Tourists from India will flood the world: Economist explained what is happening.

The growth of middle-class prosperity and affordable air travel are encouraging residents of India to travel and spend more money on tourist trips. This is reported by The Economist.

«India's economic growth has helped millions of people escape poverty and given the country greater influence in the world. The number of international trips from India has doubled. It is forecasted that by 2025, Indian spending abroad will reach $45 billion. This is made possible by a combination of demographic and economic factors – soon one-fifth of the population will be travelers eager to see the world. Indians are increasingly turning their attention to the Middle East and Southeast Asia, rather than Europe», the journalists report.

India is the fifth largest economy in the world. It is home to more than 1.4 billion people, making it the most populous country on the planet. Along with the growth of population and incomes, outbound tourism is also increasing. India in Asia demonstrates the fastest recovery of tourist movement after the pandemic.

In 2019, Indians made nearly 30 million trips abroad. In 2021, this figure was 8.5 million, and in 2022 it was already 21 million. It is forecasted that by 2030, the number of Indian tourists traveling abroad will reach 50 million. According to a study by Booking.com and McKinsey, 70% of Indian tourists prefer neighboring countries. They are willing to spend up to $7,000 on a trip.

This boom in Indian tourism is explained by the rapid growth of the middle class. In 2020, only 37 million households had an annual income of $10,000 to $35,000, and now there are already 45 million. By 2030, this figure is expected to grow to 177 million. The number of people with incomes over $35,000 a year will also increase – from 2 million in 2020 to 13 million by 2030, a sixfold increase.

Along with this, considering the fact that the average age of residents in India is 28 years, it is not surprising that UNWTO calls India one of the three fastest-growing outbound tourism markets in the world. It is forecasted that by 2030, Indian tourists will spend $410 billion on trips abroad. Before the pandemic, in 2019, this figure was $150 billion.

Recall that the Prime Minister of India Narendra Modi is visiting Ukraine. He plans to discuss the possibility of a peaceful resolution of the war between Russia and Ukraine during his visit to Kyiv on Friday, August 23.