Stock Report

RateGain shares Pulse Report for India, Global events drive domestic demand higher by 60%

Posted On : 2023-09-21 13:19:51( TIMEZONE : IST )

RateGain shares Pulse Report for India, Global events drive domestic demand higher by 60%

RateGain Travel Technologies Limited (RateGain), a global provider of SaaS solutions for travel and hospitality, through RateGain's data, shared travel trends for the upcoming festive season.

As per the report based on RateGain's internal data, the surge in Demand started with Delhi witnessing a 40% surge in demand during the G20 week with an average increase of over 200% in hotel rates compared to last year.

Operating at a 100% occupancy rate between September 7th and 11th, the Delhi International Airport also witnessed a 63% Y-O-Y rise in international flight arrivals for business purposes.

The surge witnessed in Delhi is a microcosm of the larger narrative of India's inbound travel renaissance. The period from September to November 2023 has seen international inbound travel to India reach new highs. It is estimated that India will see a 23% increase Y-O-Y during the festive season compared to 2022 reflecting the country's renewed appeal to global travelers.

The top-origin countries exemplify India's global allure. Australia leads with 24%, closely followed by the USA at 21%, Singapore at 17%, Canada at 9%, and the U.K. at 6%. These statistics signify a broad spectrum of interest from both diaspora travelers and those seeking enriching experiences.

The geographical spread of visitors is reflected in the list of top origin cities: Melbourne, Sydney, Toronto, Singapore, London, San Francisco, Brisbane, New York, Perth, and Kuala Lumpur. These cities form the nexus of India's burgeoning travel renaissance, underscoring the nation's global connectivity.

Domestic travel is also experiencing a positive shift, with a 65% increase in domestic travel Y-OY. Indians are embracing regional festivities and events, exploring their own country with newfound enthusiasm. Mumbai, Bengaluru, New Delhi, Kolkata, Pune, Chennai, Hyderabad, Ahmedabad, Bhubaneswar, and Lucknow represent the spectrum of domestic origins fueling this surge.

Not just this, but with the upcoming Cricket World Cup to be held in India the travel sector has skyrocketed. The Cricket World Cup 2023 has turned the spotlight on India's host cities, igniting unparalleled excitement among fans. Hotel demand is soaring across these cities, reflecting the passionate engagement of fans from around the globe.

Ahmedabad leads the charge with 308% increase in hotel prices, thanks to the much-anticipated India-Pakistan match. Dharamshala and Pune follow closely with price surges of 300% and 360% respectively, reflecting that the other matches are no less in demand. Hyderabad and Chennai continue the trend with growth rates of 230% and 220% respectively.

Cities like Bangalore, Kolkata, Lucknow, and Delhi are experiencing price increases of 205%, 210%, 215%, and 165%, showcasing the electric atmosphere gripping the host cities.

Hotel rates across the host cities are witnessing a dramatic rise as October 5 draws near. Insights provided by RateGain reveal that from October to November, hotel rates across most cities are two to three times higher than the same period in 2022. Hotels in Pune, Ahmedabad, and Dharamshala are at the top, with prices up more than 300% over last year. These cities have considerably smaller hotel inventories in comparison to cities like Mumbai, Delhi, and Bengaluru, which has resulted in highly inflated hotel rates.

Many travelers are expected to extend their stay to explore host cities.

Lastly, with Diwali and the World Cup bringing cheer to the hospitality business, the year will end with the Miss world competition coming to India after a gap of 27 years with contestants from over. In conclusion, the resurgence in travel demand across India in 2023 is not just a statistical anomaly, but a testament to the enduring allure of this diverse and culturally rich nation. As we have delved into the data, it's clear that a perfect storm of events, from high-profile summits to the excitement of a cricketing extravaganza, has catalyzed this extraordinary upswing.

With India's consistent efforts in easing travel restrictions, bolstering connectivity, and showcasing its diverse heritage, the trajectory of increased inbound demand is set to soar even higher. As the country gears up for the months ahead, including major festivals and more cricketing action, the stage is set for the travel industry to flourish and flourish big. The charm of India's landscapes, the warmth of its hospitality, and the kaleidoscope of its cultures are beckoning travelers from all corners of the world to embark on a journey that promises unforgettable experiences and cherished memories.

Shares of Rategain Travel Technologies Limited was last trading in BSE at Rs. 553.25 as compared to the previous close of Rs. 569.35. The total number of shares traded during the day was 9391 in over 688 trades.

The stock hit an intraday high of Rs. 566.55 and intraday low of 549.45. The net turnover during the day was Rs. 5229354.00.

Source : Equity Bulls


RateGainTravelTechnologies INE0CLI01024 PulseReport India GlobalEvents DomesticDemand