While a budget-friendly travel option is a top priority for most, a large number of people don’t mind spending more for the best travel experience, says a report.
According to a survey by ZestMoney, 70 per cent of respondents stated that they have plans to travel during the summer, indicating a pent-up demand from the last two years of the pandemic. While 60 per cent of them said they would travel domestically, about 40 per cent said they were most likely to travel internationally in the next three months as the pandemic restrictions have been lifted.
ZestMoney, today revealed the findings from a customer survey conducted to understand Indians’ travel plans and preferences for this summer vacation. The survey elicited responses from over 2,000 participants, most of whom were millennials and Gen Z, from across India.
The BNPL company states – that the need to escape everyday life, the desire to learn new things, and the need to break the monotony of the last two years and make new experiences emerged as the strong motivational factors behind the travel plans, according to the survey.
Additionally, 63 per cent of respondents said that they would finance their travel using EMI/pay-later options, while 33 per cent revealed that they would dip into their savings to travel.
Lizzie Chapman, CEO, and Co-founder of ZestMoney says, “There is a renewed and an increased interest among Indian customers, who are overcoming the pandemic resistance and are embracing travel passionately again. With the economy opening up and covid restrictions easing, people do want to make the best of their holidays. EMIs/Pay Later options are emerging as a preferred option as it not only offers the convenience to plan budgets better but also helps them make the most of their travel plans.”
Chapman further adds, “Most of the transactions in the travel category are driven by zero-interest and no-cost ‘Pay-in-3’ option, followed by offerings with six months and nine months tenure. Travel is poised to become one of the largest categories for us.”
According to the report, while Goa continued to be the most preferred destination in India, Kashmir, Ladakh, and Kerala emerged as the other popular destinations for this summer. Shimla, Sikkim, Andaman and Nicobar Islands, Jaipur, Agra, Ooty, and Dehradun also figured on the bucket list.
Maldives, Dubai, and Thailand emerged as the top three international destinations. The report further stated Europe, the USA, Switzerland, the UK, Turkey, Indonesia, Vietnam, Mauritius, Hong Kong, and Singapore were among the other popular international destinations. 65 per cent of the surveyed said the ongoing geopolitical tensions (especially between Russia and Ukraine) won’t have a major impact on their plans.
Additionally, according to the report, 60 per cent of respondents replied in the affirmative indicating normalcy returning to the corporate world, when asked if business travel was picking up in their work organizations.
Some of the key findings of the report;
- Goa, Kashmir, Ladakh, and Kerala emerge as the preferred domestic destinations
- Maldives, Dubai, Thailand, and Europe are the favourite international destinations
- 60 per cent of respondents plan to spend their vacation in India, while 40 per cent are most likely to travel to international destinations
- Survey also revealed that business travel is picking back up in organizations
