ACKO YouGov Travel Report: After lacklustre years, the travel industry is poised for a resurgence with a surge in demand among travellers. Did you know, in 2023, 31% of Indians plan to embark on international trips? To reveal the latest travel trends and insights, as well as to understand post-pandemic travel behaviour, ACKO, India’s leading tech-first insurance company, partnered with YouGov to release its newest research report: ACKO Travel Index 2023.
Travel Budget and Duration
The report, based on a survey of 1000 respondents across seven major Indian cities aged between 24 and 45, identifies key travel considerations among Indians. With the increased desire for travel experiences, approximately 48% of Indians are allocating a higher budget for their trips in the coming year. Furthermore, 37% are extending the duration of their trips to embark on extraordinary adventures and seize every opportunity.
ACKO YouGov Travel Report: International Travel Demand
ACKO YouGov Travel Report indicates a significant rise in demand for international travel. As Indians plan their domestic journeys, 44% are allocating a larger budget for travel post-pandemic, 31% are intending to take more domestic trips in 2023-24, and 30% are planning to increase the duration of their trips.
Travel Budget Preferences
According to the ACKO YouGov Travel Report, around 71% of respondents are willing to spend Rs 1–6 lakh on their international trips, while those travelling domestically prefer to spend up to Rs 1 lakh.
Shifting Travel Behavior
Apart from destinations and budgets, the report highlights a significant shift in the behaviour of travellers. Cleanliness is now the foremost concern during trip planning, followed by flexibility and convenience. Additionally, respondents expressed a desire to avoid crowded spaces.
Insights from Brijesh Unnithan, SVP, Embedded Insurance
Speaking at the report’s launch, Brijesh Unnithan, SVP, of Embedded Insurance, remarked, “We wanted to understand how Indians plan to travel in 2023 and how their travel preferences have changed over the past couple of years. The survey clearly shows that travellers now prioritize convenience and flexibility, and they are willing to invest more in the overall experience.
It is great to see that Indian travellers recognize the importance of travel insurance and understand what to expect from a policy. They are more conscious about their well-being during a trip and demand customized insurance products that cater to their needs and expectations. They seek products that provide confidence, knowing they are well-prepared for any eventuality.”
Travel Preferences: Domestic vs. International
The survey of 1000 respondents aged between 24 and 45 from seven major Indian cities revealed that 60% desired international travel, while 40% preferred planning only domestic journeys.
Top Considerations
During trip planning, the utmost consideration is the comfort of the journey throughout. Around 50% of respondents agreed that travel convenience is paramount, followed by lower ticket prices, flexible ticket booking, and the cleanliness of the transportation they are boarding.
When choosing accommodation, cleanliness ranked highest, followed by convenience, safety, and accessibility of the location. Convenience also topped the list of considerations when choosing local activities, with cleanliness being a close second.
Understanding Travel Insurance
The report addresses the question of whether Indians understand travel insurance. 67% of respondents said that travel insurance is mandatory when planning their trips, and 62% are aware that travel insurance provides medical and accident coverage, which they consider a top priority when evaluating a policy. 49% are also aware of the lost baggage cover, followed by trip emergency coverage, missed or delayed flight cover, and trip flexibility cover.
When asked about their insurance preferences, 48% stated they prefer comprehensive travel insurance policies. However, 39% expressed interest in more flexible and customizable travel insurance policies tailored to their needs. Only 13% said they do not want to take out a travel insurance policy.
Offline Vs. Online
Most Indians rely on a combination of online and offline sources to plan their trips. For instance, 45% of respondents use both online and offline information to choose local transport for their destination. 44% rely on both streams of information when deciding on accommodation, and 43% determine their travel options based on research from both sources.
Preferred Destinations
Respondents also shared their preferred international destinations, with Dubai ranking first, followed by the Maldives, Singapore, Switzerland, and Bali. Among domestic travel destinations, Goa ranked first, followed by Himachal Pradesh, Kerala, Uttarakhand, and Rajasthan.
Interestingly, 1 in 3 respondents expressed strong interest in adventurous holidays. Some travellers seek scenic locations, like the sea or mountains, while others travel for shopping, to try new cuisines, or to experience theme parks.
Travel Companions
36% of Indians prefer to travel with their friends, 35% with their spouse or partner, and only 14% opt for solo trips. A few individuals (4%) also enjoy traveling with their pets.
In conclusion, the ACKO Travel Index 2023 highlights the increasing enthusiasm for travel among Indians, with a greater focus on convenience, cleanliness, and flexibility during trip planning. The report emphasizes the importance of travel insurance and reveals the preferred domestic and international destinations for Indian travellers in the coming year. As the travel industry undergoes a renaissance, catering to these evolving preferences will be crucial for businesses aiming to thrive in the competitive landscape.
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