Have money, will travel: More and more wealthy Indians explore the world

Have money, will travel: More and more wealthy Indians explore the world

India is on the move. While China remains the largest market in Asia, 9 out of 10 Indian respondents in the Experiencing Luxury - The Asian Traveler in 2016 report said they expected to spend more on luxury in the next year, giving India the highest likelihood of growth of all the nations surveyed. In fact, according to this article we read in The National, India’s luxury travel market has a projected annual growth rate of 12.8 per cent between 2015 and 2025.

Read the article here  

We asked some of our trusty Indian travel advisors their View. 

News Views

Buyer View

"Indians are travelling and from all segments of society. It's no more a luxury which can be experienced only by the elite class, everyone is travelling now and the seasoned travellers are moving upwards to the next level of luxury, both in terms of wealth, affordability and in the maturing mind-set in the way they take holidays.

Even under luxury segment in India, we have bifurcations, wherein the nouveau rich have different travel patterns, preferences, expectations and needs. The traditionally wealthy luxury traveller has moved towards a need for seeking experience-based travel, wherein luxury is all about time and space, intrinsic and deeper, life transforming experiences and not just creature comforts (which is a priority for the nouveau rich). Some of these experiences are very expensive due to their exclusivity, remoteness etc. but the discerning HNWIs are able to see value wherein the spend is treated, not as an expense or cost, but an investment or means to life fulfilling enrichment through travel.

The majority of HNWIs in India are exploring established destinations, products, experiences, using known global brands for Hotels, Resorts, Cruises. But a growing segment has moved to next level of indulgence travelling everywhere from Polar Regions to South Americas, Latin America, Indo-China, Central Asia, Eastern Europe, Baltic States, Northern Europe and Arctic, Deeper into Africa exploring Botswana, Zimbabwe, Uganda, Rwanda, Namibia, and South Pacific."

Exhibitor View

"Beverly Hills considers the Indian market an emerging, newly sought-after destination that warrants an effective tourism and educational strategy.  We retain representation for our trade and communications efforts and conduct in-market visits as often as time and budget allows. During our visits, we combine sales calls with destination driven events that help us update our current contacts and secure new introductions.  Over the last five years, we have seen an increase in the amount of visitors coming from this region and continue to work with our luxury hotels and restaurant partners to ensure that cultural and service expectations are consistently met."

Buyer View

"Travel has overtaken many tangible investment avenues, and an increasing number of my Indian clients are now investing more in experiential travel than in other luxury lifestyle product. HNWI's in India are attaching more value to experiences when they travel, some even for bragging rights. Of course Luxury Hotels, Michelin Star dining options, luxury shopping experiences & sight seeing opportunities are always a given with them. 

Its not just Hollywood & Beverly Hills that attracts HNWI's to LA, but also Santa Monica & Malibu. A lot of them come for the Universities where they have their children studying, some for their fancy for Broadway-like shows, each one has their own draw.

Realizing the spending power & disposal income levels of Indians, the biggest Marques in the Luxury lifestyle goods segment are queuing to open their outlets all over India, so practically everything that one may want to own is pretty much available in India. Having said that, luxury shopping has and always will be on every Indian's holiday agenda. One has to appreciate that overseas shopping has been made into an experience in itself by a lot of lifestyle brands, you have personal shopping assistants, exclusive previews & shopping hours, limited edition items and of course the very latest inventory & personalisation possibilities."

ILTM View

"The research conducted for ILTM by Agility Research, ahead of ILTM Asia 2016, clearly shows a notable increase in optimism for the coming 12 months among Indian travellers, with 9 in 10 saying they expect to travel more. Surveys on the purchasing behaviour of over 300 HNWI's revealed some notable implications for brands operating in this market, namely, Indian's want superior quality from luxury products and services, so you need to be able to show them that your offer is of a genuinely superior standard. They also want plenty of opportunity to buy luxury products, which continues to be a key feature of Indian itineraries" 

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