87 Per cent Millennials Travel Abroad at Least Once a Year: ICICI Study

By BW Hotelier THE INDIAN Millennial likes to travel overseas, at least once every year and nine out of ten use their own savings to fund overseas trips, according to the ICICI Millennial Travel Study 2015 concluded recently. This is in sharp contrast to the older generation, 88 per cent of whom hardly ever traveled abroad for leisure. The survey, conducted amongst 1,049 respondents across the age group of 25-35 years spread over Mumbai, Delhi, Hyderabad, Bengaluru, Ahmedabad and Kolkata, reveals interesting trends from the travel habits of the Indian millennial. Singapore emerged as the top destination, followed by the United States and United Kingdom. A whopping 80 per cent named culture and heritage as the main driver behind the choice of destination. Interestingly, 71 per cent considered health and hygiene conditions of a country before planning a trip. Compare this to the previous survey conducted in 2013, when health and hygiene was considered by only 41 per cent respondents. 57 per cent of those surveyed preferred a multi-location trip--the main reason being packaged tours and better discounts offered by travel companies. Commenting on the Survey, Sanjay Datta, Chief- Underwriting, Claims & Reinsurance, ICICI Lombard General Insurance Company Ltd., said, ’The survey across six cities reflects the growing aspirations of a young, emergent India. Travel and experiencing multiple cultures is a priority for them. However, despite being aware and wanting to undertake multi country trips, very few insure their travel, primarily because of lack of understanding of insurance benefits.’ Although 90 per cent millennials are aware of travel insurance, only 2 out of 5 respondents purchased travel insurance for overseas travel, the primary drivers being medical emergency and luggage safety. The biggest problem most millennials felt they would face while traveling abroad, involved safety issues. Problem related to terror attacks or political unrest, travel restrictions imposed by country, unusual experience like harassment, suspected surveillance, detention, custom inspection etc. bothers the new-age traveler. Incidentally, millennials attach more importance to convenience, in terms of standalone hotels and resorts while planning their overseas trip. Family ties continue to hold sway as 52 per cent preferred to travel with their spouses, with Ahmedabad taking the lead among the other five cities. In fact, only 12 per cent of Indian millennials travelled alone. 79 per cent of millennials faced budget constraints and 39 per cent financed their trip abroad. Almost 47 per cent of millennials will see an increase in their overseas travel. Millennials Travel Study 2015 report V1.1