RateGain Travel Technologies in its latest PULSE report has shared forward looking insights focused on the demand for travel in the upcoming festive season.
With India’s economy growing at its fastest rate in the April – June quarter and pricing caps on airline ticket prices being removed, demand for travel continues to be strong. The latest edition of the PULSE report focuses on the next three months of travel demand to and from India instead of visiting global trends from the past month.
The last few editions of the PULSE report have reported a surge in travel demand due to pent-up demand during the summer of 2022, and while bookings globally are cooling off as per expectations, incoming travel demand in India continues to see an increase over the next three months. The report uses data from RateGain’s recently launched Airline Travelers’ Forecast module of Demand AI that uses AI to provide an accurate understanding of the actual number of travelers, the source market mix, and the demand from these markets over the next 90 days.
Travel demand in India expected to surpass 2019 levels
2019 was the biggest year for travel in recorded history with the world generating over USD 1.4 Trillion in tourism receipts and therefore over the last two years all travel numbers have been compared with numbers from 2019 to check the health of the industry. Compared to 2019, it is expected that Inbound arrivals at Delhi would be 17% higher and 4% higher in Mumbai with the biggest surge expected around Diwali.
Cricket crazed fans driving international outbound from India
India loves Cricket and outbound travel demand from India over the next 60-90 days is a clear proof of that, with demand to destinations in Australia seeing a sharp rise in October and November which would be coinciding with the upcoming ICC T20 World Cup with arrivals to Melbourne increasing by close to 50% in November.
Apart from Australia, Indians are flocking to Bali which is a favourite amongst Indian travellers and with Indonesia opening up International travel after a long period of time, outbound travel from India is expected to pick up over the next three to six months.
International arrivals expected to pick up starting September
With COVID in control across the world and travel restrictions removed. Starting from September, the two largest International Hubs of India, Delhi and Mumbai are witnessing an increase in arrivals from all international markets with arrivals from North America predicting a ~20% rise MoM till November. Visitors from Asia Pacific destinations such as Singapore, Thailand and Australia are witnessing an average increase of ~15% followed by visitors from Europe expected to grow at around ~10%. Visitors from Middle East destinations such as Dubai, Doha, and Abu Dhabi are seeing a greater traction in September with an anticipated increase of 10% in September.
Domestic demand to Delhi expected to surge around Diwali
Hotels in Delhi-NCR should plan for good occupancy over the next three months as corporate events, weddings and festive celebrations curtailed for the past two years make a comeback. With no restrictions on capacity this year- Delhi is witnessing a 15% surge in travel demand before Diwali which will continue to increase post Diwali due to the upcoming wedding season.
RateGain’s PULSE Report is created by analysing real-time pricing and transactions data from RateGain’s proprietary data lake that processes over 200 billion transactions annually and is one of the world’s largest processors of transactions and pricing data in the world collected from leading OTAs, Hotels, Airlines and Car rentals.
Source: Equity Bulls
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