Indian travellers are set to make a significant impact on global tourism. A recent report titled ‘Navigating Horizons’ by Nangia NXT and FICCI projects that spending on outbound tourism by Indian travellers will reach $55 billion by 2034. This represents an annual growth rate of 11%. The report highlights a growing interest among Indians in destinations like Egypt, Azerbaijan, and Georgia, drawn by their rich history, cultural heritage, and natural beauty. These locations are often more affordable, adding to their appeal.
Indian Travellers Likely To Spend $55 Billion On Outbound Tourism By 2034
The report attributes this surge to a rising urban and young population in India, eager to explore international destinations. This demographic shift is expected to sustain the growth in outbound tourism. Packaged tours remain popular, with 40% of Indian travellers opting for pre-planned trips in 2024. The availability of Indian and vegetarian food abroad, along with increased awareness of niche tourism, has also contributed to the uptick in foreign travel.
The outbound travel market in India has already seen robust growth. Rising disposable incomes, an expanding middle class, and improved visa processes are fueling this growth. Additionally, there’s a strong desire among Indians for international experiences. As per reports by CNBC TV18, Suraj Nangia, Head of Government and Public Sector Advisory at Nangia NXT, projected that India’s outbound tourism market will reach $18.82 billion in 2024. He highlighted that this growth benefits not just foreign economies but also boosts India’s GDP and strengthens international economic ties.
Fastest-Growing Outbound Market
As per reports by CNBC TV18, Nangia emphasized that the Indian outbound market is expected to grow at a compound annual growth rate (CAGR) of 11.4%. This optimism is bolstered by increased consumer spending, visa reforms, and better connectivity. These factors are making India one of the fastest-growing outbound markets globally. The report also points out the measurable benefits to allied industries such as aviation and hospitality.
As per reports by CNBC TV18, Ahetesham Khan, Executive Director of Sports, Media & Entertainment & Tourism Advisory at Nangia NXT, attributed the surge in outbound tourism to the rise of the middle class, higher disposable incomes, and a growing interest in international adventures.
The influence of social media platforms is also significant. These platforms have made it easier for travellers to plan and book their trips. They have also provided new opportunities for destinations to attract Indian tourists.
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