Criteo S.A. (NASDAQ: CRTO), the commerce media company, has partnered with Skift Research, a leading industry intelligence platform, to launch the Skift Travel Health Index. The Index allows the industry to better understand the growth of travel around the world, including in Asia Pacific (APAC). The report includes Criteo’s travel-related commerce data and offers real-time insights into the state of travel recovery across 22 countries including India.
On India and global travel trends, the report highlights the following insights:
Indian Travelers Remain Optimistic About Travel Spending Despite Economic Slowdown: Indian travelers are optimistic about the economic conditions in the country, with 60% of respondents stating that the economic slowdown will not impact their travel spending plans. This is in contrast to 50% of the respondents from other countries like the US, UK, and Australia who believe that the economic conditions will worsen, and their company has already started to scale down business travel.
India is the Frontrunner in Asia Pacific’s Rebound: India leads the way in tourism rebound among Asia Pacific countries, with 86% of Indian travelers showing confidence in travel plans for the year, according to Booking.com. The recovery has been fueled by the major population share of Generation Z and Millennials, who are the most eager to travel.
Indian Travelers Expect Surge in Business and Leisure Travel Spending: According to a report, Indian travelers are optimistic about their travel spending, with 94% expecting an increase in business travel spending in 2023 compared to 2019, and 74% of respondents anticipating an increase in personal spending on leisure travel this year.
Strong rebound in Hotel and Aviation industry: The report emphasizes that India’s aviation industry has shown promising growth, with domestic travel surpassing pre-pandemic levels in early 2022, and international travel following suit by the second half of 2022, performing even better than 2019 levels. As of the first quarter of 2023, both domestic and international travel demand remain strong. In terms of hotels, the hotel published rates in India have significantly increased by an average of 35-40% compared to 2019 levels over the past year.
India’s travel industry has become a prominent player in the Asia Pacific region, filling the void left by the absence of Chinese tourists and contributing to the industry’s overall growth. As a result, international hotel chains, such as Marriott, and other brands are showing interest in expanding their properties across the country, generating positive outlo
