Outbound leisure travel market in India Travel & Tour Operators from the World over are upbeat about the Indian traveller vacationing abroad Figures released by the World Travel and Tourism Council (WTTC) says India now is the third largest outbound travel market in the Asia Pacific region. “Indian tourists are big spenders and as such are a boost to the tourism revenues of any country” - Euromonitor International “Indias outbound travel pie is getting bigger and it is evident from the more than 25 countries and cities opening their tourism offices here in the past couple of years.“ - Himmat Anand, co- chairman, FICCI tourism committee.
Leisure travel market volumes in India Figures released by the World Travel and Tourism Council (WTTC) says India now is the third largest outbound travel market in the Asia Pacific region According to the WTTC report the number of Indians travelling abroad in 2008-09 (April 1 to March 31) touched 10.8 million, which was up by a million over the 2007-08 figure of 9.8 million Foreign Travel market set to grow by 10% in 2009- 2010 – Cox & Kings, India According to new Travel and Tourism data from Euromonitor International, number of travellers set to increase in 2010-11 to 16.3 million
Factors affecting Outbound Travel Higher Disposable Income - Brand new forecasts from Euromonitor International show that outgoing tourism expenditure from India will grow by over 25.7% between 2006 and 2011 to reach a value of US$21 billion by 2011. Foreign destinations becoming more affordable because of drop in airfares and hotel prices due to recession Emergence of low-cost carriers from India to more number of foreign destinations
Forex carrying medium - Paper The standard mediums for carrying Forex used by Indian Travellers: Cash High risk medium. Huge risk of getting mugged or losing cash in foreign destinations Travellers Cheques More convenient than cash. But still lacks complete security if you ? lose your TCs. List of TC numbers and photo copies have to be kept safely for reporting loss Inconvenience of encashing TCs at only specific banks. Wastage of ? travel time in encashing Tcs ? Forex rates on specific encashing dates Variable
Forex carrying medium - Card The standard mediums for carrying Forex used by Indian Travellers: Credit Card High interest rates and Forex Rates ? Risk of online fraud is at a high in foreign destinations ? Huge interest rate on withdrawing cash from credit card ? Other Indian Bank Travel Money Card Non-recognition of Indian Banks with merchants abroad ? Inconvenience faced if card gets declined at foreign locations. ? Merchants immediately block the unknown bank card. ?Fraud Protection Minimal
Advantages - Citibank World Money Card Security: Fraud Protection extended to transactions incurred till 96 hours from ? report of card loss Convenience: Global recognition of CITI brand makes acceptance of the CWM ? easier at merchants across the world Speedy Replacement of Lost Card through any Citibank branch at ? any foreign location Value Added Features Lower Forex Rates ? Free Home Country calling card free for specific time ? ? offers at specific foreign partner merchants Exclusive
Campaign Insight Route 1: Security Breaking the mould in the Indian traveller’s psyche and highlighting the added security features of the CWM to create an aura of their funds being absolutely safe while travelling abroad.
Campaign Insight Route 2: Convenience The convenience features of the card can be elucidated to the Indian traveller who has very little awareness of the product and only depends on traveller cheques other than cash for his forex carrying issues