The 'Navigating Horizons' report, a collaborative effort between Nangia NXT and Ficci, foresees a remarkable uptick in India's outbound tourism expenditure, with a surge projected from $18.82 billion in 2024 to $55.39 billion in 2034. Packaged tours remain a preferred choice for Indian travelers, capturing a substantial 39.20% market share in 2024 due to the convenience and customization they offer, indicating a continued preference for pre-planned travel arrangements.
The report underscores the impact of elements like availability of Indian and vegetarian food options, rising awareness about niche tourism experiences, and the attractiveness of destinations like Egypt, Azerbaijan, and Georgia with their diverse offerings. These countries, known for their history, culture, natural beauty, and affordability, are drawing increasing numbers of Indian tourists seeking unique travel experiences. Furthermore, the market's growth is attributed to factors such as growing disposable incomes, an expanding middle class, improved visa procedures, and a growing thirst for international travel experiences among Indians.
According to Suraj Nangia from Nangia NXT, the tourism industry's growth is further fueled by increased consumer spending, visa reforms, heightened social media visibility, and focused marketing initiatives. The report predicts a robust Compound Annual Growth Rate (CAGR) of 11.4%, indicating a positive outlook for the industry, with collective efforts from stakeholders driving the sector forward towards the projected $55.39 billion expenditure mark by 2034. Additionally, the rising number of urban and young populations in India is expected to contribute to the industry's growth, reflecting a continued interest in exploring international destinations.