India set to be fourth largest global travel spender by 2030: Study
India is poised to witness one of the most rapid increases in travel expenditures among the world’s top 10 countries, with projections suggesting it will become the fourth-largest global spender on travel by 2030.
From a travel spending figure of US $150 billion in 2019, India’s travel industry has displayed a remarkable recovery post-pandemic, and travel expenditures are anticipated to reach US $410 billion by 2030. Also, Indian travellers are expected to complete a staggering 5 billion trips annually by the same year.
These revelations are part of the report titled “How India Travels”, which was produced by online travel agency booking.com with McKinsey as its knowledge partner. The report called the upcoming decade as India’s “golden age” in the travel industry. Highlighting figures from various reports, the study predicted that India will have around 1,600 aircraft by 2030 to cater to the aviation boom.
Examining travel patterns, the report said around 29% of Indian travellers embarked on trips exceeding 25 days for leisure in 2022, a figure surpassing other large markets. It also underscored that, 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.
Laura Houldworth, managing director and VP for Asia Pacific at booking.com, underscored the 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.
The report highlighted the travel preferences of Indian tourists, revealing that they prefer to travel with a partner, spouse, or family. What sets Indian travellers apart is their propensity for traveling with friends.
It noted that 54% of Indian travellers are influenced by their favourite movies, shows, or stars when choosing a destination. Social media is another vital source of holiday inspiration too. Culinary experiences remained a major influence too, with 44% of travellers ranking it as a top feature in planning leisure trips in 2023.
Government support for local experiences will be a major driver of domestic tourism. The report anticipated that the number of accommodations in India will nearly double, reaching 290,000 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.