A recent survey revealed pent-up demand for travel in the past two years of the pandemic, with 70% of respondents planning to travel during the summer. While 60% said they would travel domestically, 40% said they were more likely to travel abroad in the next three months as pandemic restrictions were lifted, a ZestMoney survey finds. , EMI funding and Buy Now, Pay Later (BNPL).
The survey aimed to understand Indians’ travel plans for summer holidays and received responses from more than 2,000 participants, most of whom were millennials and Gen Z.
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, according to the survey.
More than 63% also said they would fund their trip using EMI/pay later options, while 33% revealed they would dip into their savings to travel.
“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 offer the convenience of better planning budgets, but also helps them get the most out of their travel plans,” said Lizzie Chapman, CEO and co-founder of ZestMoney.
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, according to the survey.
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.
More than 65% of respondents said ongoing geopolitical tensions (particularly between Russia and Ukraine) will not have a major impact on their plans.
“We have seen phenomenal growth in the number of travel transactions on our platform with 150% quarter-on-quarter (QoQ) growth in the March quarter. As the holiday season has begun, we expect to double growth this quarter Most deals in this category are driven by our flagship zero-interest, no-fee Pay-in-3 option, followed by offers with six-month and nine-month terms. Merchants are also increasingly embracing EMI/pay later options and we’re working with them to bring the best deals to our customers. Travel is poised to become one of the most important categories for us.” added Chapman.