Tag Archives: McKinsey

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 WTTC 2024 report, India’s travel and tourism sector has recovered significantly but international travel spend in India continues to remain below pre-Covid levels. Consulting firm McKinsey & Company had earlier projected that India will become the fourth-largest domestic travel market in terms of spending by 2030.

According to a report by McKinsey, India’s breakneck GDP growth of 6 per cent year over year is bolstering a new generation of travellers, resulting in a projected annual growth in travel spending of 9 per cent between now and 2030. Indian air carriers and lodging companies are making substantial investments to meet projected demand.

McKinsey analyses that more than 17 per cent of global commercial aviation CO2 emissions could be addressed with lower-carbon technologies such as green novel propulsion, such as electricity. And while these solutions will not be available for long-haul flights nor large aircraft in the next decade or two, they are promising for smaller, shorter-range aircraft.

A new report by McKinsey & Company states that in addition to table-stakes safety initiatives, brands must differentiate themselves and re-engage their travellers with visible, communications-based cues, such as notifications about health status of destination city and personalised notes on importance of testing and other safety measures.