India
‘India’s Millennials Spend Most on Travel, Beating Gen Z, Gen X and Boomers’ | India News – Times of India
NEW DELHI: Millennials in India spend the most on travel, with an average annual amount of $6,031. Generation ZAccording to Collinson International’s research report titled “2024 Travel Benefits and Customer Engagement Report,” Generation X and Baby Boomers spend $2,622, $3,059, and $2,600 per year on travel, respectively.
A survey of 7,250 respondents in 14 markets in Asia PacificAccording to the report, travel is the second highest expense for respondents in India, accounting for nearly a third of annual spending. Only “daily expenses” – which includes groceries and shopping – surpassed spending on travel in India, the report said.
Sumit Prakash, Collinson International country director (India and South Asia), said: “Our research highlights that travel is a key driver of consumer spending, with a strong ‘travel resonance’ among Indian respondents. The rise of Indian travellers travelling abroad, coupled with the increasing travel spend of millennials, highlights the growing opportunity in the market that brands, particularly in financial services, can leverage to create greater value.”
“When asked which travel benefits they value most, 44% of respondents named airport lounge access as their top travel-related credit card benefit – ahead of fast-track security (9%) and airport transfers (7%). In fact, 90% of respondents in India agreed that airport lounge access is a travel benefit they would expect from any credit card with an annual fee. 89% would consider switching to a new card if their payment card no longer offered airport lounge membership as a benefit, highlighting the impact of travel benefits on retention,” the report said.
Prakash added: “As evidenced by the ever-increasing passenger numbers in India, consumers are increasingly willing to spend on travel and are showing a strong preference for travel-related benefits that enhance their travel experiences. By integrating travel and airport-related benefits and experiences – such as airport lounge access, fast-track security, airport transfers, dining and more – into customer engagement and loyalty programs, brands can elevate their customer value proposition, increase customer satisfaction, differentiate themselves from competitors and deliver measurable business impact. We look forward to continuing to work closely with our partners in India to capitalize on the opportunities that travel brings and enhance their consumers’ travel experiences.”
A survey of 7,250 respondents in 14 markets in Asia PacificAccording to the report, travel is the second highest expense for respondents in India, accounting for nearly a third of annual spending. Only “daily expenses” – which includes groceries and shopping – surpassed spending on travel in India, the report said.
Sumit Prakash, Collinson International country director (India and South Asia), said: “Our research highlights that travel is a key driver of consumer spending, with a strong ‘travel resonance’ among Indian respondents. The rise of Indian travellers travelling abroad, coupled with the increasing travel spend of millennials, highlights the growing opportunity in the market that brands, particularly in financial services, can leverage to create greater value.”
“When asked which travel benefits they value most, 44% of respondents named airport lounge access as their top travel-related credit card benefit – ahead of fast-track security (9%) and airport transfers (7%). In fact, 90% of respondents in India agreed that airport lounge access is a travel benefit they would expect from any credit card with an annual fee. 89% would consider switching to a new card if their payment card no longer offered airport lounge membership as a benefit, highlighting the impact of travel benefits on retention,” the report said.
Prakash added: “As evidenced by the ever-increasing passenger numbers in India, consumers are increasingly willing to spend on travel and are showing a strong preference for travel-related benefits that enhance their travel experiences. By integrating travel and airport-related benefits and experiences – such as airport lounge access, fast-track security, airport transfers, dining and more – into customer engagement and loyalty programs, brands can elevate their customer value proposition, increase customer satisfaction, differentiate themselves from competitors and deliver measurable business impact. We look forward to continuing to work closely with our partners in India to capitalize on the opportunities that travel brings and enhance their consumers’ travel experiences.”
