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Livemint.com has an article stating that the rate of Indians traveling abroad has increased dramatically recently, with Vietnam emerging as a popular international destination.
The livemint.com website has an article affirming that the Indian tourism market is bustling, especially the rate of Indians traveling abroad has increased dramatically recently, in which Vietnam has emerged as a popular international destination.
According to the report "Tourism Trends 2024: Breaking Boundaries" from the Mastercard Economic Institute, Indian tourists to Vietnam increased by 248% over the same period in 2019, followed by the US and Japan with growth rates of 59% and 53%, respectively, according to a VNA correspondent in New Delhi.
The figures, compiled for the period January-March 2024, also show a significant shift in traveler preferences. These emerging trends promise to benefit the tourism sector as India is expected to add nearly 20 million people to its middle class over the next five years, the report added.
“We are seeing more international travel by Indian travelers than at any time in history,” said David Mann, chief economist for Asia Pacific at Mastercard. “India is now the fastest growing major market in the world and this is likely to be a (growth) story for the foreseeable future. Demand for travel, jewelry and luxury clothing will remain strong as disposable incomes rise and aspirational lifestyles emerge.”
In the first quarter of this year, Indian airports recorded a record 97 million movements for both domestic and international air traffic, marking a significant increase from a decade ago when it took an entire year to reach such figures.
According to Mastercard, Indian travelers extended their trips by one day in the fiscal year ending in March, compared to the same period in 2019. This trend highlights the growing demand for rich and meaningful travel experiences. Moreover, cruise vacations saw a significant growth, surpassing the high of 2019.
Despite the stronger dollar, India’s outbound tourism segment is doing well, thanks to a growing affluent consumer base seeking luxury experiences. The growing spending patterns reflect the country’s growing disposable income and aspirational lifestyle, the report said.
An analysis of Indian tourist arrivals data for popular destinations like the US, Japan and Vietnam shows that while the strong US dollar may have driven tourists away from the US, arrivals from India have increased by 59% compared to 2019 levels. In particular, Japan has welcomed a record 50,000 Indian tourists since the beginning of the year.
“Interestingly, while the US overall has yet to show a full recovery (in domestic tourism) from 2019, Indian tourism (to the US) has seen a more than 50% increase compared to 2019.
Vietnam, which recently added direct flights, saw a 2.5-fold increase in Indian visitors compared to 2019. This also underpins the strength of regional travel demand,” said Mr. Mann.
