Indians are planning to spend more time and money on both domestic and international travel in 2023, according to the recently released report by insurance company, ACKO, in association with market research firm, YouGov. The research surveyed 1,000 respondents who intend to travel this year, between ages 24 and 45, across seven major cities, shedding light on key considerations and preferences when it comes to travel. Here are the findings:
On the domestic front, 31 percent said they will take more vacations, 30 percent will increase the duration of the stay and 44 percent will set aside more budget for holidays.
The report highlights that 60 percent of Indians are planning a vacation abroad, of which 10 percent are sure about only travelling outside India. Forty percent responded saying they will plan only domestic vacations.
71 percent of those planning an international holiday mention a total budget between Rs 1 lakh and Rs 6 lakh. The budget for domestic holidays for 55 percent is expected to be under Rs 1 lakh.
Apart from the destinations and budget, the report highlights a significant shift in the behaviour of travellers. Now, in every aspect of planning a trip, cleanliness is of utmost importance followed by flexibility and convenience. The respondents also wish to avoid being in crowded spaces.
For instance, 45 percent of respondents use online and offline channels to choose the mode of transport at their holiday destination and 44 percent rely on both information streams when deciding on the accommodation.
Goa is the most preferred domestic location, followed by Himachal Pradesh, Kerala, Uttarakhand, and Rajasthan.
“Travelers are now more conscious about their well-being on a trip and are demanding customised insurance products that match their needs and expectations. They want products which give them confidence that they are sufficiently prepared for any eventuality," says Brijesh Unnithan, SVP-Embedded Insurance, at ACKO.
First Published: Jul 12, 2023, 15:42
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