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Indian travelers expected to spend $136 billion by 2021

April 24, 2019 by Forimmediaterelease

The Indian traveler has come of age, spending approximately $94 billion in 2018, on around 2 billion domestic and international trips, helping the Indian travel and tourism industry achieve unprecedented scale.

The momentum is expected to continue and the industry will grow at a 13 percent CAGR to $136 billion by 2021, according to a report, ‘How Does India Travel’. The report outlines how India spends on travel, the influence of online channels in their purchase journey and potential growth opportunities for travel businesses till 2021.

Deep diving into the $136 billion spends, the report cites a 12 percent growth in transportation ($50 billion), 13 percent growth in lodging ($21 billion) and consumption, which includes spends on shopping, recreation and food, to grow at 13 percent ($65 billion) over the next three years. Additionally, as more people come online, smartphone penetration improves and use of digital payments goes up, the report estimates that Indian travelers will spend an additional $24 billion on online travel bookings over the next three years, a growth from 25 percent in 2018 to 35 percent in 2021.

Online is a significant source of research

Elucidating the planning journey of Indian travelers, both for business and leisure, the report calls out five phases of a customer journey – Interest, Research, Booking, Experience and Sharing. The report states that during key research-heavy phase of interest, research and experience, digital plays a pivotal role with over 86 percent of consumers being influenced by online channels. During this phase, travelers spend their maximum time on search, travel tour provider websites, price comparison websites, and travel articles. Online video too plays a significant role with 21 percent of travelers being influenced by this platform. In the booking and sharing phase, the report states that nearly 60 percent of customers book transport and lodging online, and over 50 percent share feedback online with social media being the dominant platform.

Talking about the market opportunities for online travel players, Vikas Agnihotri, Country Director – Sales, Google India said, “New users perceive that online channels are geared towards the more frequent flyers and experience-oriented travellers; and existing travelers research online but the lack of trust in payments and booking experience make them end up booking offline. If travel players tap these online users through personalised marketing, messaging and travel plans, they can further augment online travel bookings. This can be done by adopting digital technologies to influence customers early in the journey and moving from one-time engagement to ongoing relationships to have a positive impact.”

“There is a perception amongst consumers that online channels are geared towards premium customers, along with a marked distrust around payment and pricing terms. It is imperative for businesses to address these concerns in order to effectively tap into the growing base of users.” Arpan Sheth, partner Bain & Company said.

Decoding the Indian travelers

The report further identified the five cohorts of travelers in India, across business and leisure travel, and categorised each against their online research behavior:

Frequent flyers: Nearly 70 percent of them booked online, cumulatively spent $17 billion in 2018. They make their choices based on convenience, availability, brand preference and past experiences.

Budget business traveler: 86 percent of them researched online whereas only 60 percent book online, cumulatively spent $20 billion in 2018. This cohort makes their decisions based on cost of travel, availability and consultation amongst their personal business network.

Experience-oriented traveler: Around 70 percent of their bookings were done online and cumulatively spent $22 billion in 2018. They extensively research both online and offline for ‘authentic’ experiences and convenience of options; display high loyalty towards preferred brand of airlines or hotels and actively share experiences.

Budget group traveler: 90 percent researched online and 55 percent booked online, cumulatively spent $29 billion in 2018. They make multiple decision-makers in the process and take the final decisions based on minimal cost.

Occasional travel visiting friends/relatives: 92 percent researched online but only 60 percent booked online, spent $6 billion in 2018. They maximize family convenience within a budget and believe online terms and conditions are restrictive.

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How does India travel? Let us count the 94 billion ways

April 17, 2019 by Forimmediaterelease

Bain & Company and Google India are together launching a report on “How Does India Travel.” According to the report, the Indian traveler has come of age, spending approximately $94 billion in 2018 on around 2 billion domestic and international trips. This has helped the Indian travel and tourism industry achieve unprecedented scale, and the momentum is expected to continue with the industry growing at a 13 percent CAGR to $136 billion by 2021, according to a report.

Fueled by digital, Indian travelers are expected to spend an additional $24 billion on online travel bookings over the next 3 years. The report outlines how India spends on travel, the influence of online channels in their purchase journey, and potential growth opportunities for travel businesses until 2021.

Deep diving into the $136 billion spends, the report cites a 12 percent growth in transportation ($50 billion), 13 percent growth in lodging ($21 billion) and consumption, which includes spends on shopping, recreation and food, to grow at 13 percent ($65 billion) over the next three years. Additionally, as more people come online, smartphone penetration improves and use of digital payments goes up, the report estimates that Indian travelers will spend an additional $24 billion on online travel bookings over the next three years, a growth from 25 percent in 2018 to 35 percent in 2021.

Online is a significant source of research

Elucidating the planning journey of Indian travelers, both for business and leisure, the report calls out five phases of a customer journey – Interest, Research, Booking, Experience and Sharing.  The report states that during key research-heavy phase of interest, research and experience, digital plays a pivotal role with over 86 percent of consumers being influenced by online channels. During this phase, travelers spend their maximum time on search, travel tour provider websites, price comparison websites, and travel articles. Online video too plays a significant role with 21 percent of travelers being influenced by this platform. In the booking and sharing phase, the report states that nearly 60 percent of customers book transport and lodging online, and over 50 percent share feedback online with social media being the dominant platform.

Talking about the market opportunities for online travel players, Vikas Agnihotri, Country Director – Sales, Google India said, “New users perceive that online channels are geared towards the more frequent flyers and experience-oriented travelers; and existing travelers research online but the lack of trust in payments and booking experience make them end up booking offline. If travel players tap these online users through personalized marketing, messaging and travel plans, they can further augment online travel bookings. This can be done by adopting digital technologies to influence customers early in the journey and moving from one-time engagement to ongoing relationships to have a positive impact.”

“There is a perception amongst consumers that online channels are geared towards premium customers, along with a marked distrust around payment and pricing terms. It is imperative for businesses to address these concerns in order to effectively tap into the growing base of users.” Arpan Sheth, partner Bain & Company said.

Decoding the Indian travelers

The report further identified the five cohorts of travelers in India, across business and leisure travel, and categorized each against their online research behavior:

  • Frequent flyers: Nearly 70 percent of them booked online, cumulatively spent $17 billion in 2018. They make their choices based on convenience, availability, brand preference and past experiences.
  • Budget business traveler: 86 percent of them researched online whereas only 60 percent book online, cumulatively spent $20 billion in 2018. This cohort makes their decisions based on cost of travel, availability and consultation amongst their personal business network.
  • Experience-oriented traveler: Around 70 percent of their bookings were done online. and cumulatively spent $22 billion in 2018. They extensively research both online and offline for ‘authentic’ experiences and convenience of options; display high loyalty towards preferred brand of airlines or hotels and actively share experiences.
  • Budget group traveler: 90 percent researched online and 55 percent booked online, cumulatively spent $29 billion in 2018. They make multiple decision-makers in the process and take the final decisions based on minimal cost.
  • Occasional travel visiting friends/relatives: 92 percent researched online but only 60 percent booked online, spent $6 billion in 2018. They maximize family convenience within a budget and believe online terms and conditions are restrictive.

However, challenges remain in meeting the expectations of these travelers. Customers perceive online channels geared towards premium cohorts (frequent flyer and experience-oriented traveler), while mass cohorts, with $55 billion in spending, remain underpenetrated. There are about 160 million non-transacting active Internet users in India with only 5 percent of online travelers from Tier-2 or Tier-3 cities. There is a significant (20 percent) difference between the booking rates of premium cohorts and mass cohorts, the latter being also dissatisfied with online channels (~33 percent satisfied) vs. premium cohorts (~42 percent). The second challenge is in penetrating existing users who exhibit a marked distrust in use of online channels to make bookings, especially around payment and pricing terms and booking experience compared with offline channels. Consequently, their online usage drops between the research (>86 percent online influence) and booking phases (~40 percent offline bookings).

How travel businesses need to adapt to the needs of online consumers

The report cites five major shifts that marketers need to make to market to the online travelers – First, alleviate consumer concerns by improving the booking and payment experience to build a trusted brand and increase adoption. Second, they need to address the negative customer perception issues by mass customization to drive higher share in the segment. They also need to utilize consumer technology to penetrate mass segments (standardize, enable sharing), reach non-transactors (build offline presence), and create new user access.  Moreover, they need to find innovative and frugal ways to package the experience to increase both adoption and retention.  Finally, they need to create a robust digital backend to adapt to customer needs across the purchase journey.

“The contribution of travel and tourism’s spend in India has reached developed market levels, from 6.7percent of GDP in 2013 to 9.4 percent in 2018. This growth, combined with a rapidly growing internet user base and adoption of online bookings will lead to $24 billion in incremental revenues through online channels by 2021. In order to benefit from this trend, businesses need to actively increase new user adoption and increase penetration in the existing user base across the purchase journey.” Joydeep Bhattacharya, partner Bain & Company said.

Travel News | eTurboNews

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UK Foreign Office urged to update UAE travel warnings

April 12, 2019 by Forimmediaterelease

British legal group Detained in Dubai has urged the UK Foreign and Commonwealth Office (FCO) to update its UAE travel warnings to UK tourists in an open letter penned by the organization’s head, Radha Stirling.

“We have frequently called upon the FCO to provide more accurate information to Britons about the many risks they face in the UAE which the current advisory does not cover,” Stirling said. “It is simply not enough to warn people to obey the laws and customs, when very often the legal system itself poses a threat even to law-abiding tourists who may be subjected to false arrests, fabricated cases, forced confessions, torture, and lack of representation.”

Stirling’s letter specifically highlights the dangers inherent in the UAE’s Cybercrime laws, under which Laleh Shahravesh was prosecuted. In the letter to Permanent Under Secretary of State Sir Simon McDonald, head of the FCO, Stirling said:

“This warning is insufficient in light of the Shahravesh case, insofar as it does not explain that a British citizen can, in fact, be prosecuted if they ever visit the UAE, for posting material online in the UK which anyone inside the UAE may deem offensive.

It is vital for British citizens to be aware before traveling to the UAE that their entire social media history must adhere to UAE standards of acceptable content before they risk entering the country.”

The Cybercrime laws, she says, are irresponsibly vague and can easily be misapplied, as in Laleh’s case, in matters that have nothing to do with public endangerment, hate speech, or incitement to violence. “UAE Cybercrime laws subordinate the police, prosecutors, and courts to the tyranny of individual egos,” Stirling explained.

“If anyone in the UAE is offended by someone’s online content, even if they do not know that person, and even if that person posted the content in a different country; a criminal case can be made and an arrest warrant issued. It is an enormous threat to free speech well beyond the borders of the UAE.”

Travel News | eTurboNews

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Keeping Alitalia airline afloat: 900 million euro bridge loan conversion

April 11, 2019 by Forimmediaterelease

Italy’s last council of ministers have approved a new decree law with 11 new rules presented by the Minister of Economic Development, Luigi Di Maio. Among these, at the last minute, is the regulation allowing for the conversion of part of a bridge loan – 900 million euros granted to Alitalia airline in May 2017 – into equity, and, therefore, into a share package (about 15%) of the new company that will be presented by Italia Railways (FS).

In short, the go-ahead for the Treasury to become a shareholder of the new Alitalia in a scheme is official, but all has yet to be defined. At the same time, in fact, an okay was given to the extension of another month (from March 31 to April 30) to FS for the presentation of an industrial plan to the extraordinary commissioners.

The company led by Gianfranco Battisti would have preferred a longer margin that would also cover the month of May, in order to have more time to contract the entry of the other partners.

Between the Ministry of Economy and Finance (15%), FS (30-40%), and Delta (10%), a large percentage is still uncovered which has not yet met stakeholders’ approval.

With CDP, (a loan banc) Poste (the Mail Group) and Fincantieri, which have repeatedly confirmed their lack of interest in the operation, the tracks leading to China Eastern and Atlantia (Autostrade concessionaire and reference shareholder of Aeroporti di Roma) would still be alive.

Travel News | eTurboNews

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WTTC Global Summit: President Obama was a disappointment for many

April 3, 2019 by Forimmediaterelease

U.S. President Barak Obama was the most expected speaker at the ongoing World Travel and Tourism Council (WTTC) summit in Seville today.

More than 1500 CEOs, association presidents, ministers of tourism, and heads of state were attending the summit, and hundreds of viewers from around the world were watching the live video stream of the summit, also announced by this publication. Many who saw the eTN announcement in Hawaii were up at 2:00 am in the morning to listen in.

A loyal group of fans of the former president was in for a big disappointment when without prior warning the video live stream was stopped during the president’s address.

The feedback eTN received from people in the audience listening to Obama’s conversation was not really great. The money spent by WTTC to get some advice from the most popular head of state was disappointing.

There was no substance in the presidents’ talk was some feedback. His talk about his love for hiking when he was young was not relevant to the needs top executives were hoping to hear.

The challenges, needs of the second largest industry was not mentioned. There was no word about equality and dangers LGBT tourists face in countries like Brunei.

Mr. Obama talked about the advice he gave to his daughters: “Be kind, be useful.”

After the microphones and cameras were turned on again moderator Nick Ross praised Obama as the most popular president in generations, saying “lack of power reveals.”

President Obama arrived in Seville at midnight before the event and spent the night at Hotel Alfonso XIII, drawing attention from local residents and the press. In 2016, a scheduled visit by Obama to the Andalusian capital was canceled due to a shooting in Dallas.

He visited Reales Alcázares, a UNESCO World Heritage Site in the morning before returning to his hotel.

He left again at 2 pm for Palacio de Exposiciones y Congresos, which is hosting the international event on April 3 and 4.

After meeting privately with around 50 summit attendees, Obama delivered his short address to WTTC delegates.

After his speech, Obama was scheduled to meet with Spanish Prime Minister Pedro Sánchez for around 20 minutes inside one of the center’s private rooms. It will be their second one-on-one after their meeting last year in Madrid.

Although this is Obama’s first trip to Seville, he has ties to the city because his daughter Malia lived there for a few months.

Travel News | eTurboNews

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