Cash-rich, time-poor Indians opting to travel more frequently, says Thomas Cook
India has grown into a spender’s economy and with travel being leveraged as a clear status symbol, travel and financial services company Thomas Cook said on Wednesday.
As a result, holidays are on the rise. Thomas Cook India said it witnessed a definitive growth of over 25 per cent with today’s cash-rich but time-poor generation opting for travel to bond with their families.
Parent-child bonding tours are in high demand, resulting in a surge of theme park holidays with outdoor adventure, music and culture tourism besides sports tourism being a significant driver.
The resultant demand has seen growth in destinations like Singapore, Dubai-Abu Dhabi, France, Hong Kong, Britain, Orlando (United States), New Zealand and newer destinations like Seychelles.
At the same time, travellers are leap-frogging the transition from a single long annual vacation to multiple short recurring holidays or micro-breaks. Work-weary business travellers are increasingly opting for short travel breaks to relax and rejuvenate, leading to a strong 33 per cent jump in such trips.
The millennials have pushed the envelope in their demand for adventure travel. Thomas Cook India’s data shows a surge of 28 per cent rise in demand for unique experiences at offbeat destinations.
In fact, most millennials prioritise experiences over luxury and economise on transport and accommodation (hostels or apartments over hotels, trains and self-drives over flights), and splurge on local interest and passion-based experiences.
Experiential luxury travel has also grown by 15 to 20 per cent and has expanded to include exotic destinations like Iceland, Kenya, Tasmania, Korea and Japan.
Significantly, the growing appetite for travel is witnessing a 50 to 60 per cent growth in travel loans. Thomas Cook India’s data highlights a surge, especially from young travellers between the age group of 25 to 35 years, with an average transaction of 20 to 25 loans per month for an average loan of Rs 1 lakh.(ANI)