Page 2 - Global Travel Industry

95% of Indian travellers interested in sustainable travel: Report

Even as 95 per cent of Indian travellers interviewed said sustainable travel is important to them, more than half feel the irreversible damage has already been done, a report said on Monday. Online travel agency Booking.com's ninth 'Sustainable Travel Report 2024' revealed that almost two-thirds (62 per cent) of Indian travellers stated they would feel guilty when they make less sustainable travel choices and 20 per cent of them want to travel more sustainably because they believe it's the right thing to do. Booking.com's ninth Sustainable Travel Report 2024, is based on insights gathered from more than 31,000 travellers across 34 countries and territories, including 1,000 in India. However, the report found that a sense of disillusion towards making more sustainable travel choices might be counteracting these positive intentions. For the first time this year, the report revealed that some travellers don't recognise the importance of being more mindful. Almost a quarter (24 per ce

Travelers' profit jumps on investment gains, underwriting strength

Insurers are reaping the benefits of firming hopes of a soft landing, and wage growth in a still-tight labor market that has ensured job security

AAI to post highest ever pre-tax profit of Rs 5,000 crore in FY24

Airports Authority of India (AAI) is expected to report the highest-ever profit of Rs 5,000 crore in the financial year 2023-24, a senior official said on Monday. In recent years, the number of airports has gone up, especially with the regional air connectivity scheme, amid rising domestic air traffic. AAI Chairman Sanjeev Kumar said the organisation surpassed the capital expenditure target at around Rs 5,250 crore in the fiscal ended March 2024. In 2023-24, the turnover is expected to be around Rs 15,000 crore and the profit before tax at Rs 5,000 crore, which will be the "highest ever in our history," Kumar said. He was speaking at the 29th annual day of the AAI. At the function, Civil Aviation Minister Jyotiraditya Scindia said the number of airports, heliports and waterdromes has increased to 157 from 74 in the last 10 years. Efforts are on to increase the number to 200, he added.

India a travel powerhouse; Agoda will continue accelerated expansion: CEO

Global digital travel platform Agoda will continue the accelerated rate of onboarding of accommodation properties in India, its fastest-growing market and a global travel powerhouse, its CEO Omri Morgenshtern said on Tuesday. The company is also looking to enhance partnerships with local firms in the travel and hospitality sector in the country to tap the huge potential of inbound and outbound traffic from the country. "India is the fastest growing country for us, by far, faster than anybody else. So, we are acquiring (onboarding) properties in India much faster than anywhere else," he told PTI in an interview from Bangkok. On the significance of adding more accommodation properties, he said, "We recognise that bringing more properties in, is a part of localisation because if you want to cater to more Indian travellers from different geographical areas and also from different income levels, then you need to grow". Beyond the metros with four and five-star hotels, he said Agoda is .

ITC inks pact with Narne Hotels and Resorts to open Welcomhotel in Coorg

ITC Hotels on Monday said it has signed a management agreement with Narne Hotels and Resorts to open a 150-key property under Welcomhotel brand at Madikeri hill town in Coorg, Karnataka. "Madikeri is an important market for us. Over recent years, this region has grown in popularity and we saw a niche space for leisure travel. Through Welcomhotel Madikeri we bring the signature hospitality of ITC Hotels to this beautiful city," ITC Hotels Divisional Chief Executive Anil Chadha said in a statement. With this agreement, ITC Hotel group further strengthens its presence in Karnataka, where it currently operates 11 hotels and over 1,300 rooms under various brands including ITC Hotels, Welcomhotel, Fortune and Welcomheritage, he added.

Airlines expected to report lower loss of Rs 3,000-4,000 cr: Report

Airlines are projected to report a lower net loss of Rs 3,000 to 4,000 crore in the current as well as next financial years, helped by healthy passenger traffic growth and pricing discipline, a report said on Monday. For February, credit rating agency Icra in its report said domestic air passenger traffic was estimated at around 127.5 lakh. The aviation sector has also been grappling with supply chain challenges and issues related to Pratt & Whitney (P&W) engines. IndiGo grounded more than 70 planes due to P&W engine problems. "It is estimated that 24-26 per cent of the total fleet of Indian airlines in operations will be grounded by March 31, 2024. Considering the bulk recall of the engines globally by P&W and other existing issues with the OEM's engines, the testing by P&W is likely to take longer at 250-300 days," the report said. Meanwhile, it said the pace of recovery in industry earnings is likely to be gradual owing to the high fixed-cost nature of the ...

Hotel industry's revenue expected to grow 7-9% in FY25, says ICRA

The Indian hotel industry is expected to report a 7-9 per cent revenue growth in FY2025 with occupancy likely to be at decadal highs, ratings agency ICRA said on Tuesday. Sustenance of domestic leisure travel, demand from meetings, incentives, conferences, and exhibitions (MICE), including weddings and business travel despite a temporary lull during the election period are likely to drive demand in FY2025, ICRA said in a statement. Spiritual tourism and tier-II cities are also expected to contribute meaningfully in FY2025, it added. ICRA said domestic tourism has been the prime demand driver in FY2024 and is likely to remain so in the near-term. Foreign Tourist Arrivals (FTA) are yet to recover to pre-Covid levels and the improvement would depend on the global macroeconomic environment. "Demand is expected to remain strong across markets in FY2025, as consumer sentiments continue to be healthy and corporate performance is stable," ICRA Ltd Vice President and Sector Head Corporate .

Hospitality industry expects 11-13% revenue growth on domestic demand

The hospitality industry is expected to clock 11-13 per cent revenue growth in 2024-25 on steady domestic demand and a rise in foreign travellers, a report said on Monday. This revenue growth will follow a likely 15-17 per cent growth in the current financial year, backed by steady domestic demand and ramp-up in foreign travellers, Crisil Ratings said in a report on Monday. The strong demand dynamics along with modest new supply will keep the operating performance of the industry healthy over the near term, the report added. According to the report, the healthy operating performance will augur well for the industry profitability where the EBITDA, or earnings before interest, taxes, depreciation, and amortization will continue the strong momentum over the current and the next fiscal. This, along with limited capital expenditure, will keep the credit profiles strong, the report noted. "The domestic travel demand, which remained a key driver this fiscal, will sustain next year as wel

Mahindra Holidays & Resorts to invest Rs 800 cr to set up 3 resorts in TN

Mahindra Holidays & Resorts India Ltd on Thursday said it will invest Rs 800 crore in Tamil Nadu to build three greenfield resorts over the next five to six years. The company has signed an MOU with the Tamil Nadu government for the same, Mahindra Holidays & Resorts India Ltd (MHRIL) said in a statement. It will directly generate employment opportunities for over 1,500 people, thereby contributing to the overall economy of the state, it added. "With this significant investment, MHRIL will double its footprint in Tamil Nadu, with Club Mahindra already operating resorts in Ooty and Kodaikanal," the company said. This would be the second-largest investment by MHRIL, following the Rs 1,000 crore investment in Uttarakhand last year. These investments are part of the company's expansion plans to increase room inventory from 5,000 to 10,000 by 2030, the statement said. Further, MHRIL said as part of its commitment to sustainability and aim to achieve carbon neutrality by 2040, all ...

The 10 best budget travel destinations for 2024; all details inside

The astonishing variety of travel places in India has to be seen to be believed. Tourists have given lifetimes to exploring the popular places and neglected corners of this incredible country

An Ultra-Premium Card that Cares for the Exclusive and Privileged Needs of a Global Traveler

As a premium credit card, AURUM is designed to win the heart of a discerning traveler in many ways.

Hyderabad most travelled city in 2023, UP most visited state: Oyo

As remote working and flexibility declined, travelers sought to maximize their vacations and extended long weekends this year

Go Air troubles mount as billionaire-backed Indian airline nears collapse

Chief Executive Officer Kaushik Khona quit at the end of November, saying he couldn't get the carrier flying again and that staff hadn't been paid for six months

OYO elevates Rakesh Kumar as Chief Financial Officer with effect from Jan 1

Hospitality technology platform OYO on Tuesday announced the elevation of Rakesh Kumar to Chief Financial Officer (CFO) with effect from January 1, 2024. Abhishek Gupta, the current CFO, will continue with OYO in an advisory and mentorship capacity, OYO said in a statement. Kumar, who is currently working as Deputy Chief Financial Officer, in his new role as the CFO, will continue driving financial strategy and operational efficiency, the company said. He has been overseeing financial functions, including business finance for all markets, treasury, controllership, shared services, financial and investor reporting, taxation, and financial planning and analysis, it added. In his last six years at OYO, Kumar has played a pivotal role in the company's financial stability during the COVID-19 pandemic. His leadership facilitated successful equity and debt raises and strategic acquisitions. "Rakesh's elevation to the role of CFO is a crucial milestone in our pursuit of financial stabilit

Younger travellers driving tourism rebound: Thomas Cook India's Menon

Madhavan Menon speaks to Akshara Srivastava about the drivers behind this growth and what lies ahead for the Indian travel and hospitality landscape

Airfares will go up by mid-high single digits, says Yatra Online CEO

Dhruv Shringi speaks about their plans of driving revenue and the travel boom in the country

From paperwork to passport: Atlys' digital leap in visa processing

Mohak Nahta's Atlys is streamlining visas, winning travellers and investors alike

Focus more on niche products to tap market demand: Global Travel Market

The first edition of Global Travel Market (GTM 2023) and expo drew to a close here on Saturday with leading players of travel and hospitality sector calling for stepping up promotional efforts focusing more on niche areas like experiential travel, wellness and heritage to tap the full potential of post-pandemic surge in tourism. The four-day event, which saw a large number of business decisions being clinched during the B2B sessions by stakeholders from around the world, also stressed on firming up sectoral collaborations and government-industry relations to impart a further momentum to the highly promising sector. GTM 2023 was organised by South Kerala Hoteliers Forum (SKHF), Trivandrum Chamber of Commerce and Industries (TCCI), Tavaz Ventures, Metro Media and Citrine Hospitality Ventures, a statement said here on Saturday. GTM CEO Siji Nair said the expo had participants from around 24 countries and more than 20 states, making the event a grand success. Overall, more than 1,000 .

India-Canada standoff: Anxiety builds among students, travel companies

Several education consultancy agencies said they are getting panic calls from students and parents, who have already registered themselves

Travel growth to drive luggage makers' revenue by 15% in FY24: CRISIL

Steady growth in tourism and corporate travel and preference for premium products will drive luggage sales in the current fiscal, helping manufacturers clock a 15 per cent growth in revenue, according to a report. This will be on the back of a 40 per cent rise in luggage makers' revenues in 2022-23, the report by Crisil Ratings said on Wednesday. Consumers' preference for hard luggage has driven up operating efficiencies and improved capacity utilisation of luggage makers in the organised sector, which will help expand their operating margin by 150-200 basis points year-on-year to 16 per cent this fiscal, the report said. The growth in margins and top line are aided by a 20 per cent fall in prices of key raw materials -- polypropylene, polycarbonate, and polyamide, it said. Raw material prices, largely driven by cost of crude, comprise 40-45 per cent of the cost for luggage makers, the report, which is based on 90 per cent of the organised luggage market, stated. Crisil Director J