RateGain’s PULSE suggests huge growth for India and Asia during Chinese New Year
The report highlights that for the first-time business travel grew faster than leisure travel with a YoY growth of 18 per cent
RateGain Travel Technologies Limited (RateGain), a global provider of SaaS solutions for travel and hospitality, through its latest PULSE report powered by Adara shared that India is amongst the top 3 inbound destinations in APAC with Y-o-Y rise of 21% in Bookings for all bookings from January 15 to February 15.
Analysing Adara’s travel-intent data, one of the world’s largest travel data platforms, the report highlights that for the first time Business travel grew faster than Leisure travel with a YoY growth of 18%. This could be attributed to the heightened economic activity in the region, especially in India. During this period India lags behind Asia’s favourite destinations Indonesia and Japan which are witnessing close to a 30 to 50% increase as destinations compared to last year. The report also highlights the reversal of longer trips which became the norm during the pandemic and suggests that trips of less than five days will be more common (comprise 81% of 2023 trips compared to 75% of 2022 trips). With the resumption of business travel in the region, shorter trips will gain more prominence.
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. While there is no significant impact yet on any market, however, 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.
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