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ZestMoney, an AI-driven EMI financing, and platform, today released the findings from a customer survey conducted to understand how Indians are shaping up their travel plans for the coming year.
The survey was conducted with a sample of 4,600 respondents across key metros and Tier II/III cities in India.
According to the report, over 75 per cent of respondents did not take a vacation in the last three months, while over 57 per cent are planning their next leisure travel in early 2021.
Notably, an increasing number of people want to opt for domestic travel. Within India, Goa (53.1 per cent), followed by Kerala (32.9 per cent) and Shimla (31.4 per cent) ranked high on the travel bucket list. Ladakh, Kashmir, Jaipur, Agra and Mysore were the other popular destinations.
Travel budgeting
With the pandemic taking a hit on finances, travellers have slashed their discretionary spending, including those on leisure activities. Over 44 per cent believed that their holiday and travel budgets have been impacted, the survey report noted.
Interestingly, Pay Later solutions are becoming popular as a financing option, with 55 per cent of respondents saying they would opt for EMIs or Buy Now, Pay Later option to fund their next personal trip.
The report also revealed that over 45 per cent of respondents said they would prefer local travel destinations and staycations over international travel in 2021. While 60 per cent of respondents preferred interstate travel compared to travelling within the state or internationally.
42 per cent of respondents said that they would prefer travelling by their personal car, overflights or trains. 60 per cent of them said that they would opt for a hotel over a homestay while picking accommodation for their next trip. Safety & hygiene ranked as a top criterion (74 per cent) while selecting a travel destination.
Commenting on the trend, Lizzie Chapman, CEO & Co-founder at ZestMoney said: “The pandemic had halted leisure travel for many travel enthusiasts over the past year as they restrained their discretionary spends and focused on savings. With the phased reopening across cities, consumers are gradually planning their vacations for the coming year.”
“At ZestMoney, we have seen a gradual uptick for the category with staycations, tour packages, and domestic air travel driving the demand. We are witnessing a 50 per cent month-on-month growth in customers opting for the Pay Later solution for the travel vertical on the platform,” added Chapman.
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