
The travel and tourism sector was one of the most impacted during the deadly coronavirus (COVID-19) waves, which wreaked havoc globally after the first case was reported in China in late 2019. The industry faced unprecedented economic challenges because of the temporary drop in business activities.
Governments around the world launched mass vaccine programmes to fight the Covid virus. As the fear of Covid started to subside, people began getting back to normal life. Slowly and gradually, global tourism is bouncing back, with more and more people spending time on travel.
When it comes to India, the travel industry also picked up a pace as according to the Amex Trendex, which is a trend report from American Express, consumers celebrated, shopped, and travelled more thoughtfully this year.
The report, published in October, stated that Covid variants last year disrupted the long-awaited plans of many consumers. More than half (52%) of consumers had plans cancelled last holiday season.
The report mentioned that 8 in 10 (87%) Indian consumers agree that they are thinking about starting or restarting the tradition of travelling during the holiday season because they want to spend more quality time with loved ones.
Indian consumers also gave thought to support the local economy as 6-in-10 respondents are planning on spending more at small businesses this holiday season compared to 2021.
Sanjay Khanna, the CEO of American Express Banking Corp India, said, "We see two strong shifts in the Indian consumer’s spending patterns this holiday season. One, there is higher indulgence in experiences they would like to share with family and friends and two, there is a shift towards more thoughtful gifting like sustainable products from local brands, thereby supporting smaller entrepreneurs or local shop owners."
The report mentioned that highest amongst all the surveyed countries, 75% of Indian respondents want to plan a holiday event for family and/or friends this holiday season.
It further mentioned that 82% of Indian adults and 83% of Indian GenZers and Millennials are planning to celebrate the holiday season with family. Around 67% of Indian respondents want to attend cultural events including holidays, parades, and festivals this holiday season.
The report also mentioned that online shopping, digital payments and earning while spending is quite popular with Indian consumers as 9 out of 10 agree that they are more likely to shop online if free shipping and free returns are given as an option. The report mentioned that around 88% agree that they want to earn credit card rewards for online purchases this holiday season.
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