Globally, the middle class is already the largest spender. India is expected to become the fourth largest global spender on travel by 2030, and by then the middle class, with increased purchasing power, will make 47% of its population, say reports by Booking.com-McKinsey & Company, and People Research on Indias Consumer Economy-Indias Citizen Environment (PRICE-ICE), respectively.
More Indians might be holidaying overseas this Christmas-New Year season than last year as relatively cheaper fares and packages, better connectivity, and easier entry requirements have made the proposition more compelling, ET has reported. Tour and travel companies such as Thomas Cook, SOTC and EaseMyTrip have seen up to 30% uptick in demand for short-haul international routes compared to last year.
This comes amidst Indian nationals accounting for the highest share (30%) of visitor visas granted by the UK in the year ended June 2023. Chinese nationals ranked second at 13%, followed by Nigerian and Turkish nationals at 6% each, according to statistics issued by the UK government.