Demand For ‘Travel Now, Pay Later’ Sees 2.5 Times Rise Over One Year: Study
Indians prefer short-haul international destinations and pilgrimage sites, according to the study
India has witnessed a 2.5 times increase in demand for travel now, pay later (TNPL) offering over one year, according to a study by Fibe, an Indian fintech in association with travel firm SanKash.
The study revealed that short-haul destinations such as the UAE, Thailand, Singapore, Indonesia, Maldives, Nepal and Vietnam were some of the most preferred among millennials and Gen Z and saw a 33 per cent increase in demand versus last year.
Besides, pilgrimage sites like Ayodhya, Tirupati and Shirdi picked up pace, witnessing an additional 11 per cent of bookings as compared to last year.
The study added that the increase in demand for travel to domestic and international destinations underscores the growing popularity of travel financing solutions among the youth as they seek greater control of their finances, yet don’t want to defer their travel due to a shortage of funds.
The study further indicated that the demand for TNPL was largely seen from individuals in the age group of 26 to 45 years across Ahmedabad, Bengaluru, Chandigarh, Chennai, Delhi-NCR, Hyderabad, Jaipur, Lucknow, Mumbai and Pune. Another interesting trend that the study reveals is that the demand for TNPL was largely driven by solo travellers. This showcases how TNPL meets the evolving demand of customers and adds convenience as well as flexibility to their travel plans.
In the last 12 months, the Average Ticket size for TNPL has gone up by 60 per cent. The study revealed that most individuals opting for TNPL prefer to repay the total amount within six months. The study also revealed interesting trends regarding domestic travel. The rise in domestic travel was largely for destinations such as Goa, Rajasthan, Varanasi, Kerala, Manali, Ooty, Darjeeling, Coorg, Visakhapatnam, Pondicherry, Srinagar, Amritsar, Gangtok and Rishikesh.
