About 70% of Indians plan to travel this summer, indicating pent-up demand over the past two years of the pandemic, according to a survey by ZestMoney, an EMI finance network and Buy Now, Pay Later (BNPL). While 60% said they would travel domestically, around 40% said they were most likely to travel abroad in the next three months as restrictions in pandemic cases have been lifted.
ZestMoney’s survey of Indian travel plans and preferences for this summer vacation. elicited responses from over 2,000 participants, most of whom were Millennials and Gen Z, from across India.
While the majority of respondents said budget travel would be their top priority, a large number of people said they didn’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.
About 63% said they would fund their trip using EMI/pay later options, while 33% said they would dip into their savings to travel.
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. 65% of them said that the ongoing geopolitical tensions (especially between Russia and Ukraine) will not have a major impact on their plans.
When asked if business travel is resuming in their work organizations, 60% of respondents said yes indicating a return to normalcy in the corporate world.
Lizzie Chapman, CEO and Co-Founder of ZestMoney, said, “We are seeing renewed interest among Indian customers, who are overcoming resistance to the pandemic and are embracing travel again with a passion. With the economy opening up and covid restrictions easing, people want to make the most of their holidays. IMEs/Pay Later are becoming a preferred option as they not only provide the convenience of better planning budgets, but also help them get the most out of their travel plans.”
“We have seen phenomenal growth in the number of travel transactions on our platform with 150% growth quarter over quarter (QT) in the March quarter. As the holiday season has begun, we expect to double growth this quarter. This is the best travel business we’ve seen in the last 2 years! Most transactions in this category are driven by our flagship Pay-in-3 option. interest free and no charge, followed by offers with six month and nine month terms Merchants are also increasingly embracing EMI/pay later options and we are working with them to bring the best deals to our customers. are fast becoming one of the most important categories for us,” Chapman added.