By the end of this year, the tourist arrivals in South Asia are expected to return to the levels seen in 2019, indicating a notably rapid recovery compared to other sub-regions. Additionally, under both mild and severe scenarios, it is projected that by the end of 2024, South Asia will attract 25 million and 60 million visitors, respectively, signifying a substantial influx of tourists to the region. This surge into the region is anticipated to benefit India’s inbound tourism significantly, as per Prof Haiyan Song, Research Head at PATA, and Dean of Hospitality and Tourism at Hong Kong Polytechnic University. The Tourism Forecast and Trends analysis presented by the professor showed that the inbound tourism to India experienced a downturn in 2021 due to various factors. However, it is anticipated to fully rebound and reach pre-pandemic levels by the end of this year, marking 104.2 per cent recovery in the medium scenario. The international visitor arrivals (IVAs) are expected to exceed the pre pandemic level in 2026 by 58.5 per cent and 20.5 per cent in mild and medium scenarios, respectively.
“India has emerged as the fastest recovering destination, exceeding pre-pandemic levels by over 58 per cent by 2026. This robust growth trajectory underscores the positive outlook for India’s tourism sector in the forecast period. Looking ahead, the recovery is anticipated to be driven significantly by initiatives from the supply side, notably the Union Budget 2023, which aimed at enhancing infrastructure. Additionally, the Incredible India branding initiative, including the possible launch of Incredible India 3.0 campaign, is expected to have a substantial impact on supply, attracting tourists from various source markets to India,” he added.
Also, as shared by Song, India will receive 17 and 13 million IVAs in 2026 in the mild and medium scenarios, respectively. Despite currently ranking 16th in international arrivals in the Asia Pacific region, India’s attractiveness to tourists is expected to improve, said Song.
Additionally, India is projected to rise to 14 markets by 2036, driven by faster economic growth, making the country more attractive for both tourists and investors.
China anticipated to emerge as significant source market for India
The major source markets for India currently include Bangladesh, the USA, the UK, with projections indicating significant growth from other markets by 2026, such as Malaysia. Comparing the pre-COVID-19 source market rankings of 2019 with the projections for 2026, there are notable changes, with Australia dropping down the ranks while China and Malaysia ascend.
Song shared that China is anticipated to emerge as a significant source market for India in the coming years, primarily due to the forecasted GDP growth of around five to six per cent per annum as per a report. “Visitor arrivals from China will be 429 thousand by 2026 (126.4 per cent of the 2019 levels under the medium scenario). Severe scenarios will see slower recovery in 2026 (59.7 per cent, given geopolitical and macro-economic concerns. Notably, the simplified visa process would help to attract more Chinese visitors,” shared Song.
Visitor arrivals from Bangladesh to India are also expected to surpass 2019 levels by 111.8 per cent by 2023, with visa-free access likely enhancing this trend. The USA is expected to contribute around 1.7 million visitors to India by the end of June, with American tourists known for their high spending. Factors driving this include the ongoing economic recovery and consumer confidence in the US.
“To further attract tourists from the US and other developed countries, India should focus on promoting diverse tourism products, especially luxury medical tourism, leveraging the comparatively lower costs of medical treatments in India,” suggested Song.
As for visitors from the UK, around 1.1 million arrivals are anticipated by the end of 2026. In the same period, visitor arrivals from Australia will be 407.3 thousand recording an increase of 110.9 per cent of 2019 level. Visitor arrivals from Australia will outperform the 2019 level by 24.9 per cent this year under the mild scenario.
Similarly, Canada IVAs recovery rate will be 138.3 per cent in 2024 and 406.6 thousand visitors from Canada will visit the country by the end of 2026, hitting 115.6 per cent of 2019 level. Malaysia, another strong market for India, will see high recovery rates in the mild scenario, shared Song, adding that about 483.7 thousand visitors from Malaysia will be recorded by the end of 2026.
India holds significant importance for Malaysia, serving as its fifth largest source of tourists. In 2023, Malaysia welcomed 17.8 million tourist arrivals, with 587,703 originating from India. The robust air connectivity between the two countries, with 181 weekly flights offering 33,851 seats, further facilitates travel and strengthens bilateral ties between both nations.
Indonesia and Canada predicted to become more popular
On the outbound front, the market of India is generally stable during the forecast period as per Song. Sharing further, he stated that the top destinations for Indian tourists in 2026 include Thailand, the USA, Singapore, China and Indonesia. Out of these, Indonesia and Canada are predicted to become more popular, with their rankings increased by 1 and 3 places from 2019 to 2026, respectively. Speaking about India’s tourism potential, Song shared that India is known by its geographical diversity and rich cultural heritage, which also emerged as a focal point of the research done for PATA. Despite this inherent allure, global awareness of India’s cultural depth remains uneven across key source markets, presenting untapped opportunities for targeted promotion and marketing initiatives.
Song also advocated for proactive measures and strategic investments, deeming them essential for India to capitalise on its tourism potential and emerge as a premier global destination in both traditional and new markets.
South Asia poised to experience the swiftest recovery among sub-regions
The presentation made by Song also highlighted the rapid recovery of South Asia, with the region leading in impact on the tourism economy. The recovery rates in South Asia outpaced those of Southeast Asia and the Asia Pacific region as a whole as per the tourism monitoring report. Looking ahead to 2026, South Asia is poised to experience the swiftest recovery among sub-regions, with a projected growth rate of 1.2 per cent, shared Song.
“By the conclusion of this year, tourist arrivals in South Asia are expected to return to the levels seen in 2019, indicating a notably rapid recovery compared to other sub-regions. Additionally, under both mild and severe scenarios, it is projected that by the end of 2024, South Asia will attract 25 million and 60 million visitors, respectively, signifying a substantial influx of tourists to the region,” he shared.
A closer look at sub-regions revealed intriguing dynamics. Northeast Asia held the highest market share in 2019, while South Asia, including India, accounted for a relatively small share. However, projections indicated a significant increase in South Asia’s market share by 2026, primarily fueled by a surge in arrivals to India.
After Covid-19, economic growth in many major source markets in the Asia Pacific region has been severely impacted, recalled Song. Consequently, the number of tourists traveling from Europe to India and other parts of Asia Pacific has been limited. Factors such as high inflation in Europe and the United States have led to significantly increased travel costs, sometimes double or even triple the pre-pandemic levels, deterring international travel. Song said that these economic challenges have played a significant role in dampening international tourism demand.
To this, Song emphasised the critical role of various factors such as economic conditions, digital transformation, consumer confidence, and supply chain resilience in driving future tourism recovery. Additionally, supportive visa policies will remain a critical driver for the tourism recovery within the APAC region, which is expected to see total arrivals going up to 133.35 per cent in a mild scenario by 2026.
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Turkiye, renowned as one of the world’s premier tourism destinations, concluded 2023 with remarkable achievements, welcoming a staggering 56.7 million international visitors, marking a 10 per cent increase from the previous year. The Turkish Ministry of Culture and Tourism revealed that the country’s tourism income surged by 17 per cent year-on-year to reach USD 54.3 billion, with an average expenditure per night for overnight visitors hitting USD 99. These figures signify Türkiye’s record-breaking performance in international tourism.
In 2023, Türkiye solidified its position as a top destination in Europe for cultural, artistic, gastronomic, and religious tourism, alongside its renowned sea, sand, and sun holiday offerings. The country’s ambitious trajectory aims to attract 60 million tourists and generate USD 60 billion in tourism income by 2024. To achieve this, Türkiye is committed to diversifying its market strategies, maintaining its presence in existing strategic markets, and targeting new markets in the upcoming year.
Türkiye’s tourism success is underpinned by its proactive and forward-thinking approach to sustainability. The country has implemented responsible and sustainable policies to enhance the resilience and inclusivity of its tourism sector. Notably, Türkiye became the first country globally to sign an agreement with the “Global Sustainable Tourism Council” (GSTC) at a government level in 2022.
Singapore received 1.1 million tourists from India last year as the city state’s top dollar-earning sector recorded a 115 per cent increase in the number of visitors in 2023 at 13.6 million from 6.3 million during the COVID-hit 2022, said a media report on Thursday. The number of tourists in 2023 met the Singapore Tourism Board’s (STB) forecast of between 12 million and 14 million visitors.
This agreement, operationalised through the Türkiye Sustainable Tourism Program, recognises and rewards sustainable tourism practices, fostering credibility and trust among visitors. Through initiatives such as eco-friendly accommodations, cycling tours, and trekking adventures, Türkiye aims to offer diverse and sustainable experiences that forge a deeper connection between its heritage and visitors.In 2023, Türkiye initiated 720 archaeological projects, a number expected to rise to 750 in 2024. These projects not only safeguard cultural treasures but also illuminate historical sites for enchanting night visits. Iconic sites like Ephesus in İzmir, Hierapolis in Denizli, and Patara and Side in Antalya offer visitors an intimate and magical connection with Türkiye’s cultural heritage.
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Following the inauguration of the Ram Mandir in Ayodhya, online travel agencies (OTAs) are riding a wave of optimism as they anticipate a substantial surge in tourism. The preliminary data indicates a remarkable 70 per cent increase in bookings, signifying a potential transformation for Ayodhya’s economic landscape.
Dhruv Shringi, CEO & Whole-Time Director of Yatra Online, addressed the surge in interest surrounding Ayodhya. He pointed out the current trend of spiritual tourism gaining momentum in India, accentuated by the grand inauguration of the Ram Mandir in Ayodhya.
Yatra, he shared, has noted a significant 70 per cent surge in booking queries from December to January for the city, underscoring heightened interest in this historic event.
“We have also noticed that the daily searches for Ayodhya have skyrocketed by four times in January as compared to December last year,” he told ETTravelWorld.
“The surge in Ayodhya’s visitors post the Ram Mandir’s opening will truly be remarkable and will bear substantial implications for the city and its surroundings,” Shringi further emphasised. The ripple effect is expected to extend beyond the religious context, positively impacting small businesses and contributing to the overall economic growth of the region, he added.
Cleartrip also corroborates this trend, reporting a 32 per cent surge in air bookings to Ayodhya on its online travel platform. Prahlad Krishnamurthi, Chief Business Officer at Cleartrip noted a threefold increase in searches for flights, coupled with a twofold spike in hotel searches.
“The prices for hotels have spiked by 60 per cent, while flight fares have increased by 10 per cent compared to the first week of Jan 2024,” added Krishnamurthi.
Further, Yatra has also reported a surge in demand for spiritual destinations, with Varanasi, Puri, Amritsar, Tirupati, and Shirdi experiencing notable increases in bookings, reflecting a broader trend of travellers, notably young, wanting to explore spiritual facets along with their journeys.
Most travellers staying in Lucknow, preferring Ayodhya via road
Up to 500,000 devotees were anticipated to flock to Ayodhya on January 22, resulting in fully booked hotels with skyrocketing room tariffs. This resulted in a few travellers exploring local alternatives, just a few kilometers from Ram Janmabhoomi and even accommodations in nearby cities like Lucknow.
“Currently, most travellers going to Ayodhya are staying in Lucknow which is just a four-to-five-hour commute away from Ayodhya via road,” revealed Shringi.
redBus, offering 339 daily services, said it has experienced a remarkable 120 per cent surge in demand for travel to Ayodhya compared to the same period last year. Catering to passengers from various states, redBus collaborates with both RTCs and private bus operators, including UPSRTC, which handles around 80 per cent of the bus passenger traffic.
He noted that while hotel infrastructure is not yet fully developed in Ayodhya, significant improvements are underway. “We expect that within the next 2 -3 years, several large hotel chains will set up their hotels in Ayodhya.”
A recent report by the global brokerage firm Jefferies also reveals significant business developments in the hotel and hospitality sector of the city. Major players such as IHCL, Marriott International, Wyndham, and ITC Hotels have already signed deals for new properties in Ayodhya. OYO also plans to add 1000 hotel rooms, further enhancing Ayodhya’s accommodation infrastructure.
Report forecasts economic impact and business opportunities
In the Jefferies report based on the tourism boom in Ayodhya, a monumental economic impact from the surge in tourism is anticipated. The grand opening of the Ram temple is projected to make Ayodhya a new tourist hotspot, potentially attracting over 5 crore tourists annually, the report mentioned.
Jefferies’ report also outlines a USD 10 billion makeover plan, encompassing a new airport, revamped railway station, township development, and improved road connectivity. This initiative is expected to fuel a multiplier effect, spawning new hotels and diverse economic activities, setting a template for infra-driven growth in tourism.
Within the realm of travel service providers, airlines are also swiftly responding to the rising demand. IndiGo, Air India, Spicejet, and Akasa Air have all announced direct flights connecting Ayodhya with multiple cities. The Indian Railways Catering and Tourism Corporation (IRCTC) is facilitating travel with specially designed tour packages to Ayodhya, as per the report.
As the city braces for an influx of visitors, Ayodhya stands at the cusp of a transformative period, propelled by the opening of Ram Mandir and the promising surge in tourism.
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It’s the end of the year. It really feels like 2023 whizzed by a lot faster than normal. 2022 saw tourism restart in India after a few horrid years. 2022 was the year of rebuilding. Tourism saw joy and new levels of business. Then came 2023 with even more expectations. And lo & behold, we are already at its end! It feels like this year was in fast motion, like how I hear all my WhatsApp voice notes to get through them quickly.
2023. What should we say about it? Lots happened. The economy grew, or at least that’s what we are told. We put a spaceship on the moon (Yay, India!). We saw some great cricket, even if we lost the finals (well played). Laws were changed, elections took place, taxes collected, and festivals celebrated. Just another day in the life of this confused, chaotic, evolving, but incredible country. Never a dull moment is there.
But let’s step back and ponder what happened in our micro-universe, which is the tourism industry.
The single biggest problem our industry has is its size and complexity. When our nation’s finance managers tell us that we are very complicated, we really have much to be nervous about. Unlike what the average person or policymaker thinks, tourism has never been a unitary economic activity. We have more sub-segments than an Octopus has tentacles. Inbound, outbound, domestic, VFR, wedding, wellness, medical, business, MICE, religious, adventure, educational, wildlife, volunteerism, rural, cultural, arts and so on.
Then, we have all the different stakeholders. Hotels, airlines, restaurants, inbound operators, outbound operators, travel agents, guides, rail agents, shops, restaurants, and the list goes on & on. Every travel interest has a different style and need, and every stakeholder has a different role.
Different segments and stakeholders experienced a different journey in the year gone by. Multiple reports claim that tourism boomed in 2023, and whereas this is not wrong, not everyone was watching the movie from the same seats.
First, who did well? Hotels for sure. No matter where they were located, the vast majority of hotel operators did see record revenues generated. This has predominantly been on the back of domestic travellers. Corporate travel has also risen, which has helped city hotels. MICE business is busy. And most importantly for the cultural cities, weddings have ruled the roost. It’s important to recognise that destination weddings are not all for the ‘rich and famous’. These come in all different shapes, sizes and budgets. And mummy-daddy have to show the world how much they love their kids. The grand Indian wedding helped the hotel industry not only rebound but also grow.
Airlines are a strange one for me. I do not understand what possessed them to fight on fares and then go bust. I Googled that there have been over 30 Indian carriers that evaporated since the early 1990s, including some major players. Now we have Go First and SpiceJet on life support and Jet vying for a new incarnation. I wish they would hire economists who could give them lessons about the elasticity of money and understand what balance means. India needs stability and growth in its aviation space. We never seem to get even close to that. 2023 was just another example of this.
The panel conducted at ET Travel & Tourism Conclave & Awards, sketched a future where AI, if judiciously harnessed, will drive revolutionary shifts in the travel industry, augmenting experiences while ensuring ethical, secure, journeys for global travellers. The experts in the discussion highlighted how innovation in AI intersects with ethics and human intervention and why it is important to avoid over-dependence on tech tools.
Outbound also struggled because of visa backlogs, but it still did very well. This was evident by the fact that international airlines had record load factors with record fares. If I look at the social media of all my friends in the outbound space, they all had a great year. Happy for them. I am not very sure how the domestic folks feel about the year gone by. Same for the adventure lot. Both segments have been relatively quiet. I hope that means they are content and busy.
Now to inbound, my home turf. This is one segment that hurt probably the most and continues to do so. Industry reports indicate the inbound industry is sitting at around 60-65 per cent of 2019 levels. There is very little demand for the destination in our source markets. No matter where we all travelled to this year for sales, the feedback is the same. There is a complete lack of visibility and promotion anywhere outside India. International travel trade is uninspired to invest any money on cold destinations. Whatever we are getting, is purely organic and on our own steam. Yes, there will be exceptions, but the general mood is sombre. The fact that the Government of India, at its core, has somewhat abandoned us is really worrying for the millions in our workforce who have for years depended on global visitors for their livelihood. Unless we have a complete U-turn and a rollout of an aggressive consumer-facing campaign, there is no way to increase genuine visitor numbers.
Tourism is an industry that is in the middle of a whirlpool of emotions. Nothing is ever static. Every day unfolds a new story with new challenges and also new opportunities. But I can be sure of one thing. We who depend on tourism for our livelihood are an obstinate, resilient, and thick-skinned lot. We thrive on adversities and have always come out of the deepest pits with a grin on our faces. No matter what nature throws at us or whatever the government does or does not do, we have stood fast in front of every challenge, and I know in 2024, we will not only continue to do so but will be done with optimism and vigour.
So here is raising a toast to all of us for a wonderful, exciting, happy and fun-filled year ahead. Let’s work together to make it happen.
The author is Joint Managing Director at Creative Travel, an India-based Destination Management Company.
DISCLAIMER: The views expressed are solely of the author and ETTravelWorld.com does not necessarily subscribe to it. ETTravelWorld.com shall not be responsible for any damage caused to any person/organisation directly or indirectly.
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Yet again, promising strides in passenger demand is witnessed during October, signifying a continued resurgence in air travel, revealed the recent statistics by International Air Transport Association (IATA)
Throughout October 2023, global air traffic surged by 31.2 per cent compared to the same period in 2022, as measured by revenue passenger kilometers (RPKs). This notable increase brought global traffic soaring to 98.2 per cent of pre-Covid levels, indicating a substantial rebound in the aviation sector.
Domestic air travel took a leap, showing a 33.7 per cent increase in October compared to the preceding year. This substantial growth was notably propelled by an exceptional triple-digit surge in China, surpassing even the air travel figures recorded in October 2019 by 4.8 per cent.
Meanwhile, international air travel exhibited a robust recovery, climbing by 29.7 per cent compared to the previous year. Despite this recovery, international RPKs reached 94.4 per cent of the levels seen in October 2019, signifying that while progress is evident, international demand is still on a slower trajectory to full recovery.
IATA’s Director General, Willie Walsh, expressed his observations on this trend. He highlighted the surpassing of pre-Covid levels in domestic markets while noting a slower pace in international demand’s resurgence. Specifically, the Asia Pacific region‘s international demand remained 19.5 per cent below 2019 levels. This discrepancy, according to Walsh, might be attributed to delayed easing of Covid restrictions in some parts of the region, alongside commercial developments and political tensions in specific areas.
Passenger market performance across regions
Asia-Pacific airlines led the charge with a 80.3 per cent increase in October 2023 traffic compared to the same period in 2022. Both capacity and load factor showcased substantial improvements, indicating a robust recovery in the region.
During the ET Travel & Tourism Conclave, Arvind Singh, Former Tourism Secretary & AAI Chairman highlighted India’s tourism growth, projecting a INR 16.5 trillion contribution to the economy in 2023, a mere 3.5 per cent dip from pre-pandemic 2019 figures. Singh also discussed global tourism’s outlook, foreseeing a 23.3 per cent surge in Travel and Tourism GDP, nearing USD 9.5 trillion for 2023.
European carriers observed a 16.1 per cent rise in traffic in October 2023, accompanied by slight increases in both capacity and load factor.Middle Eastern airlines reported a 24.1 per cent surge in October 2023 traffic compared to the previous year. Despite regional conflicts, their operations remained relatively unaffected at the global level.
North American carriers marked a 17.5 per cent upswing in traffic during October 2023 compared to the same period in 2022, demonstrating stability in both capacity and load factor.
Latin American airlines recorded a notable 21.2 per cent increase in traffic, although the simultaneous increase in capacity resulted in a slight dip in the load factor, which remained the highest among all regions.
African airlines experienced a substantial 25.3 per cent surge in traffic during October 2023 compared to a year ago. However, increased capacity led to a decline in load factor, marking the lowest among all regions.
“People assign a high value to the freedom to travel. The strong demand we’ve seen all year confirms that. And aviation is committed to ensuring that people can continue to enjoy this freedom. To do that in the long-term, we must also meet our commitment to achieve net zero carbon emissions by 2050,” said Walsh.
“Last month, the Third Conference on Aviation Alternative Fuels (CAAF/3) agreed on a global framework to promote Sustainable Aviation Fuel (SAF) production with the aim that aviation fuel in 2030 is 5 per cent less carbon intensive than fossil fuel used today. Now, governments need to support that target by immediately putting in place policies to stimulate SAF production. It bears repeating: last year, every drop of SAF that was produced was purchased. The same thing will occur this year. But, with a few notable exceptions, governments are not living up to their obligations to ensure SAF is plentiful and affordable to support the industry’s energy transition,” added Walsh.
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A recent analysis has revealed a notable divergence from traditional consumer behaviour patterns typically observed during Diwali. Noteworthy trends indicate a 2x surge in expenditures on flight tickets and a 35 per cent increase in spending on holiday accommodations. This, stated the report, showcases a significant inclination among consumers towards experiential spending rather than solely on material goods.
Razorpay, India’s omnichannel payments and banking platform, has unveiled its Diwali Trends Report, shedding light on pivotal shifts in consumer spending habits during the festive season.
This data reflects a broader consumer sentiment favouring experiences over possessions, indicative of a strategic shift towards seeking richer, more meaningful engagements. The report mentioned that the Diwali period became emblematic of a shift towards experiential consumption, as evidenced by not just the increased travel to varied destinations but also the heightened interest in dining out experiences.
The report underscores the evolving role of dining experiences within the festive milieu. The surge in dining-out activities contributed substantially to a 48 per cent increase in restaurant transactions, where dining experiences expanded beyond the confines of home. Overall, this festive season recorded a 40 per cent increase in dining out experiences, the report stated.
Additionally, the 2023 festive season witnessed a significant surge of 150 per cent in expenditure at amusement parks, along with a 62 per cent rise in transactions within these recreational venues, underlining the growing interest in experience-based entertainment.
The state saw a significant surge in foreign tourist arrivals, reaching 4,47,327 in the first nine months of 2023, up from 2,06,852 during the same period in the previous year. Ernakulam led in attracting foreign tourists, followed by Thiruvananthapuram, Idukki, Alappuzha, and Kottayam. The state is also set to host its first focused Tourism Investors Meet (TIM) starting this afternoon.
“Our Diwali Payment Trends Report reflects how India, with its diverse market, unites during festivals. Its like a shared rhythm in omnichannel transactions that connects every part of our culturally diverse nation, bringing online and offline customers together. It is a remarkable feat to see how Indians have widened their horizons from investing solely in physical goods to now also investing in gaining immersive and invaluable experiences,” stated Rahul Kothari, Chief Operating Officer, Razorpay, expressing happiness to have played a small yet significant role in the growing business trajectory. Razorpay’s report draws insights from an extensive analysis of over 700 million transactions conducted on its platform between 2022 and 2023, specifically focusing on purchasing behaviours in the two months leading up to Diwali each year.
As Diwali 2023 wraps up, Razorpay’s Diwali Trends Report points towards a growing preference for experiential consumption and the evolving landscape of festive season spending in India.
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In September, the International Air Transport Association (IATA) announced that the strong post-pandemic passenger traffic trend continued, providing a solid end to the third quarter of 2023.
As per the data, the Asia-Pacific region stood out with a remarkable 92.6 per cent increase in traffic for September 2023 compared to September 2022, continuing to lead in terms of annual improvement. The region also witnessed a capacity increase of 82.1 per cent, and the load factor improved by 4.5 percentage points, reaching 82.5 per cent.
Total traffic in September 2023, measured in revenue passenger kilometers (RPKs), rose by a substantial 30.1 per cent compared to September 2022, and this growth pushed global traffic to 97.3 per cent of pre-Covid levels.
Notably, the domestic traffic reached a new high for the month of September, with a remarkable 28.3 per cent increase compared to September 2022, surpassing September 2019 levels by 5.0 per cent.
International traffic also surged, climbing by 31.2 per cent compared to the previous year, and all markets saw double-digit percentage gains. International RPKs reached an impressive 93.1 per cent of September 2019 levels.
“The third quarter of 2023 ended on a high note, with record domestic passenger demand for the month of September and continued strong international traffic,” said Willie Walsh, IATA’s Director General.
Diving into specific international passenger markets, European carriers reported a solid performance with a 15.7 per cent rise in September traffic compared to September 2022. Additionally, capacity increased by 14.9 per cent, and the load factor slightly edged up by 0.6 percentage points to 85.5 per cent.
Middle Eastern airlines experienced a 26.6 per cent increase in September traffic compared to the previous year. Capacity also rose by 23.7 per cent, and the load factor climbed by 1.9 percentage points to 81.8 per cent.
North American carriers saw an 18.9 per cent rise in traffic for September 2023 compared to the same period in 2022. Capacity increased by 18.0 per cent, and the load factor showed a modest improvement of 0.6 percentage points, reaching 85.6 per cent.
Latin American airlines reported an increase in traffic, with a growth of 26.8 per cent compared to the same month in 2022. September capacity also saw a healthy climb of 24.7 per cent, and the load factor rose by 1.4 percentage points to 85.8 per cent.
In Q2 FY24, traditionally the weakest quarter, the airline reported a profit of INR 8,061 million, excluding foreign exchange loss. Even after considering the foreign exchange loss of INR 6,171 million, the net profit for the quarter aggregated to INR 1,889 million. Compared to the same period last year, the airline saw a significant increase in capacity, with a surge of 27.7 per cent.
African airlines posted a 28.1 per cent increase in traffic for September 2023 compared to the previous year, although they faced a slight decline in the load factor, dropping by 1.0 percentage point to 72.6 per cent.
China‘s domestic market continued to perform well, with a staggering 168.7 per cent year-over-year increase in demand. However, it’s important to note that this growth is measured from a relatively low base in September 2022, when domestic travel restrictions were reintroduced in some Chinese provinces.
Japan‘s domestic traffic rebounded strongly from the impact of typhoons in August, with RPKs rising by 19.9 per cent compared to September 2022.
IATA, representing approximately 300 airlines, covering 83 per cent of global air traffic, compiles statistics based on direct airline reporting and estimates, including data from FlightRadar24 under license. These statistics encompass international and domestic scheduled air traffic for both member and non-member airlines.
Looking ahead, IATA’s Walsh emphasised the importance of preparing the entire aviation value chain to handle the expected demand in 2024. He expressed concerns about supply chain issues in the aircraft manufacturing sector and challenges faced by infrastructure providers, particularly air navigation service providers, due to equipment failures, staffing shortages, and labour unrest.
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Bajaj Allianz Life Insurance has released the Millennial Edition of the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023, shedding light on the evolving priorities of millennials in India. According to the survey, work-life balance, mental and physical well-being, and travel adventures have emerged as the top life goals for millennials, signifying a significant shift in their aspirations.
The comprehensive study, which encompasses over 40 life goals, aims to evaluate how Indians are preparing themselves to achieve these objectives. Notably, Millennials are now more ambitious than ever, with an average of 12 life goals, doubling from five in 2019. This indicates the broadening scope of aspirations among the millennial demographic.
The findings of a recent survey indicate that an overwhelming 85 per cent of Millennials desire to achieve work-life balance, making it their top life goal. Financial security for their families is a priority for 70 per cent of the respondents. Approximately 58 per cent of survey participants indicated that they desire a peaceful life, ranking it as one of their most important life goals. The survey also reveals that 63 per cent of Millennials have prioritized physical and mental fitness, showing a significant increase from 33 per cent in 2019. Furthermore, approximately 55 per cent of Millennials aspire to travel, marking a two-fold increase from 2019. Spending quality time with family has been chosen as a vital life goal by 46 per cent of survey respondents.
In a conversation with Mohit Joshi, Skyscanner’s travel trends and destination expert, ET TravelWorld explores the key findings from Skyscanner’s recently released 2024 Travel Trends Report. Reflecting on the report’s findings, Joshi observed a resilient Indian travel market, with 55 per cent growth in travel searches compared to 2022. An impressive 86 per cent of Indian travellers plan to either maintain or increase their travel in the coming year, he added.
More than 50 per cent of Millennials believe they need expert financial advice to achieve their life goals, with 59 per cent seeking advice for higher education planning and 48 per cent for their children’s education. However, 60 per cent of Millennials admit to not having sufficient financial planning for their life goals, with 73 per cent feeling unprepared for retirement and 58 per cent expressing concerns about family financial security. For 46 per cent of Millennials, the lack of support in financial planning is a key obstacle in achieving their life goals. Finally, the survey indicates that life insurance is the most preferred investment option for 65 per cent of the life goals surveyed.The survey reveals that over 50 per cent of Millennials’ life goals are influenced by their immediate social circle. Family, friends, and social media play significant roles in shaping their aspirations. Notably, social media has doubled its influence on health, travel, and lifestyle goals among Millennials.
The Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 was conducted by Kantar with 1936 participants across 13 cities, including metros, Tier 1, and emerging Tier 2 cities. The research gathered statistically valid insights through face-to-face interviews conducted using tablet-based data collection.
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Leading corporate travel services provider and online travel company, Yatra Online has reported robust financial results for the first quarter of fiscal year 2023-24. The company said it displayed remarkable growth across various key financial metrics, underscoring its resilience and strength in the travel sector.
The company recorded consolidated revenue from operations totalling INR 1,102 million, reflecting an impressive year-on-year growth of 24 per cent. In addition, Yatra‘s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) reached INR 177 million, signifying a substantial 28 per cent increase compared to the previous year.
The company maintained an EBITDA margin of 16 per cent, demonstrating a noteworthy year-on-year improvement of 47 basis points. Yatra’s net profit for the quarter stood at INR 60 million, marking a 3 per cent year-on-year growth in this key financial metric. These financial highlights underscore Yatra’s strong performance in the travel sector.
Operational highlights:
Yatra achieved the strongest quarter in air travel bookings since the onset of the Covid-19 pandemic, with the highest number of air passengers booked since December 2019. This growth, up 41.5 per cent YoY, significantly outpaced the domestic air passenger industry’s growth of 14.8 per cent YoY. Yatra’s domestic passenger traffic grew by 6 per cent sequentially, which is double the pace of India’s domestic passenger traffic.
San Francisco is one of the top tourism and meeting destinations in the US and received 21.9 million visitors in 2022. Total tourism spending in 2022 also exceeded USD 7.7 billion. The tourism industry is the largest generator of outside revenue into San Francisco’s economy and supports over 53,000 jobs. In 2022, India ranked third among San Francisco’s top overseas visitor markets with 158,000 visitors.
The company reinforced its position in the corporate travel sector by acquiring 19 new corporate customer accounts. These accounts have an annual billing potential of INR 1,510 million, highlighting Yatra’s strength and leadership in corporate travel services.Revenue from the Hotels and Packages business amounted to INR 448 million, a 17.6 per cent increase compared to the previous year. This growth is attributed to the recovery in domestic travel and the addition of new distribution partners. The company introduced “Yatra Prime” in the Consumer business, featuring benefits like zero convenience fees, access to exclusive fares, and priority access to VIP customer support.
Dhruv Shringi, Whole Time Director & Chief Executive Officer, commented on the results, saying, “We started FY24 on a strong footing, demonstrating our ability to gain market share with remarkable growth in air travel bookings. We’ve fortified our leadership in the corporate travel sector with the addition of 19 new corporate customer accounts, highlighting the capabilities and leadership of our Corporate Travel SaaS platform. As we move forward, we remain optimistic and committed to leveraging these positive trends to drive further growth and success.”
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Different airlines operating from Mangaluru International Airport (MIA) in Karnataka on domestic and international routes recorded good passenger traffic. In the first five months of the present financial year, IndiGo and Air India registered passenger load of 87.5 per cent on the domestic destinations they connect directly.
On international routes, Air India Express and IndiGo recorded 81.7 per cent passenger traffic, a press release issued by MIA said.
Against a seating capacity of 3,21,554 on flights landing at Mangaluru from Bengaluru, Chennai, Delhi, Hyderabad, Mumbai and Pune, IndiGo and Air India had 2,80,739 passengers.
Arrivals from Mumbai saw the highest traffic with 1,12,973 passengers travelling against a seating capacity of 1,23,836. Pune had the least load factor of 69 per cent with 11,078 travellers against 16,062 seats on offer, it said.
Delhi, Bangalore, and Chennai emerged as the top domestic destinations for CSMIA in August 2023. In the international sector, Dubai, London, and Abu Dhabi remained the most preferred destinations. Moreover, the airport witnessed substantial growth in international sectors compared to the previous year. The Independence Day weekend in August saw a substantial surge in passenger numbers.
For domestic flights departing from MIA, Chennai and Hyderabad recorded passenger loads of 89.91 per cent and 89.66 per cent respectively. A total of 10,520 passengers travelled to Chennai against 11,700 seats on offer, while Hyderabad saw 21,370 passengers travel against the available 23,836 seats. Mumbai came third with a load factor of 87.3 per cent with 1,08,695 travelling against 1,23,836 seats on offer. On the international sector, the airlines recorded a passenger load of 81.7 per cent for 1,10,823 passengers arriving from Abu Dhabi, Bahrain, Dammam, Doha, Dubai, Kuwait and Muscat between April and August. The seats on offer for those destinations in these five months were 1,35,626.
The departure load factor for the above destinations from MIA was 83.3 per cent with 1,12,930 passengers travelling against a capacity of 1,35,449.
Arrivals from Dubai to Mangaluru saw airlines ferry 67,538 passengers against a capacity of 76,841, a passenger load of 88.26 per cent. Abu Dhabi was the next busiest, with an arriving passenger load of 85.65 per cent (13,414 travellers against 15,660 capacity).
Abu Dhabi emerged as the most sought-after international destination from Mangaluru, recording a load factor of 90.12 per cent with 14,276 passengers travelling against 15,840 seats on offer.
A total of 1,66,047 passengers travelled in August, both domestically and abroad. The arrival load factor to the 13 destinations was 83 per cent with 79,377 passengers travelling against 96,837 seats on offer.
Departures saw a load factor of 90 per cent with 86,670 passengers emplaning against 96,837 seats on offer. With additional domestic flights scheduled in the upcoming winter schedule, more people are expected to travel to and from Mangaluru, the release said.
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