Indian Foreign Travellers Will Spend Rs 9.5 Lakh Cr Abroad; 50% Use Cashless Payments!
The report released on the occasion of world tourism day 27 September – according to which, ‘Cross border Travel Insights for India’ is released by Niyo shows that around 50% of Indian’s are using cards – credit, debit and prepaid as their preferred way of payment during abroad visits.
Also, a large no of travelers carry foreign exchange as a backup.
“NiYO is a fintech startup with a customer base of around 1 million,” Vinay Bagri said, the NiYO Co-founder and CEO,
How Did It Happen?
These reports are based on data collected by 25000 respondents. Who used Niyo global card in last 1 year.
What Did They Find?
The highest digital transactions are done during visits of countries like USA, Canada and Europe.
According to the report, The top five currencies are US dollar, Euro, UAE Dirham, British Pound and Singapore Dollar contributing 61% to total spend done by Indians.
It also indicates that the number of international visits get a rise during holiday seasons like school holidays in summer(May-June) and Christmas(December).
The survey shows that most of the Indian spends the maximum amount on shopping purchasing duty-free goods, electronics and jewelry during their travels.
The most common trait of travel famous among Indians is group travels organized by travel agencies or agents.
The average spend on travel is also higher of frequent travelers which indicates a development in the business travel segment and also an improvement in socio-economy profile.
Around 50% of Indian tourists go on a trip with their friends and family in a group of three or four. While one-third of the Indians preferred a solo trip which indicates a growth in backpacker segment.
This report also shows that Indians are also going to far-off destinations like America, Europe and other continents.
While traveling, one out of five will prefer to visit multiple countries in a single visit and Europe and South-East Asia are the preferred destinations according to the report.
France, Switzerland, Spain, Denmark and the UK are the preferred location in Europe continent.
What To Conclude?
“With increasing disposable income, expenditures by Indian foreign travelers are expected to grow up to $136 billion (Rs 9.5 lakh crore) by 2021. Online bookings are likely to grow by $24 billion during the same period. This will create immense business opportunity for digital banking players such as NiYO, which is making international spends safer and more convenient for outbound Indian tourists.” Bagri said while talking about the findings of this survey(reference FE)