Mumbai: The Indian Millennial likes to travel overseas, at least once every year and nine out of ten use their own savings to fund an overseas trip, divulged the recently concluded ICICI Millennial Travel Study 2015. This is in sharp contrast to the older generation, 88% of whom hardly ever travelled abroad for leisure. The survey, conducted amongst 1,049 respondents across an 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 amongst dream holiday destinations, followed by the United States and United Kingdom. A whopping 80% named culture and heritage as the main driver behind the choice of destination. Interestingly, 71% 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% respondents. 57% 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, Mr. 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% Millennial are aware of Travel Insurance, only 2 of 5 respondents purchased travel insurance for Overseas Travel, the primary drivers being medical emergency and luggage safety. The biggest problem most Millennial felt that they would face while travelling abroad revolves around 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. bother the new-age traveler. Those who did not purchase insurance were led by myths like lack of requirement, expensive, funds only accident, theft with no medical support etc.
Incidentally, Millennial 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% preferred to travel with their spouses, with Ahmedabad taking the lead among the other five cities. In fact, only 12% of Indian Millennial travelled alone. 79% of Millennial were faced with budget constraints and 39% availed finances for a trip abroad. Going forward, almost 47% of Millennials see an increase in their overseas travel.
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