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Outbound Travel Among 65+ Years Indians to Triple By 2025: Visa

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We see plenty of foreign tourists, aged above 60, land and move across holding hand in hand. Time is not very far that a large number of Indians in their post-retirement phase visiting some of the best known tourist places outside India.

A study by Visa, one of the global leaders in payments technology, forecasts a staggering 193 per cent growth in outbound travel for Indians above 65 years of age, during the decade ending 2025.

The estimated annual growth in outbound travel by  Indians will be 11.4 per cent y-o-y (year-on-year) for the 65+ age group, which is higher than the projected 4.9 per cent increase for those below 34 years and 6.4 per cent for the age bracket 34-64 years. This will happen mainly because of the growing penchant by the older travelers for outbound destinations, apart from combining medical treatment with travel.

Globally, travellers aged 65+ will more than double their international travel to 180 million trips, accounting for one in eight international trips. The research also highlights that India ranks 4th in the Asia Pacific region and 9th worldwide, in terms of cross-border spends on medical services. The report examined cross-border spending for medical services in more than 176 countries.

TR Ramachandran, Group Country Manager, India and South Asia, Visa said, “The growing income levels among the Indian middle class are creating a new ‘travelling class’. That combined with the preference for outbound travel of Indians above 65 years of age and increased connectivity is changing the outbound travel landscape in a very different way. Unlike earlier days, older travellers can afford bigger trips and are more focused on comfort and health than saving money. At Visa we understand the role of tourism as a sustainable economic growth driver. Insights such as these help industry stakeholders and governments build capabilities to address these needs and ensure that the economic impact of tourism goes further.”

The study looked at current travel patterns across the globe combined with industry estimates and forecasts for travel, estimating that close to 282 million households will plan at least one international trip per year by 2025, up nearly 35 per cent from 2015.  Among those households most likely to travel internationally, Visa’s study estimates that spending will reach an average of US$5,305 per household, per year, by 2025.

(Compiled by Holiday Wizard Research Desk)

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