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Growth in population boosts travel

Posted Date:  October 30, 2019

India’s last census in 2011, had more than 50% of its population below the age of 25 and more than 80% below the age of 50. A January report from London-based financial services company Standard Chartered predicts India will become the world’s second-largest economy by 2030 with a GDP of more than $46 trillion, behind only China and surpassing the United States.

As per Phocuswright’s India Online Travel Overview, the average Indian online traveller took three leisure and four business trips in 2017.”

An April 2019 report How Does India Travel, from Bain & Company and Google India, Indian travellers took nearly two billion domestic and international trips in 2018 and spent nearly $94 billion on transportation, lodging and consumption during those trips and the numbers will continue to grow in the coming years.

According to the report “The travel and tourism industry is the seventh highest contributor to GDP and has increased from 6.7% in 2013 to 9.4%, nearing developed market levels such as the United Kingdom’s 10.5%. The market is expected to grow by 13% CAGR to $136 billion in 2021.”

IATA’s 20-Year Air Passenger Forecast from October 2018 predicts that India, currently ranked seventh in the world for air passengers to, from and within the country, will jump to third by approximately 2024, surpassing Germany, Japan, Spain and the United Kingdom and sitting just behind the United States and China.

The number of trips per person in India is expected to increase 10% each year through 2038.

The study shows that millennials and Gen Z in corporate India are taking six holidays a year and making this as a habit.

The widespread use of mobile devices and affordable data plans are also driving Indian consumers' interest in travel.

According to Phocuswright, online penetration is about 43% of total bookings this year but will increase to 47% by 2022.

 

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Author: Anush Mathews

Anush works as QA Lead in Teknokraaft and works with our OTA team.

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