New Delhi, 2 July (IANS). India’s growing middle class and its young, travel-loving population are ready to play a major role in shaping the future of ‘Global Laser Travel’. This information was given in a new report on Wednesday.
According to data compiled by Boston Consulting Group (BCG), as more Indians are discovering new destinations, the country is emerging as a major contributor in the $ 15 trillion global laser travel industry by 2040.
The report states that the annual global consumer expenditure on laser travel is expected to increase three -fold by $ 5 to 2040 in 2024 to $ 15 trillion, making it a larger industry than pharmaceuticals and fashion.
This growth will be inspired by rising income in developing economies and priority for experiences compared to physical goods.
India’s Domestic Laser Travel has already shown strong recovery after an epidemic, with a strong increase in spending between 2019 and 2024.
The BCG estimates that this speed will continue, domestic travel expenditure will increase by 12 percent annually, 8 percent in regional expenditure and 10 percent in international expenditure.
Overnight trip is also expected to increase continuously, which can be 3 percent at the domestic level, 4 percent at the regional level and 6 percent at the international level.
Millennials and Jane Ji are at the forefront of this journey bounce, their enthusiasm towards the journey is ahead to 26 per cent marks.
In India, Jane X also remains a powerful travel segment. Laser travel overnight is expected to increase 4 percent annually by 2029 and then by 2040 to 3 percent per year.
According to the report, domestic travel dominance will continue, which will increase from $ 4.1 trillion in 2024 to $ 11.7 trillion by 2040.
According to the report, the regional travel estimate will increase from $ 710 billion to over 2 trillion dollars, while the international laser travel will increase by three times to $ 1.4 tillion.
-IANS
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