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India's travel spend to grow to $136 bn by 2021
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SME Times News Bureau | 17 Apr, 2019
The travel spend in India is expected to grow at 13 per cent to a total
of $136 billion by 2021, said a new report by Bain & Company and
Google India on Tuesday.
According to the "How Does India Travel"
report, the Indian traveller spent around $94 billion in 2018 on around
2 billion domestic and international trips, thus, helping India's
travel and tourism industry achieve unprecedented scale.
"New
users perceive that online channels are geared towards more frequent
flyers and experience-oriented travellers and existing travellers
research online but the lack of trust in payments and booking experience
make them end up booking offline.
"If travel players tap these
online users through personalised marketing, messaging and travel plans,
they can further augment online travel bookings. This can be done by
adopting digital technologies to influence customers early in the
journey," Vikas Agnihotri, Country Director-Sales, Google India, said in
a statement.
The report indicates a 12 per cent growth in
transportation ($50 billion) and 13 per cent growth in lodging ($21
billion) and consumption, which includes spends on shopping, recreation
and food, to grow at 13 per cent ($65 billion) over the next three
years.
"There is a perception amongst consumers that online
channels are geared towards premium customers, along with a marked
distrust around payment and pricing terms. It is imperative for
businesses to address these concerns in order to effectively tap into
the growing base of users," Arpan Sheth, Partner, Bain & Company
said.
As more people come online, smartphone penetration improves
and use of digital payments goes up, the report predicts that Indian
travellers would spend an additional $24 billion on online travel
bookings over the next three years, a growth from 25 percent in 2018 to
35 per cent in 2021.
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