India’s international spending surged to $2.8 billion in July 2024, marking the highest level in ten months, largely driven by increased travel expenditures. According to the latest data from the Reserve Bank of India (RBI), Indians allocated $1.7 billion for travel, up from $1.4 billion in the same month last year.
For the twelve-month period from August 2023 to July 2024, this spending represented the third-highest total recorded. Notably, spending exceeded $2 billion in August 2023 and reached $1.8 billion in September.
Travel constituted approximately 60% of all overseas expenditures during this timeframe, although there was a noticeable dip in the January to March quarter. This uptick in spending is attributed to enhanced purchasing power among Indian travelers and a significant rise in outbound tourism. A recent report by the Federation of Indian Chambers of Commerce & Industry (FICCI) projects that India’s outbound tourism market will reach $18.8 billion in 2024 and is expected to grow to $55.4 billion by 2034, reflecting an annual growth rate exceeding 11%.
McKinsey & Company highlighted that India is witnessing a rapid increase in first-time travelers, while the Organisation for Economic Co-operation and Development (OECD) noted that outbound travel from India is set to become a key driver of global tourism growth.
Additionally, a report from payment network Collinson International revealed that Millennials in India are leading travel expenditures, averaging $6,031 annually—more than any other generation. Gen X follows with an average of $3,059, while Gen Z and Boomers spend $2,622 and $2,600, respectively.
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