On September 26, 2023, ahead of World Tourism Day celebrated on September 27, the “Niyo Global Travel Report 2023” was released by Niyo, a leading travel-banking Fintech in India.
The report provides insights into the international travel experiences of Niyo Global customers from June 2022 to July 2023, highlighting significant forex savings totaling ₹840 million.
According to the report, the Niyo Global card was used in 147+ countries, showcasing Niyo’s global footprint. The top five destinations for Indian outbound travelers in the past year were the United Arab Emirates (UAE), Thailand, Singapore, Indonesia, and Vietnam.
Notably, Vietnam stood out as an off-beat and popular choice. Indian students pursuing education abroad preferred the United States, Great Britain, Canada, Australia, and Germany as their top choices.
The report revealed that 78% of Niyo Global customers enjoyed the luxury of free airport lounge access before their trips. Indian travelers using the Niyo Global Card saved an average of INR 5,000 for every INR 1 Lac spent.
Among Niyo Global customers, 56% opted for both Niyo Global credit and debit cards for international travel, with 72% of them favoring the debit card for transactions and ATM withdrawals.
In terms of spending categories, the report highlighted that retail goods, restaurants, and apparel and accessories were the leading choices for travelers. On the other hand, students allocated their funds primarily to professional services such as visas, administrative charges, entrance exam fees, food and grocery expenses, and accommodation.
The peak seasons for travel were identified as summer and holiday seasons. The study also provided demographic insights, revealing that 62% of the analyzed travelers were male, while 38% were female.
The majority of the travelers identified as salaried individuals, followed by students and self-employed individuals. Furthermore, the report indicated that 59% of travelers embarked on their journeys for leisure, 24% for educational pursuits, and 17% for business endeavors.
The Niyo Global Travel Report 2023 presents valuable data on international travel trends, destination preferences, savings through forex, and spending patterns among Niyo Global customers.
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