The figures can be mouth-watering for anyone. Over 1 million millionaires. The fastest growing large economy in the world. Three-fold rise in purchase of luxury goods by 2030. Fastest growth in sale of high-end homes, cars as well as luxury goods, ranging from the latest Hermès bag to a Lamborghini. Paying upwards of USD 100,000 just to spend a night in a penthouse in an ultra-luxury hotel.
It is a good time to be rich in India. But it is even better to be a vendor of something luxurious, a product or service. And this is what destinations, as well as all the other stakeholders in the entire supply chain of travel and tourism sector are gleefully discovering, as almost every day, a new report comes about the growth registered in the number of extremely well-heeled Indian visitors, who seemed to be hopping into their private jets and flying off to almost any corner of the world.
Endless growth potential
For many destinations, the relatively large number of Indian visitors has become even more significant in the total absence of yet another very promising market, China, which had remained under a total travel ban until February 2023 and which is yet to return anywhere near to its pre-pandemic performance.
This sharpened contrast has drawn a wide variety of players, ranging from destinations and experiences around the world to travel agents, transportation firms as well as shopping centres, travel curators and others to not only observe the growth in the Indian luxury travel market, but also to take a piece of this delicious and rapidly growing pie.
According to a report by Coherent Market Insights, a consultancy, the global luxury travel market was valued at USD 241 billion in 2022 and it is expected to grow at a fast clip of 7.8 pc CAGR to over USD 440 billion by the end of this decade.
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La Mamounia is an oasis for travellers
In order to cement its foothold in the Indian market, Moroccan luxury resort La Mamounia, located in the picturesque town of Marrakech, recently organised a visit to Mumbai and Delhi, engaging with top-tier travel industry partners from India. General Manager Pierre Jochem tells India Outbound that the resort, which recently completed 100 years, is targetting the Indian visitors seeking to explore Morrocan art, culture and heritage, besides its captivating beauty.
Africa has come a long way as travel destination for Indians
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ASCENIC RAIL TRIP ACROSS BALKANS
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Debuting at COP29, can tourism lead march towards curbing carbon emissions?
Tourism will make its debut in global climate change negotiations in the next round of discussions, COP29, that opens in Baku later this month. So far, the discussions have spectacularly failed to produce any notable outcome, besides platitudes and numerous missed commitments. The global tourism industry has a golden opportunity to lead the way and show the world the true path to curbing carbon emissions. But the sector's own record in this aspect is hardly blemishless.
Bintan Island: SEESE
A haven of nature, with thriving flora and fauna, the Indonesian island of Bintan, that is barely an hour away from Singapore by ferry and comes with easy visa regimes, is an ideal extension for any Indian visitor to Singapore, looking to add a touch of wilderness to the experience.
