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India’ ultra-rich likely to reduce international travel in 2021: Survey

Our Bureau Mumbai | Updated on March 22, 2021

The Ultra High Net worth Individuals (UHNWI) in India are likely to reduce international travel for business and leisure in 2021, owing to the global uncertainties due to the Covid-19 pandemic.

About 43 per cent of the Indian ultra-wealthy said they are more likely to consider private aviation for their travelling needs going forward, while 27 per cent are less likely to consider, and 30 per cent remains unchanged, according to a survey by international property consultancy firm Knight Frank.

In 2020, 4 per cent of Indian UHNWIs (worth of $30 million and above) cited that they are using lees of private jets to help reduce their carbon footprint.

‘Vaccine passport’

“The outbreak of the pandemic has affected global travels. However, global norms for travel are being revised. It may soon be necessary for travellers to show immunity in the form certification of Covid-19 vaccination. The concept of ‘Vaccine Passport’ is being propagated by many countries, especially those where tourism is a large economic contributor,” said Shishir Baijal, Chairman and Managing Director at Knight Frank India.

“Travellers will have to prove they are either vaccinated or have a negative test to be allowed entry. As the vaccination programme develops in India and globally, we expect travels to resume, though it may be some time before volumes recover to pre-Covid levels. Also, leisure travel is expected to improve faster than corporate travel as work-from-home policies and digital communication are expected to remain enforced for majority of the current year,” he added.

In Asia Pacific (APAC), post-pandemic, 89 per cent of UHNWIs would reduce their international travel pertaining to work, while 91 per cent would reduce their trips abroad for leisure purposes.

All the respondents from countries such as Japan, Taiwan, Ireland and Zambia said they would reduce all business-related international trips. In contrast to that, all the respondents from countries like China, Ireland, Switzerland and Zambia would reduce all leisure-based international trips.

The ultra-wealthy respondents from the UAE (75 per cent), Russia (71 per cent), Nigeria (69 per cent), Spain (60 per cent), Canada (60 per cent) and South Africa (60 per cent) said they are more likely to use private aviation for travelling purposes, post-Covid, it added.

Published on March 22, 2021

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