Millennials and their unique travel preferences.

This spending power is attributed to their entrepreneurial spirit, digital fluency, and access to global opportunities. Millennials are also more likely to travel for leisure than for business, with a preference for experiential travel. They are drawn to destinations that offer unique experiences, cultural immersion, and authentic interactions with local communities. Millennials are also more likely to travel solo or in small groups, opting for independent travel experiences.

Sumit Prakash, country director, India and South Asia, Collinson International, said, “Our research highlights that travel is a key driver for consumer expenditure, with a strong ‘travel resonance’ among Indian survey respondents. The rise of Indian outbound travellers, coupled with increasing travel spend by millennials, demonstrates the growing opportunities present in the market that brands, particularly in the financial services sector, can leverage to bring further value.” Preferred travel perks by Indian consumers Indian consumers are not only seeking more travel opportunities but also placing greater emphasis on enriched experiences. In a survey on the most valued travel perks, 44 percent of respondents ranked airport lounge access as the top benefit from travel-related credit cards, far outweighing preferences for fast-track security (9 per cent) and airport transfers (7 per cent).

This finding underscores the importance of airport lounge access as a valuable perk for credit card holders, highlighting the need for banks to offer competitive benefits in order to retain existing customers and attract new ones. Here are some of the ways banks can offer competitive benefits:

• Partnering with airport lounges: Banks can strategically partner with leading airport lounges to offer exclusive access to their members.

  **Elaboration:**

  • Travel benefits are highly valued: This preference for travel benefits highlights a growing trend in consumer behavior. Many people view travel as a significant investment in their personal and professional lives.