Exotic beaches to pilgrimage sites: ‘Travel Now, Pay Later’ drives millennial and Gen Z travel trends in India
Travel boom in India: ‘Travel Now, Pay Later’ fuels millennial and Gen Z wanderlust for short international and pilgrimage trips
Indians are packing their bags and hitting the road (or sky) in ever-increasing numbers, with a growing appetite for short international trips and domestic pilgrimage tours. This travel boom is being fuelled by the growing popularity of financial solutions such as Fibe's TNPL (Travel now, pay later), according to a new study conducted by Fibe in collaboration with travel fintech firm SanKash.
Travel Now, Pay Later
According to a report, India has witnessed a 2.5 times increase in demand for travel now, pay later (TNPL) offering over one year. This surge is being driven by millennials and Gen Z travellers, particularly interested in exploring popular short-haul destinations like the UAE, Thailand, Singapore, and the Maldives. Bookings for these idyllic escapes have soared by a significant 33 per cent compared to last year.
But wanderlust isn't limited to exotic beaches. The study also highlights a growing interest in religious destinations within India. Pilgrimage sites like Ayodhya, Tirupati, and Shirdi witnessed an 11 per cent rise in bookings facilitated by TNPL. This showcases the diverse travel preferences of Indian consumers. For individuals seeking to pay their trips quickly, an urgent personal loan may be a reasonable option to meet immediate needs.
Travel Financing Solutions
This increase in travel demand emphasises the rising need of travel finance options for young Indians. TNPL enables people to efficiently manage their money while pursuing their travel goals without having to postpone excursions due to a lack of current funds.
The study further reveals that individuals aged 26-45 across major cities like Ahmedabad, Bengaluru, and Delhi are the primary users of TNPL. Interestingly, solo travellers are a significant segment driving the demand for this service, highlighting how TNPL caters to evolving customer needs and provides flexibility for personalised travel plans.
The average booking amount for TNPL has grown by a substantial 60 per cent in the last year. The study also indicates that most users prefer to repay the total amount within a timeframe of six months, demonstrating a preference for short-term financing solutions.
The report also analyses domestic travel trends. It shows an increase in bookings for popular destinations such as Goa, Rajasthan, and Kerala. Locations like Manali, Ooty, and Darjeeling are also experiencing growing interest among travellers seeking magnificent scenery and cultural experiences. Lakshadweep experienced a 15 per cent increase in inquiries. The Bali remains the undisputed top choice for beach lovers looking for a luxurious domestic escape. For those seeking instant financial support, an instant personal loan application can quickly cover travel costs, making dream vacations a reality. “Travel smartly today; pay effortlessly later!”