Millennial Indians (those born after 1980) like to travel
abroad at least once a year and nine out of ten use their own savings to fund
overseas trips, a survey has found.
This is in sharp contrast to the older generation, 88 per
cent of whom hardly ever travelled abroad for leisure, the ICICI Millennial
Travel Study said.
The survey, conducted among 1,049 respondents in the age
group 25-35 years across Mumbai, Delhi, Hyderabad, Bengaluru, Ahmedabad and
Kolkata revealed that Singapore is the most favoured destination, followed by
the US and the UK.
A whopping 80 per cent of the respondents named culture and
heritage as the main driver behind the choice of destination. Around 71 per
cent considered health and hygiene conditions of a country before planning a
trip against 41 per cent in the previous survey conducted in 2013.
Around 57 per cent of those surveyed preferred a
multi-location trip, the main reason being packaged tours and better discounts
offered by travel companies.
"Despite being aware and wanting to undertake
multi-country trips, very few insure their travel, primarily because of lack of
understanding of insurance benefits," ICICI Lombard General Insurance chief
(underwriting, claims and reinsurance) Sanjay Datta said.
To a media query, he said ICICI Lombard had underwritten
premium amounting to Rs 100 crore under travel insurance segment last year,
which was likely to grow by 5-10 per cent in the current fiscal year.
The industry currently has a size of Rs 400-500 crore in the
country.
Although 90 per cent millennials surveyed 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 millennials felt they would face while
travelling were safety issues.
A total of 52 per cent preferred to travel with their
spouses, with Ahmedabad taking the lead. In fact, only 12 per cent of the
country's millennials travelled alone. Around 79 per cent of millennials faced
budget constraints and 39 per cent availed of finances for a trip abroad.
Almost 47 per cent of millennials saw an increase in their overseas travel in
future.
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