The recent India Travel Market Report by Phocuswright suggests – the total Indian travel market will continue its impressive growth to retain pre-pandemic gross booking levels of about $32 bn in 2023. The recouping of the travel industry is fuelled by exclusive deals and packages by industry players. They are successfully attracting a chunk of the market with innovative amenities and multiple authentic experiences.
The travel and tourism industry in India is undergoing a paradigm shift as Indian travellers demand new and thoughtful experiences. Mainly the millennials who currently make up the fastest growing segment in terms of spending money on trips and exploring the fascinating world. This has fundamentally changed the behaviour of hospitality, travel and tourism companies that makes the millennials remain a travel-demanding generation in the upcoming year
After the baby boomers, the hardest push for vacations has been made by another category of big spenders in the market i.e. millennials. They are early adopters of not only technology but also experiences, exploring the top-range options ... the highest of all generations. This drives the growth of the travel industry and a major chunk of it will indeed be driven by the Indian millennials.
“If we look a recent Morgan Stanley study highlights, millennials represent about 50% of the country’s workforce and more importantly, they earn more than 70% of the overall household income in India. To take a break from their hectic work schedule, millennials take over domestic vacations to relax their mind, treat and rejuvenate themselves. This makes the success of offers like flight upgrades, premium rooms and duty-free as they are always counted to be standing in the front of the queue.” say Ashish Sidhra, Co-founder of Alike.io.
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