Summary:

According to a BCG analysis, India's increasing middle class and tech-savvy young are propelling the country into the forefront of global leisure travel. Global leisure travel spending is anticipated to quadruple from $5 trillion in 2024 to $15 trillion in 2040, outpacing pharmaceuticals and fashion. India, China, and Saudi Arabia will drive this expansion. Indian Millennials and Generation Z are driving increased travel frequency and spending, but Gen X remains a significant travel sector.

Leisure travel remains focused on beaches, cities, and wildlife, but traveler preferences are changing. Wellness retreats, spiritual tourism, and food-based journeys are becoming increasingly popular, particularly in Asia. Approximately 70% of emerging market travellers increasingly combine business and leisure. While leisure and discovery remain important, individuals are increasingly seeking meaningful, lifestyle-appropriate experiences. Despite challenges such as geopolitical tensions and immigration laws, BCG expects solid long-term growth, fuelled by developing markets. Wanderlust is a strong and resilient global force.

Source: IBEF

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