Tag Archives: growth

The luxury travel sector has shown remarkable resilience. According to McKinsey, the industry is projected to grow from $1.4 trillion in 2024 to $2.2 trillion by 2030 globally. The Asia-Pacific region is leading the surge at a compound annual growth rate of 8.6% from 2024 to 2030. This growth is driven not just by affluence among the wealthy but by younger travellers.

According to RBI, “40 scheduled banks have cumulatively doubled their lending to the aviation sector in January at ₹45,076 crore, as against ₹23,407 crore three years ago. Investments from other sources stood at ₹27,824 crore in January 2023, up 62% year-on-year, and continued to rise gradually during FY24. Industry analysts attribute this surge in investments to the following factors, among others.”

UNWTO has identified investments as one of the key priorities for tourism’s recovery and future growth and development. For World Tourism Day 2023, UNWTO highlights the need for more and better-targeted investments for people, for planet and for prosperity.

According to the analysis of Asian Development Bank report, India is predicted to overtake China in terms of outbound travel growth over the next ten years, despite the lack of airports restricting air connectivity.

Sandeep Nanduri, IAS, Director of Tourism and MD, Tamil Nadu Tourism Development Corporation disclosed, “According to 63rd edition of the Indian Tourism Statistics Report,  Tamil Nadu was ranked 1st in domestic tourists visit”. The state has witnessed a remarkable influx of tourists, he added.