Visa Inc. (NYSE: V), the global leader in digital payments, and EY, the leading professional services organization, have launched a comprehensive report titled ‘Charting the Course for India – Tourism Megatrends Unpacked’.
The report reveals that India’s tourism industry is on track to reach US$1 trillion by 2047, with data-led tourism set to be a key driver of growth. It takes a long-term view of India’s tourism industry, beyond the pandemic’s impact, and identifies the megatrends expected to shape the sector over the next decade.
The report was unveiled in the presence of Amitabh Kant, G20 Sherpa, and former CEO, NITI Aayog, and Alfred F Kelly Jr, Executive Chairman, Visa, at the ASSOCHAM India Tourism Conference in New Delhi.
The report identifies Sustainability, Enabling Technologies, and Evolving Tourist Preferences as the main disruptive forces driving tourism. Sustainable tourism experiences and offerings are in high demand worldwide, and this trend is likely to continue in the future.
At present, the global sustainable tourism market is valued at US$180 billion. In India, this is valued between US$26 million- US$2.5 billion and is expected to grow at 15% CAGR. Another key trend identified is evolving tourist preferences, driven by the presence of Gen Z, which constitutes 24% of the global population and 27% of this is in India.
The report offers detailed insights into the segments that will play a critical role in driving tourism industry growth and the Indian economy at large.·
Spiritual tourism will play a key role since 60% of domestic tourism in India is spiritual in nature, and 30.5 million international travellers are expected to visit India by 2028 for this purpose.·
Medical and wellness tourism will witness growth with a potential for 24 million jobs to be created by 2032. In 2021, 21% of international travellers sought medical treatment in India .·
Adventure and sports tourism has the potential to create 6 million jobs by 2032. Globally, an average adventure tourist spends US$2,900 per trip.·
Business travellers and MICE – India’s share in the global MICE market will more than double from 2019 to 2025. In 2021, 12.1% of foreign tourists visited India for business purposes.·
Travel mobility – Airports in India will increase to 220 by 2025 with US$1.5 trillion worth of investments through the National Infrastructure Pipeline Scheme (2020-25).
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