Bookings for travel to India are up 21 percent year-on-year during the Chinese New Year period, according to the report.
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RateGain, a global provider of SaaS solutions for the travel and hospitality industry, in its latest PULSE report powered by Adara shared that bookings for travel to India are up 21 percent year-on-year during the Chinese New Year period.
Adara, a RateGain company, is one of the world’s largest data exchange platforms, providing access to ethically sourced customer data. It has over 270 global partners who supply aggregated real-time traveler data for actionable insights.
The Adara report highlights that business travel has grown faster than leisure travel for the first time in the APAC region with a year-on-year growth of 18 percent during this period. This could be attributed to the heightened economic activity in the region, especially in India.
Besides India, the other top two favourite destinations in Asia are Indonesia and Japan, which are witnessing close to a 30-50 percent increase in bookings compared to last year.
The Adara report also highlights the reversal of longer trips that became the norm during the pandemic and suggests that trips of less than 5 days will be more common in the coming days. It highlighted 81 percent of trips in 2023 are shorter compared to 75 percent in the same period a year ago.
Notably, India and Asia Pacific opened their borders to international travellers after a long hiatus of two years in the summer of 2022 and have seen steady growth in airline and hotel prices as well as occupancy across the region. However, the extra boost in the first month of 2023 is due to the reopening of China after three years of restrictions, the report mentioned.
While there is no significant impact yet on any market, it is expected that destinations in West and South East Asia that depend on China will see good momentum closer to the summer of 2023.
Shares of RateGain Travel Technologies Ltd. ended 2.10 percent higher at Rs 374.50 on Thursday.