Tag Archives: tourism market

The FICCI-Nangia knowledge paper reveals that India’s outbound tourism market is projected to reach over US $55.3 billion by 2034, from the estimated more than US $18.8 billion in 2024, growing at a compound annual growth rate of 11.4 per cent. India’s online travel market is expected to grow at 10.5 per cent CAGR between 2024-29 — from US $17.24 billion to US $28.40 billion.

Another exciting roadshow was held in the South Indian city of Chennai by the Philippines Tourism, which received a positive response from the industry. The dedication of the Philippines Tourism to promote its destinations and culture was brough to the fore. Important industry professionals and stakeholders participated in detailed dialogue about the varied offerings of the Philippines.  Shahlimar Hofer Tamano, Undersecretary for Tourism, Regulation Coordination & Resource Generation, and the concurrent Director, Regional Office VII, commented, “The Philippines acknowledges Indian influence as a primary wellspring of tourists to our nation. We expect the Philippines to increase in terms of tourist footfall.” Fourteen entities from the Philippines took part in the Chennai roadshow. These included Ark Travel Express, bai Hotel Cebu, Department of Tourism Central Visayas, Dusit Hotels & Resorts, Gi Philippines, Lalaguna Villas Luxury Dive Resort and Spa, Okada Manila, Philippine Airlines, Plantation Bay Resort and Spa, Scoot, Shangrila, Shroff International Travel Care, The Farm at San Benito, and Uni Orient Travel.   Other than the Philippine entities who took part in the roadshow, as many as 60 Indian travel agents also participated in the Philippines roadshow in Chennai.   “Chennai holds a special place of mention in our hearts as a distinctive market. The latent potential that reverberates Chennai fills us with optimism, and we are assured that there would be a significant increase in the number of visitors from Chennai to the Philippines,” said SanJeet, Managing Director, Buzz Travel Marketing.   

The domestic contributions to travel and tourism reached 87 per cent in India, according to the World Travel & Tourism Council’s (WTTC) annual economic impact data. Ranking fourth in domestic visitor spending, it is worth noting the rapid development of the domestic travel and tourism market in India, which grew by US$83 billion and rose from the eighth to the fourth largest domestic market between 2008 and 2017. Unsurprisingly, the largest developed countries dominate the top spots in terms of absolute size of domestic spending. Domestic travel is the main driving force behind travel and tourism in major economies. Strong domestic tourism in most of these countries is driven by a growing or sizeable middle-class population, an increase in spending power among domestic consumers, the sheer size of the countries, governments’ initiatives in promoting new locations, and strong or improving transportation infrastructure and economic links between different internal regions. For instance, the Indian government plans to build 100 new airports with a budget of US$60bn over the next 10 to 15 years to accommodate and stimulate the demand for domestic travel.