With the Covid-19 pandemic taking a hit on finances, travellers across the globe have slashed their discretionary spends, such as these on leisure activities. However, when more than 75% Indians have not taken a holiday in the final 3 months and more than 44% think that their vacation and travel budgets have been impacted, more than 57% are preparing their subsequent leisure travel in early 2021, reveals a survey carried out by ZestMoney, India’s major AI-driven EMI financing and ‘Buy Now Pay Later’ platform.
Interestingly, an rising quantity of folks want to opt for domestic travel. Within India, Goa (53.1%), followed by Kerala (32.9%) and Shimla (31.4%), ranked higher on the travel bucket-list. Ladakh, Kashmir, Jaipur, Agra and Mysore have been the other well known destinations.
As per the survey, more than 45% respondents stated they would choose regional travel destinations and staycations more than international travel in 2021, when ~ 60% respondents preferred interstate travel compared to travelling inside the state or internationally.
Also, ~42% respondents stated that they would choose travelling by their private car or truck more than flights or trains, when ~60% stated that they would opt for a hotel more than a homestay when choosing an accommodation for their subsequent trip. Safety & hygiene also ranked as a best criterion (~74%) when choosing a travel location.
The buyer survey was carried out by ZestMoney to realize how Indians are shaping up their travel plans for the coming year. The survey was carried out with a sample of 4600 respondents across crucial metros and Tier II/III cities in India.
Interestingly, Pay Later options are becoming well known as a financing choice, with 55% respondents saying they would opt for EMIs or Buy Now, Pay Later choice to fund their subsequent private trip.
Commenting on the trend, Lizzie Chapman, CEO & Co-founder at ZestMoney, stated, “The pandemic had halted leisure travel for many travel enthusiasts over the past year as they restrained their discretionary spends and focussed on savings. With the phased reopening across cities, consumers are gradually planning their vacations for the coming year. It’s heartening to see that Buy Now, Pay Later is emerging as one of the preferred options to fund travel plans. The solution not only offers greater flexibility and convenience in managing expenses but is financially efficient too.”
“At ZestMoney, we have seen a gradual uptick for the category with staycations, tour packages and domestic air travel driving the demand. We are witnessing a 50% month-on-month growth in customers opting for the Pay Later solution for the travel vertical on the platform,” added Chapman.