spend USD 410 billion on travel and accommodation by the end of the decade aided by a growing economy, swelling incomes and youthful population. This is about three times the amount spent in 2019, about USD 150 billion, the last pre-pandemic year of normal consumption.
The report says that India’s travel industry has displayed a remarkable recovery post-pandemic, Indian travellers are expected to complete a staggering 5 billion trips, including both domestic and foreign visits, annually by the same year.
Examining India’s travel patterns, travellers embarked on trips exceeding 25 days for leisure in 2022, a figure surpassing other large markets. According to the report, in 2023, the average trip planning window for Indian travellers stood at approximately 30 days, significantly shorter than the second-ranked country Japan, where travellers plan their trips an average of 57 days in advance.
The report says that global interest in the Indian traveller and hospitality market, as holiday plans are no longer strictly season-dependent and a considerable amount of “off-peak” travel is being planned. It was discovered that 54 pc of Indian travellers are influenced when choosing a destination by their favourite movies, shows, or celebrities. Another important source of holiday inspiration is social media. Culinary experiences also remained a major influence, with 44 pc of travellers ranking it as a top feature in leisure trip planning in 2023.
The report also says that government support for local experiences will be a major driver of domestic tourism. The number of accommodations in India will nearly double, reaching 290,000 rooms by 2030 compared to the 2019 count. On the international front, popular destinations for Indians remain Dubai, Bangkok, Singapore, London, and Paris. Vietnam, Indonesia and Nepal are gaining traction due to increased air connectivity, rising awareness and simplified visa processes.
