New Delhi: The yearly sojourn at the ancestral family home is fast being replaced with exciting new options that come laced with luxury, comfort, novelty and fun.
Factors that have contributed to this shift is the nuclear family set-up, high advertising spend of companies who are aggressively wooing people of all age groups and income levels and a booming service industry that is gearing up to offer value added services.
India is expected to be the third fastest growing country in the world in travel and tourism demand over the next 10 years, according to the Pacific Asia Association.
The growth potential along with the the 19.8% increase in the number of members living in India with financial assets of more than $1 million Rs4 crore)(Rs versus 6.5% growth worldwide is showing its impact on the sector, according to the Total Tourism Study by the Pacific Asia Travel Association
Fun is no longer a negative word and adventure, risk taking and spending money are part of the psyche that makes up the modern traveller’s holiday kit.
“If we ever happen to go through an essay penned by children in school on their summer vacation, chances are we would find vivid descriptions of a real or imagined trip that outlines exotic places, cuisine, entertainment and leisure activities that they enthusiastically participated in,” says Radhika Shastry, managing director, RCI Group India, a global leader in non-hotel leisure accommodations.
The Indian vacationer’s requirements have shifted rapidly during the past few years on account of growing aspirations and desire to dabble with things which till recently were out of his/her reach. The growth of the luxury segment be it in consumer products or choice of holiday tours, is an indicator of changing priorities and preferences.
With leading tour operators also offering loans for overseas travel, it is common to find young working couples taking loans to not only buy the car of their choice or a studio apartment but also taking a vacation to a destination of their choice, which is usually one of the overseas destinations, even if it means having a scaled up EMI.
With additional inputs from PTI