Despite facing significant challenges due to the Covid-19 pandemic, the global tourism sector has witnessed remarkable resilience, with people worldwide spending a staggering amount on travelling and vacations. According to data from Stocklytics.com, global travel and tourism expenditures have exceeded USD 4 trillion in the past five years, highlighting the enduring appeal of travel and leisure activities.
The rebound in the tourism sector has been particularly notable, with global travel and tourism revenues projected to increase by 8.3 per cent in 2024, reaching almost USD 930 billion. This surge marks the highest revenue figure ever recorded in the industry, reflecting a strong resurgence following the pandemic-induced downturn.
Hotels emerged as the dominant segment in terms of spending, accounting for nearly half of the total expenditure over the past five years. With a cumulative revenue of USD 1.85 trillion, hotels significantly outpaced other sectors such as package holidays, camping, cruises, and vacation rentals.
Hospitality and consumer tech companies are emerging as hunting grounds for such talent, which can command compensation packages ranging fromINR 70-80 lakhs, reaching up toINR 1-2 crore for CXO appointments. The travel market in India, estimated at USD 75 billion in FY20, is projected to reach USD 125 billion by FY27, according to data from industry body FICCI.
The years 2020 and 2021 witnessed unprecedented challenges for the tourism sector, characterized by steep revenue declines. However, despite these setbacks, people continued to allocate substantial resources to travel and vacation activities, underscoring the enduring appeal and importance of leisure experiences.A detailed breakdown of regional spending patterns revealed that Europeans emerged as the top spenders on vacation and travel, with a total expenditure exceeding USD 1.2 trillion in the last five years. Americans followed closely behind, with USD 917.7 billion in total spending, while Chinese travellers accounted for USD 666 billion in expenditures during the same period.
The data underscores the global appetite for travel and leisure activities, highlighting the sector’s resilience and capacity for recovery in the face of unprecedented challenges. As global travel restrictions ease and consumer confidence rebound, the tourism industry is poised for further growth and innovation, signaling promising prospects for stakeholders across the travel ecosystem.
[ad_2]
Source link
Foreign exchange remittances for the first 10 months of FY24 stood at USD 27.4 billion, crossing the FY23 level of USD 27.1 billion. This is despite the introduction of tax collection at source (TCS) in the Budget.
With average monthly remittances in FY24 touching USD 2.7 billion, the total foreign exchange sent abroad under the liberalised remittance scheme (LRS) is set to cross USD 30 billion during the current financial year, setting a new record.
Outward remittances rose during Jan 2024 to USD 2.6 billion from USD 2.4 billion in Dec, owing to a surge in spending on foreign education. Despite govt introducing TCS from Oct 2023, forex spending is increasing to earlier levels. For instance, the Jan forex spending by Indians was 3.5 per cent lower than the USD 2.7 billion in Jan 2023, before the TCS imposition.
Within total forex remittances, spending on travel in Jan at USD 1.54 billion was unchanged compared to Dec 2023. The figure was, however, higher than USD 1.49 billion in the year-ago period. Dealers said the Jan travel was also linked to students travelling overseas for education.
Looking ahead, the Amadeus research outlines the top priority technologies for both 2024 and 2029, with machine learning, data analytics, and cloud computing emerging as perennial favourites across all sectors. The findings emphasize a collective industry vision towards harnessing the power of technology to drive innovation and efficiency in the years to come.
[ad_2]
Source link
The Ministry of Road Transport and Highways has taken up 321 NHs projects in a length of about 8,544 km and amounting to INR 1,49,758 crore for improvement of important tourist / religious connectivity.
Union Minister of Road Transport and Highways, Nitin Gadkari said that the Ministry is primarily responsible for development and maintenance of National Highways (NHs). The development of NHs is carried out after network planning on PM Gati Shakti principle with the whole of the government approach.
While planning the development, important economic, tourist and religious connections are invariably taken up with special focus on Way Side Amenities (WSAs), adequate signages and road side / median beautifications and more. Thus, there is no requirement of dedicated funding / scheme for development of tourist / religious destinations, the minister stated during his Lok Sabha session.
During his address, Prime Minister Modi underscored the city’s burgeoning appeal as a hub of faith and tourism, citing the escalating number of tourists visiting Kashi Vishwanath Dham, exceeding the count of 13 crore devotees. Emphasising domestic tourism, he reiterated his call to explore 15 domestic destinations before contemplating international travel, expressing contentment in witnessing the populace embracing domestic travel.
The National Highways Authority of India (NHAI) has undertaken several projects across various states and union territories aimed at enhancing connectivity to important tourist and religious destinations. In Andaman & Nicobar Islands, 2 projects worth 540 cr are underway, while Andhra Pradesh has 5 projects covering INR 2,588 crore. Arunachal Pradesh sees 7 projects totaling INR 7,648 crore rupees, while Assam has 9 projects for INR 1,861 crore. Ladakh has 8 projects aiming for INR 2,368 crore. Other states include Bihar, Chhattisgarh, Dadra & Nagar Haveli, Daman & Diu, Gujarat, Haryana, Himachal Pradesh, Jammu & Kashmir, Jharkhand and more.
[ad_2]
Source link
Highlighting new destination updates and enhanced air connectivity, the San Francisco Travel Association and San Francisco International Airport (SFO) jointly organised a Sales Mission to India from October 9 to 12, 2023, in Mumbai and New Delhi.
In conversation with ETTravelWorld, the delegates from San Francisco expressed their excitement post reconnecting with the Indian travel trade after four years to share new developments and initiatives. The Sales Mission was aimed to leverage the visitor number between San Francisco and India, highlighting the destination’s attractions and connecting with Indian travellers on various fronts.
In 2022, India ranked third among San Francisco’s top overseas visitor markets with 158,000 visitors. This is expected to grow by 34 per cent in 2023, with a projected spending increase of 63 per cent, making India among the fastest-growing source markets for the destination.
Fastest growing overseas market
“In 2019, 210,000 Indian visitors spent USD 497 million in San Francisco, making it a significant and high-spend market,” stated Hubertus Funke, Executive Vice President & Chief Tourism Officer, San Francisco Travel. Indian visitors are known to often extend their stays in California, combining leisure activities with business trips.
“San Francisco will see five new hotels open this year following the nine that debuted in 2023, including standout properties like the LUMA Hotel, 1 Hotel San Francisco, The Line SF, and Beacon Grand. With its vibrant neighbourhoods, rich cultural scene, range of dining options and unbeatable natural surroundings, the city has much to offer Indian visitors,” Funke added.
San Francisco serves as a popular gateway to Northern California, offering an appealing blend of urban and natural experiences. Key to this connection is the San Francisco International Airport (SFO), known for its commitment to sustainability. SFO has embraced initiatives such as sustainable aviation fuel, plastic-free water bottles, and a food service area with reusable packaging. Moreover, it is actively focused on resiliency, ensuring its facilities and operations can withstand environmental stressors like wildfires and smoke events while also preparing for lower-level events such as hurricanes and earthquakes.
“International traffic recovery has been strong, with top markets including the UK, Germany, India, and Canada. Our goal is to craft a positive journey for visitors on these nonstop flights by offering them exceptional services and the unique offerings of our airport,” noted Kevin Bumen, Chief Financial & Commercial Officer at SFO. He specifically highlighted India as a “star performing market” with great potential for daily flights beyond the current San Francisco service.
For the next year, Peru has set targets to receive at least 50 percent more tourists. To achieve the goal, its official tourism promotion board, PROMPERU, is holding a two-city roadshow in Delhi and Mumbai, engaging about 14 Peruvian companies with a minimum of 50 potential Indian travel companies in each city.
Seat capacity doubled with more flights
Air India recently expanded its SFO network to three destinations in India, including Delhi, Bengaluru, and Mumbai, with an increase in operation from nine flights a week to 17 flights a week. The seat capacity has doubled from 2,142 seats to 4,396 flights a week. With 1,102 daily passengers from India to the San Francisco Bay Area, there is a 186 per cent increase in traffic compared from pre-pandemic to the first half of this current year.
San Francisco is home to the second-largest population of people of Indian descent, creating a natural bridge for potential exchanges in technology, AI, and education. The city’s mayor is leading an initiative to bring AI to San Francisco, with 11 leading AI think tanks already based there.
“We’ve seen very positive trends from the Indian market before and after the pandemic,” said Funke. “India is one of our success stories, and we really want to leverage the airlift to promote San Francisco.” When asked about new attractions, Funke highlighted recent infrastructure projects like the Presidio Tunnel Tops Park and public transit improvements. “These developments enhance the visitor experience,” he added.
Bumen shared statistics on the remarkable growth in air traffic between India and SFO. “We’ve seen passenger numbers more than double since 2019,” he noted. Bumen also commented on SFO’s strategies to boost flights. “It’s about engaging with airlines through events and staying closely in contact with their network and scheduling teams,” he explained.
Looking ahead, Funke expressed confidence in the long-term potential of the Indian market. Bumen agreed, emphasising the “amazing potential” as the market matures over the next decade. Both officials expressed their commitment to further strengthening tourism ties between San Francisco and India.
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.
The San Francisco International Airport (SFO) is the premier international gateway to the West Coast, bringing travellers from India conveniently to San Francisco and the rest of the US Airlines are investing in routes between India and San Francisco— with Air India expanding non-stop service to Mumbai, Delhi, and Bangalore.
[ad_2]
Source link