According to the survey conducted by finance and network Buy Now, Pay Later (BNPL) ZestMoney, 70% of respondents said they planned to travel during the summer, indicating pent-up demand over the past two years of the pandemic.
The survey elicited responses from over 2,000 participants, most of whom belonged to Millennials and Gen Z, from across India.
While 60% of them said they would travel domestically, around 40% said they were more likely to travel abroad in the next three months as restrictions related to the pandemic have been lifted.
While the majority of respondents said budget travel would be their top priority, a large number of people say they don’t mind spending more for the best travel experience.
The need to get away from everyday life, the desire to learn new things, the need to break the monotony of the last two years and to have new experiences stand out as the strong motivating factors behind travel plans, according to the ‘investigation.
A significant number of respondents (63%) said they would fund their trip using EMI/pay later options, while 33% revealed they would dip into their savings to travel.
Commenting on the survey results, Lizzie Chapman, CEO and Co-Founder of ZestMoney, said, “We are seeing renewed and increased interest among Indian customers, who are overcoming resistance to the pandemic and are re-embracing travel with a passion.
“With the economy opening up and covid restrictions easing, people want to make the most of their holidays.
“EMIs/Pay Later are becoming a preferred option as they not only provide the ability to plan budgets better, but also help them get the most out of their travel plans.”
Chapman added, “We have seen phenomenal growth in the number of travel transactions on our platform with 150% quarter-over-quarter (QoQ) growth in the March quarter.
“As the holiday season has begun, we expect to double growth in this quarter. This is the best travel business we have seen in the past 2 years!
“Most transactions in this category are driven by our flagship ‘Pay-in-3’ option with no interest and no fees, followed by offers with six-month and nine-month terms.
“Merchants are also increasingly accepting to enable EMI/pay later options and we are working with them to bring the best deals to our customers. Travel is fast becoming one of the most important categories for us. .”
While Goa continues to be the favorite destination in India, Kashmir, Ladakh and Kerala have become the other popular destinations for this summer. Shimla, Sikkim, Andaman and Nicobar Islands, Jaipur, Agra, Ooty and Dehradun were also on the to-do list.
The Maldives, Dubai and Thailand have become the top three international destinations. Europe, the United States, Switzerland, the United Kingdom, Turkey, Indonesia, Vietnam, Mauritius, Hong Kong and Singapore were among other popular international destinations.
Sixty-five percent of respondents said ongoing geopolitical tensions (particularly between Russia and Ukraine) will not have a major impact on their plans.
When asked if business travel was resuming in their professional organizations, 60% of respondents said yes, indicating a return to normalcy in the corporate world.
ZestMoney is available on all major travel portals including MakeMyTrip, EaseMyTrip, Yatra, Goibibo, HappyEasyGo and TripMoney. In all, ZestMoney has about 400 tour operators on its platform.
The company works with merchants to provide the best deals to customers. It also plans to launch the Zest Travel Festival in May with some of the best deals among partner merchants.
Along with travel bookings such as tickets, hotels and tours, the platform is also seeing increased demand for car and bicycle rentals, taxi subscriptions and other hospitality services.