World Tourism Day: Here's where India is travelling to, and how you too, can join the bandwagon
Sep 27, 2024, 18:15 IST
Who does not love to travel? Most of us would give anything to take a long break from our regular work life and travel the world! And if the vacation rental behemoth Airbnb is to be believed, Indians are taking to traveling with renewed vigor. When it comes to international travel right now, most Indians are traveling to Tokyo, largely to witness the momijgari (red leaf hunting), or the autumn tradition where leaves turn red, which makes for a breathtaking sight.
For those seeking a little peace and quiet, the Amalfi Coast, off the Mediterranean Sea is in vogue. Baku, the capital of Azerbaijan and Kazakhstan are also being increasingly making their way on the travel wish list of most Indian travellers. Per Airbnb, other countries on this list include Montenegro, Norway, Luxembourg, and Georgia.
Closer home, the bustling city of Kanpur in Uttar Pradesh is amongst the top travel destination for most Indians, along with the tropical Lakshadweep. People are also flocking to Ujjain and the hilly, quaint town of Munsiyari in Uttarakhand to take a well deserved break from their hectic lives.
Says Vinay Bagri, Co-founder and CEO, Niyo, a travel banking platform"India’s growing middle class and increasing incomes are driving the rise in outbound travel. Additionally, India’s soft power diplomacy is shaping global travel industry trends. According to the Henley Passport Index, there are 62 countries where Indian passport holders can travel visa-free".
"Niyo has seen a 60% growth in international travel over the past year. 55% among leisure travelers, 70% in student travel, and 25% in business travel. Interestingly, 40% of the customers we onboarded were first-time international travellers”, he continued.
Here are some ways in which you can create a healthy corpus for your travelling, all from your savings:
Creating a Vacation Budget
Establish a comprehensive budget that covers expenses such as travel, currency exchange rates, time off from work, and the number of travelers. Conducting in-depth research on your destination, the best time to visit, and other relevant details can also lead to significant savings.
A good idea is to plan in advance the number of vacations you wish to take each year. Deciding and booking your tickets ahead of time can help you save costs. Also, having a dedicated travel fund, separate from your daily expenses, helps you stay focused. Consider using a fixed deposit or a liquid mutual fund to watch your money grow faster.
Per Swati Bhargava, Co-Founder of CashKaro and EarnKaro, building a travel fund not only allows you to experience your dream vacation, but also fosters healthy financial habits that prevents debt and maximizes the value of your hard-earned money.
Says Bhuvan Rustagi COO & Co-founder of Per Annum, "By exploring options such as recurring deposits, liquid funds and short-term bonds, individuals can enhance their financial flexibility, which can also help them plan any spontaneous adventures".
Don't let your travel fund sit idle in a savings account. You can invest it in various short-term instruments, depending on your risk appetite. In case you want to play it safe, a recurring deposit or liquid funds are a good option. For people willing to take on more risk, P2P lending can also be a good option.
Automate your way
By setting up recurring transfers from your primary account to a dedicated travel savings account, you can ensure that a portion of your income is automatically saved each month. This disciplined approach will eliminates the temptation to spend impulsively, and will also help you stay committed to your travel goals.
During the festive season, which will set in from next month, most online platforms, websites, and aggregators abound with enticing discounts on flights and hotels. Keep a keen eye on these deals, and you can significantly reduce travel expenses and plan your trip more efficiently. During the sales, travel portals often offer exclusive discounts tied to specific banks or release flash sales. That is also a great way to maximize your savings on travel.
Many Indians are also turning to cashback platforms to maximize their savings on travel bookings. According to reports, the travel sector sees an average cashback rate of 8%, the highest of all sectors. Further clubbed with credit cards you save a lot more on your hotels & flights. No wonder, travel credit cards emerged as the frontrunners, experiencing a remarkable 27% YoY growth in 2023.
So, what are you waiting for? Start planning your next travel destination now. With smart investments and budgeting, it might happen for you, sooner than you think!
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For those seeking a little peace and quiet, the Amalfi Coast, off the Mediterranean Sea is in vogue. Baku, the capital of Azerbaijan and Kazakhstan are also being increasingly making their way on the travel wish list of most Indian travellers. Per Airbnb, other countries on this list include Montenegro, Norway, Luxembourg, and Georgia.
Closer home, the bustling city of Kanpur in Uttar Pradesh is amongst the top travel destination for most Indians, along with the tropical Lakshadweep. People are also flocking to Ujjain and the hilly, quaint town of Munsiyari in Uttarakhand to take a well deserved break from their hectic lives.
Says Vinay Bagri, Co-founder and CEO, Niyo, a travel banking platform"India’s growing middle class and increasing incomes are driving the rise in outbound travel. Additionally, India’s soft power diplomacy is shaping global travel industry trends. According to the Henley Passport Index, there are 62 countries where Indian passport holders can travel visa-free".
"Niyo has seen a 60% growth in international travel over the past year. 55% among leisure travelers, 70% in student travel, and 25% in business travel. Interestingly, 40% of the customers we onboarded were first-time international travellers”, he continued.
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Be financially prepared
But while it is great to travel, or take that dream vacation or overseas trip, setting aside money for the same can certainly be a herculean task. That's why, the key to a stress-free getaway, irrespective of it being a short break or an extended adventure, lies in making strategic investment choices.Here are some ways in which you can create a healthy corpus for your travelling, all from your savings:
Creating a Vacation Budget
Establish a comprehensive budget that covers expenses such as travel, currency exchange rates, time off from work, and the number of travelers. Conducting in-depth research on your destination, the best time to visit, and other relevant details can also lead to significant savings.
A good idea is to plan in advance the number of vacations you wish to take each year. Deciding and booking your tickets ahead of time can help you save costs. Also, having a dedicated travel fund, separate from your daily expenses, helps you stay focused. Consider using a fixed deposit or a liquid mutual fund to watch your money grow faster.
Per Swati Bhargava, Co-Founder of CashKaro and EarnKaro, building a travel fund not only allows you to experience your dream vacation, but also fosters healthy financial habits that prevents debt and maximizes the value of your hard-earned money.
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Short-term Gains for Quick AccessSays Bhuvan Rustagi COO & Co-founder of Per Annum, "By exploring options such as recurring deposits, liquid funds and short-term bonds, individuals can enhance their financial flexibility, which can also help them plan any spontaneous adventures".
Don't let your travel fund sit idle in a savings account. You can invest it in various short-term instruments, depending on your risk appetite. In case you want to play it safe, a recurring deposit or liquid funds are a good option. For people willing to take on more risk, P2P lending can also be a good option.
Automate your way
By setting up recurring transfers from your primary account to a dedicated travel savings account, you can ensure that a portion of your income is automatically saved each month. This disciplined approach will eliminates the temptation to spend impulsively, and will also help you stay committed to your travel goals.
During the festive season, which will set in from next month, most online platforms, websites, and aggregators abound with enticing discounts on flights and hotels. Keep a keen eye on these deals, and you can significantly reduce travel expenses and plan your trip more efficiently. During the sales, travel portals often offer exclusive discounts tied to specific banks or release flash sales. That is also a great way to maximize your savings on travel.
Many Indians are also turning to cashback platforms to maximize their savings on travel bookings. According to reports, the travel sector sees an average cashback rate of 8%, the highest of all sectors. Further clubbed with credit cards you save a lot more on your hotels & flights. No wonder, travel credit cards emerged as the frontrunners, experiencing a remarkable 27% YoY growth in 2023.
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"For those planning a festive season getaway, combining multiple offers can lead to substantial savings, making your dream destination more affordable”, continues BhargavaSo, what are you waiting for? Start planning your next travel destination now. With smart investments and budgeting, it might happen for you, sooner than you think!