Skift Take
Indian travelers are becoming an attractive source market, a McKinsey says. And a boom in the domestic travel market is leading to "substantial investments."
India is becoming a fast-growing source of outbound tourism, according to a report by consulting firm McKinsey and Company.
The report reiterated McKinsey’s earlier projection of India becoming the fourth-largest domestic travel market in terms of spending by 2030 – it currently ranks sixth.
“They are developing fast-growing pools of first-time tourists,” the report said.
Indian travelers have reached a new peak in overseas spending. Data from India’s central bank showed that Indians spent $31.7 billion overseas in the 2023-24 financial year. About 54% of that amount was on travel, or $17 billion.
In a report released last year, Booking.com and McKinsey projected that travel spending by Indians would