Easing Covid-19 travel restrictions lead to surge in daily flight bookings: Paytm survey
The easing of travel restrictions following two years of strict curbs due to the outbreak of Covid-19 has led to a sharp increase in flight ticket bookings. Fintech major Paytm witnessed strong growth in daily flight bookings amid rising demand for both domestic and international air travel. During mid-January to April, the Paytm app witnessed an over 50% increase in daily bookings despite soaring airfares. This was accompanied by a sharp drop in cancellations, down to 6% from 22% in mid-January. At least 35% of daily ticket bookings on the app have travel dates beyond 15 days, up from 23% in January, indicating stronger customer confidence.
Paytm witnessed higher demand for domestic leisure travel, with popular destinations such as Goa and Port Blair registering a 150% and 300% increase in flight bookings, respectively, during January to April.
The resumption of scheduled international flights in March also sparked a demand surge. International flight bookings through the Paytm app have sustained a consistent on-weel growth of 30%. Daily bookings for international travel in May are four times higher than bookings at the start of 2022.
According to Paytm’s flight booking data, the United Arab Emirates, Thailand, and Nepal are the top three international destinations. Bookings to Phuket and Bangkok (both in Thailand) have surged six times since mid-February. Other popular destinations during this period are Indonesia, Singapore, and Malaysia.
A Paytm spokesperson said on the findings, “We have seen a rapid recovery in flight ticket bookings with the surge in customer demand for domestic and international travel. To further build on this momentum and also bring convenience to our users, we have many exciting offers and discounts on flight ticket bookings through the Paytm app.” To increase customer convenience and cater to the rising demand, Paytm has introduced discounts up to 15% on flight tickets in partnership with ICICI Bank, HDFC Bank, HSBC, CITI, and Bank of Baroda. (Source FE)