The travel and tourism – the next big thing
The travel and tourism is a fundamentally social phenomenon driven by knowledge seeking, social, religious, leisure, and business interests and encouraged by the human urge for adventure, education, new experience and entertainment
The travel and tourism – global context
The Travel and Tourism are the leading service industry internationally regarding gross revenue and foreign exchange earnings. It is also one of the major employment generators worldwide.
In 2015, Travel & Tourism grew by 3.1% in total contributing US$7.2 trillion to world GDP (i.e., 9.8% of global GDP) -the 6th consecutive year of positive growth for the sector. The industry supported 284 million jobs- that’s 1 in 11 jobs on the planet.
The sector’s GDP growth contribution is expected to accelerate and again outpace growth of the wider economy with projected growth rate of 3.3% in 2016 & 4% over the next decade.
India’s travel and tourism market is growing rapidly…
The travel & tourism industry in India is estimated to rise by 7.3% in 2016 from INR 8,309.4 bn (6.3% of GDP) the total contribution of travel & tourism to GDP in 2015, generating direct employment for 23,454,500 people (5.5% of total employment) according to the world travel & tourism council (WTTC)
India being ranked among the top 10 tourist destinations of the world & India as the fifth most attractive investment destination, the Indian travel and tourism industry is set to grow at 12% CAGR over the next three years, and rise to INR 18,362.2 bn (7.2% of GDP) over the next decade
Which boosts the online travel market in India
The trend of online booking is set to see greater heights in coming years, not just because of India’s rising internet population, but also due to changes in the supporting ecosystem
Online travel (online gross bookings) now constitutes an estimated 46% of the overall Indian travel market& expected to grow at a CAGR of 17.8% over the next three years, outpacing the overall travel market by 6%
“Technology adoption has added the high-gear torque to the industry. Those who do not get on to this bandwagon will miss the bus. ”
Changing trends in Indian tourism industry
In the past few years, opportunities in India for leisure tourism have emerged strongly owing to High-pressure lifestyle, higher disposable incomes & the high degree of convenient online travel booking. Indians are considering newer holiday experiences and are no longer narrowing options to popular or mainstream destinations. Travelers prefer short-closer-random trips during the year leading to the concept of ‘spontaneous travel.’ These casual travelers are looking for ‘out-of-the-box’ experiences, moving the recent trends in niche segments of tourism thereby forging new ways to meet consumer needs -such as farmstay, wine tourism, cultural tourism, cruise tourism, wellness tourism, monsoon tourism, ecotourism etc.
The place where Indian families love to holiday, now in many desi flavors
“Farmstay is perhaps the fastest growing segment, in a travel industry that is constantly looking for innovative products and newer horizons“
Over the years, we have seen many international product concepts being adapted to Indian markets and customer preferences. Farmstay is another example of how a whole new vacation format successful in Europe and America, gave vacation seekers in India something exciting to look forward to. Though still at an emerging stage, the Farmstay segment in India is perceived to be a sunrise sector with high growth potential that is being driven by domestic tourism. In fact, Farmstay is visibly changing colours to suit Indian conditions, transforming habits and vacation patterns in the country
Farmstay is transforming the reluctant Indian typecast traveler who would look at holidays as an interruption into work-space. It also convinced him through logical dialogue about an experience a concept to reconnect his roots (native) that gave him a new perspective. On the other hand, Farmstay gives a better option to the younger set of customers these days, who don’t think twice about exploring new ways for holidaying. Farmstay has also blended into the Indian cultural landscape – embracing centers of pilgrimage, historic and heritage sites and other locations of unique tourist interest – such as backwater holidays, plantation visits, traditional Ayurveda health farms, and other outdoor experiences that are unique to the geography and landscapes of India. Farmstay is now part of this picture giving “India Experience” to Today’s young professionals who are curious, outgoing, and enterprising, who wants to explore the world around him – he also wants to share his vacation time with people close to him. And that’s the kind of door we can knock on with a Farmstay proposal
“If a well-deserved annual break conjures images of exciting getaways, holiday bonhomie, large family re-unions and activities that take your mind off work; it’s time to explore the wonderful world of farmstay“
Farmstay is also appealing to establish hospitality businesses and entrepreneurs who are interested in looking at a farmstay resort, from the scratch. In a nutshell one hand you have existing players looking at mixed use or extending the product pie; on the other you have startups looking at farmstay as a viable new business opportunity in tourism sector. TourdeFarm.in is a significant step forward – giving farmstay owners or farmers in the country an opportunity to promote their farmstay in other parts of the region & country, and give the domestic & international traveler a window to the myriad holiday experiences in India