Indian travelers are becoming an important source travel market across the world. A new report highlights the preferences of the high net worth traveler base and what they are willing to spend on.
Two tourism powerhouses, two economic giants, two of the world's most populous countries — and yet, not a single direct flight between India and China.
Driven by an increase in spending power, Indians are traveling to the U.S. in huge numbers. Gains are further boosted by major sporting events held in the U.S., as Indian sports fans are willing to travel far for events.
There is an overall push in India to enhance air connectivity to smaller regions across the country. An increase in number of airports, increase in disposable income, and heightened interest in travel have given airlines the confidence to invest in expansion of their domestic operations. This is leading to Indians traveling more, domestically and internationally.
Hotel companies are betting big on the smaller towns in India. With spiritual tourism accounting for 60% of the domestic tourism, the segment is likely to drive the growth in the Indian hospitality industry for the next few years.
If Taiwan continues with its plan to allow visa-on-arrival for Indian travelers, it will join a growing list of countries that are easing visa requirements to attract the outbound market. Also in focus are money minting corporate events for Indian business travelers.
A new stock market index to track the performance of the travel sector is an indicator of the segment's growth in India. Travel companies are having a dream run at the Indian bourses. It remains to be seen whether this demand will sustain over the long term.