Indians are flush with funds and have gotten smitten by the wanderlust bug. Little wonder that they shelled out $10 billion in the past fiscal year, making it the biggest spend in years, according to a report on TOI. The nearest figure was $7 billion in FY 2020.
However, according to data released by RBI, they spent $1137 million in just one month, which is December 2022. The total spending between April and December 2020 was $9947 million. The dollar splurge was quite noticeable, and the share of travel had risen by 51%. Incidentally, travel spending fell in 2021 due to the pandemic.
As for popular destinations, Vietnam stands on top for being pocket-friendly. Also, there is high connectivity and faster e-visa processing. Meanwhile, destinations like Dubai and Bali have become overcrowded and way too expensive.
While Vietnam is the top choice, travel agents are hoping that the pearl of the Indian Ocean, Sri Lanka, will bounce back soon. Locations like Abu Dhabi’s Yas Island and Kazakhstan are also high on the list of Gen Z.