MICE INITIATIVES
Emerging Trends for the Indian Outbound Market 2024
The Indian outbound market is experiencing a significant transformation, with emerging trends shaping the travel preferences and behaviours of Indian tourists. This report delves into the latest trends and expectations for 2024, highlighting the growth potential and evolving dynamics of the market. Key Trends and Expectations Surge in Event-Based and Experience-Driven Travel Indian travellers, particularly millennials, young professionals, and Gen Z, are showing a keen interest in event-based travel, seeking experiences that align with their passions and interests.
This trend is complemented by the popularity of sleep tourism, which includes wellness activities like yoga, swimming, and spa therapies.
Additionally, there is a growing demand for fully customizable private holidays, catering to the discerning traveller looking for personalized experiences.
Destination Preferences Recent visa relaxations for countries such as Thailand, Vietnam, Malaysia, and Kenya are expected to boost interest among Indian travellers. Long-haul destinations like Australia, New Zealand, and various European countries are also anticipated to be top choices. Moreover, unique and offbeat destinations within India are gaining traction, indicating a desire for novel travel experiences.
Niche Tourism Segments Astro Tourism and Religious Tourism are niche segments that are attracting Indian tourists. Astro Tourism offers stargazing and astronomical experiences, while Religious Tourism remains popular with spiritual journeys to sacred sites.
Skip-Gen Travel, where grandparents travel with grandchildren, is another emerging trend fostering intergenerational bonds. Seasonal and Economic Considerations Travel during the shoulder season is being embraced for its serene and economic benefits. This trend is indicative of Indian travellers' increasing savvy in seeking value and avoiding peak-season crowds.
Market Growth and Economic Impact The Indian outbound tourism market is projected to reach a value of US$ 18817.72 million in 2024, with a robust growth rate expected through 2034.
Online booking is set to dominate the market, reflecting the convenience and accessibility of digital platforms. The packaged traveller segment is currently leading the market.
Regional Preferences and Expenditure Over 30% of Indian travellers are choosing Middle East destinations, with Dubai being a primary source market.
Indian travellers are also willing to spend up to USD 7,000 on international trips, indicating a high potential for economic impact in the destinations they visit.
The total travel expenditure by Indians is expected to reach USD 410 billion by 2030. Business and Bleisure Travel India is poised to become the world's fastest-growing source of MICE (Meetings, Incentives, Conferences, and Exhibitions) tourism, with the market expected to exceed $45 billion by 2025. Market Opportunities and Challenges The Indian outbound market presents significant opportunities for international destinations, with industry players focusing on pricing strategies and event calendars to attract Indian tourists.
However, there is a note of caution with a less eventful outlook compared to 2023 and lukewarm demand during India's festive peak season.
Overall, the Indian outbound market is on a trajectory of growth and diversification, with a variety of trends shaping the travel landscape in 2024. From event-based travel to a focus on niche tourism segments and the increasing influence of digital platforms, the market is evolving to meet the changing preferences of Indian travellers. As the market continues to expand, it presents a wealth of opportunities for destinations and service providers worldwide.
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