Skift Take
Last year, overseas travel spend by Indians hit an all-time high. The trend this is year is consistent with 2023, indicating a sustained interest in overseas travel by Indians.
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Indians spent over $2 billion on international travel in August, data from the Indian central bank shows – the highest amount in the past 12 months. Travel held the lion’s share in total overseas spending during the month: close to 63% of $3.2 billion.
The 2023-24 fiscal year showed the highest overseas travel spending on record: $17 billion. It was 25% more than the 2022-23, and accounted for 54% of overall international spending. By comparison, Indians spent about $7 billion on international travel in the 2019-20 fiscal year – 37% of overall overseas spending.
The initial increase was attributed to revenge travel post-pandemic, but the sustained spending this year is indicative of a long-term trend. Indians are willing to spend more on travel and are becoming a key source market for outbound tourism, according to a report by consulting firm McKinsey and Company.
Travel services company Col