International Travel Spending at 12-Month High - India Report

Indians spent over $2 billion on international travel in August, data from the Indian central bank shows – the highest amount in the past 12 months. Travel held the lion’s share in total overseas spending during the month: close to 63% of $3.2 billion.

The 2023-24 fiscal year showed the highest overseas travel spending on record: $17 billion. It was 25% more than the 2022-23, and accounted for 54% of overall international spending. By comparison, Indians spent about $7 billion on international travel in the 2019-20 fiscal year – 37% of overall overseas spending.

The initial increase was attributed to revenge travel post-pandemic, but the sustained spending this year is indicative of a long-term trend. Indians are willing to spend more on travel and are becoming a key source market for outbound tourism, according to a report by consulting firm McKinsey and Company. 

Travel services company Col