Ninety five per cent Indian travellers prefer to use credit cards during their international travels to make their experience seamless, revealed the findings of Global Travel Intentions Study 2023, conducted by digital payment facilitator, VISA.
Various offerings like travel miles, cashback, rewards, high acceptance, foreign exchange rates, and high limits on spending remain the key factors that drive international card usage, it found.
Visa has been executing the Global Travel Intentions (GTI) study biennially for over a decade to understand travel and payment behaviours of its users, as well as to map the emerging trends in the travel landscape.
During the ET Travel & Tourism Conclave, Arvind Singh, Former Tourism Secretary & AAI Chairman highlighted India’s tourism growth, projecting a INR 16.5 trillion contribution to the economy in 2023, a mere 3.5 per cent dip from pre-pandemic 2019 figures. Singh also discussed global tourism’s outlook, foreseeing a 23.3 per cent surge in Travel and Tourism GDP, nearing USD 9.5 trillion for 2023.
“Consumers are increasingly wanting to substitute cumbersome procedures with secure, safe travel experiences,” said Sridhar Keppurengan, Business Head of Cross Border Payments, India & South Asia, Visa. “The security offered by a trusted brand’s card and the convenience of the widest global acceptance remain paramount, effectively removing complexities associated with exchanging and carrying the foreign currency,” said Keppurengan. Keppurengan said the Global Travel Intentions Study 2023 is a compass guiding the company through the ever-evolving landscape of travel and payments. “It’s clear that cards are persistently simplifying cross-border transactions, emerging as the favored choice for consumers seeking to amplify their overall travel experience, particularly for those journeying outbound from India,” he said.
The study identified sustainability, infrastructure, and experiential travel to be key drivers of the sector. As per its findings, 86% of individuals are highly interested in eco-friendly and sustainable travel and offerings and 60% look for such options actively.
The study found that infrastructure is important to 65% of individuals and 43% say destinations promoting sustainable initiatives would encourage them to travel sustainably. 75% prioritise the social environment (including good environmental practices and safety) while choosing a destination and 73% of individuals look forward to local cultural experiences, it said. In terms of hospitality experience, 86% of travellers were found to prefer hotels,30% prefer bed and breakfast set-ups, and 24% prefer hostels as accommodation choices, it revealed.
Among Indian consumers, international destinations like Australia, the UAE, the US, and Canada remain top preferences. The study found that 70% of travellers choose a destination based on leisure activities available, like entertainment and activities (35%), shopping options (27%), and local food and dining options (26%). Relaxation has been the main driver for travel (26%) and remains the top motivation (51%) for the next trip as well, it concluded.
