Tag Archives: trends

Trip Navigator eyes 66% growth this fiscal

Trip Navigator is aiming to achieve 66% revenue increase in the upcoming year. Building on its success in 2023, which saw a revenue increase of INR 60 crore, the company now sets its sights on further growth.

Aligning with the Government of India’s initiatives to boost domestic tourism and expand international offerings, Trip Navigator unveils its strategic plans for 2024, demonstrating its commitment to innovation and excellence in the travel sector.

In the realm of MICE tourism, especially in corporate outings within India, there’s a noticeable trend towards integrating local culture and heritage into itineraries. Tapping into the prevailing trend, Trip Navigator appreciates the value of authentic experiences, hence, they focus on partnering with luxury properties in off-beat locations like Lakshadweep and the North East, aiming to enhance the appeal of these destinations.

Additionally, the company actively promotes cruise tourism, acknowledging its increasing popularity among corporations for incentive trips and recreational activities. Through these initiatives, the corporate travel firm aims to utilize its expertise and network to create exceptional experiences for corporate clients and further promote domestic tourism.

Abhishek Gupta, Co-Founder of Trip Navigator Private Ltd., said, “Looking ahead to 2024, Trip Navigator is driven by a dual mission: to elevate domestic tourism and expand global MICE destinations. Our focus is twofold: showcasing India’s rich cultural heritage and exploring emerging international locales. We’re dedicated to crafting immersive experiences in offbeat Indian destinations, aligning with government initiatives. Simultaneously, we’re eyeing vibrant international markets to offer our clients unparalleled corporate experiences. As we journey forward, Trip Navigator remains committed to innovation and excellence, both at home and abroad.”

Furthermore, the global MICE industry’s exponential growth underscores the vast potential for innovation and expansion. Valued at USD 805.0 billion in 2017 and estimated to reach USD 1,337.4 billion by 2028, the sector presents a myriad of opportunities for companies like Trip Navigator to capitalize on emerging trends and market demands.

The travel aggregator is primed to seize these opportunities and has observed increased interest in unique destinations such as Sri Lanka and Central Asian countries like Tashkent, Almaty, Georgia, and Baku. Southeast Asia, particularly Vietnam, has emerged as a strong market, with successful events already hosted in the first quarter of the year. With its extensive network and expertise, Trip Navigator leads innovation within the sector, both domestically and internationally.

With a commitment to delivering exceptional experiences, Trip Navigator aims to identify new and unexplored destinations, both within India and abroad, to provide its clients with innovative and memorable offsites, Rewards and Recognition (R&R) activities, and dealer meets. The company’s goal for 2024 is to achieve steady growth, driven by strategic planning and a dedication to service excellence.

 

Airbnb Reveals Trends for Indian Summer Travellers 2024

As summer arrives and school breaks commence, Indian travellers are on the lookout for distinctive adventures both at home and abroad. Airbnb has just revealed the latest insights into the summer travel inclinations of Indian globetrotters, shedding light on their increasing inclination towards immersive experiences that go beyond conventional accommodations.

Within India, trending summer destinations include beach havens like Goa and Varkala), as well as cultural hubs like Varanasi and Delhi, and scenic cities like Kochi. Internationally, Milan, Amalfi, Tokyo, Rome, and Frankfurt have emerged as the preferred destinations, driven by Bollywood films and social media influencers (Trending destinations based on searches made by India guests from January to March 15, 2024 for stays in June, July and August 2024)].

Amanpreet Singh Bajaj, Airbnb’s General Manager, India, Southeast Asia, Hong Kong and Taiwan said, “This summer, Indian travellers are embracing the spirit of exploration and discovery like never before. Domestically, they are opting for beach destinations and cultural hubs like Goa and Varanasi, offering immersive and vibrant experiences. Internationally, European countries such as Milan, Amalfi, Rome and Frankfurt along with Tokyo are gaining immense popularity and emerging as another trending international destination for Indians. At Airbnb, we are thrilled to curate unique and authentic stays that cater to these evolving preferences, enabling Indian travellers to explore destinations, both within the country and abroad, during this season.”

Summer vacations have led to a surge in family, and group travel on Airbnb. To enhance the group travel experience, Airbnb recently introduced new features. Shared wishlists, a redesigned Messages tab, and trip invitations streamline collaborative planning, allowing families and groups to curate their itineraries collectively, communicate seamlessly, and ensure an enjoyable summer vacation.

Five Travel Trends to Watch Out for in 2024

Naveen Bothra, Head – Airlines Touchpoint Products & User Experience, Amadeus India

The travel industry is always changing, adapting to the latest technological advancements, societal shifts, and emerging trends that promise to reshape the way we traverse the globe. As 2023 comes to an end, 2024 is all set to bring some big changes. These trends are like puzzle pieces forming a picture of a travel world full of new ideas and fun experiences. As we look forward to a new year, we can expect some exciting developments that will redefine the way we explore the world.

1. Music Tourism: A Blend of Harmony, Travel, and Entertainment
After a prolonged period of pandemic-induced isolation, when bands and music artists were unable to perform for months, there is now a growing desire for connection and shared experiences which is fueling the rise of music tourism. Travelers are increasingly journeying to destinations to partake in music events, be it concerts or festivals. Music tourism boosts the local economy, culture, and tourism industry, as well as creates unforgettable memories for travelers. The Amadeus Travel Trends 2024 Report revealed that music tourism significantly influences travel searches and bookings, especially when popular artists announce their tour dates. For instance, tour dates by renowned artists like Taylor Swift has already had a substantial impact on travel patterns. In the summer of 2023, Coachella festival in California brought about 500K attendees and contributed approximately $1.5 billion to local economy.

2. Influencers: The New Travel Ambassadors
Social media influencers have evolved into influential travel ambassadors who wield considerable sway over travelers’ decisions. With large and devoted followings, these influencers not only inspire and inform travelers, but also facilitate direct bookings by offering their followers exclusive deals, discounts, or access to their travel platforms. Travel influencers are organizing and hosting their own group trips, leveraging technology-enabled e-commerce platforms to streamline booking links directly on their social media profiles and process payments. These influencers are not just showcasing picturesque destinations; they are also guiding travelers through the complex realm of travel technology. From recommending the best navigation apps to highlighting the benefits of contactless payment solutions, influencers play a crucial role in demystifying and simplifying the use of technology for their audience.

3. Electric Skyways: A Leap Towards Sustainable Air Travel
As urban areas grapple with congestion and environmental concerns, electric vertical take-off and landing (eVTOL) aircraft are emerging as a promising sustainable solution for eco-conscious travelers. Companies like Volocopter are pioneering electric air taxi networks, aiming to introduce these innovations for major global events and expand services across Asia, while providing low-emission travel options within cities, to satellite airports, and across countries and islands. The transition to electric aviation has the potential to emerge as a powerful solution for mitigating the environmental footprint of air travel in the future, complementing advancements like sustainable aviation fuel (SAF).

4. Intelligent Concierge: Personalized Travel Planning at Your Fingertips
The integration of Generative AI (Gen AI) into travel planning is revolutionizing personalized assistance for travelers. GenAI is already adding tremendous value to the online travel planning and booking experience for consumers, as search and advice become hyper-personalized and more intuitive. Chatbots and AI-powered virtual assistants now cater to customer needs, offering tailored recommendations and facilitating instant bookings. This intelligent technology not only enhances travel planning but also alleviates the burden on human resources, allowing for more personalized and specialized customer support. Expedia has already launched ChatGPT plug-in to serve as a virtual travel assistant. It attentively listens to customer requirements and promptly provides hotel and itinerary suggestions along with booking links.

5. Business Luxe-Lite: Accessible Premium Travel Experiences
An emerging trend in air travel focuses on offering more affordable yet luxurious ‘unbundled’ business class fares. Business class passengers today don’t necessarily adhere to the traditional suit-and-tie attire. Whether they are a Gen Z entrepreneur, a Gen Y digital nomad, or a Boomer vice-president, the demographic makeup of business class has diversified. Social media has played a significant role in fostering a common desire for lifestyle optimization across age groups, particularly among those under 50. The aspiration for more luxurious experiences is on the rise, and individuals are keen on achieving them, be it through points, credit, or savings.

Conclusion
As we navigate the ever-changing landscape of travel, these anticipated trends for 2024 are set to transform and enhance the travel experience for all. With travelers eagerly anticipate the unfolding of these trends in the year ahead, the evolving world of travel is poised to deliver innovative, immersive, and tailored experiences, ensuring that the allure of exploration continues to thrive in this ever-evolving journey of discovery.

Deal activity in T&T industry declines 36.2% YoY during Jan-Aug 2023: GlobalData

The global travel and tourism industry experienced a notable decline in deal activity during January-August 2023, marking a substantial year-on-year (YoY) decrease of 36.2% compared to the same period in 2022.

This decline spanned various deal types, including mergers and acquisitions (M&A), private equity, and venture financing, with economic uncertainties and geopolitical tensions playing a significant role in shaping this trend, finds GlobalData, a leading data and analytics company.

An analysis of GlobalData’s Financial Deals Database reveals that a total of 482 deals were announced in the global travel and tourism industry compared to 756 deals announced during January-August 2022. The volume of M&A deals declined by 37.8% while the number of private equity and venture financing deals declined by 38.1% and 30.8% YoY, respectively.

Aurojyoti Bose, Lead Analyst at GlobalData, said, “Economic uncertainties including interest rates hikes, rising inflation, looming recession fears coupled with geopolitical tensions seem to have made investors cautious, which led to the significant decline in T&T deal activity across many countries.”

In fact, several key markets witnessed double-digit decline in deals volume during January-August 2022 compared to the same period in 2022. For instance, the US, the UK, Australia, France, Japan, the Netherlands, and Canada witnessed deals volume decline by 47.2%, 45.3%,20.8%, 13.6%, 62.5%, 31.3% and 33.3% YoY, respectively, during January-August 2023.

India and China too registered 6.3% and 3.3% decline in deals volume during January-August 2022 compared to the same period in 2022.

Bose concluded, “Despite the challenges, its ability to adapt and recover has been a hallmark of the travel and tourism industry, and this resilience is likely to drive a resurgence in deal activity when the global landscape stabilizes.”