Experiential travel, bleisure tourism shaped travel ecosystem in 2024

As we conclude another year, it is essential to reflect on the key developments, challenges, and achievements that have shaped different sectors throughout the past 12 months. The year 2024 has been marked by dynamic shifts, rapid innovation, and the continued adaptation to both external factors and emerging trends.

Adgully’s annual feature – REWIND – revisits different sectors and identifies the key developments as well gauges the long-term impacts of those developments. We speak to a cross-section of industry leaders to bring a 360-degree view of the industry landscape, the growth trends, financial performance, disruptions, innovations, challenges and more.

In this Rewind 2024 article, Nishant Pitti, CEO and Co-Founder, EaseMyTrip, presents an indepth overview of the travel industry in 2024, growing appetite of consumers for meaningful and transformative experiences, how the concept of ‘bleisure tourism’ is reshaping the landscape, and more.

Overview of the Travel Industry and Indian economy in 2024

The year 2024 has seen the travel industry transition into a phase of steady and sustainable growth, moving beyond the double-digit surges of previous years. Globally, the Travel Health Index indicates a 9% year-on-year growth, marking a departure from the 2019 benchmarks and signaling a maturing industry driven by evolving traveler priorities.

India, in particular, has emerged as a key player in the global travel market, with outbound travel seeing a remarkable 14% year-on-year increase in the first half of the year. Factors such as rising disposable incomes, improved air connectivity, and relaxed visa policies have spurred 15 million Indians to explore international destinations. Social media, celebrity influence, and a younger population with a median age of 28 have further fueled this enthusiasm, creating a rapidly expanding pool of first-time travelers.

On the economic front, India continues to shine as a beacon of growth, with its GDP increasing by 6.7% in the April-to-June quarter. Although slightly slower than previous quarters, the economy remains robust, driven by strong rural consumer spending, favourable monsoon conditions boosting agricultural output, and easing inflation. Tourism is a significant contributor to this resilience, supported by the government’s vision for a $3 trillion tourism economy by 2047.

Strategic investments in infrastructure and sustainability, coupled with a surge in digital transformation in the travel sector, underscore India’s commitment to becoming a leading global travel destination. With a 14% increase in tech investments projected for 2024, the emphasis on enhancing traveler experiences and seamless connectivity is stronger than ever.

Key trends and developments

2024 has been a defining year for the travel sector, marked by a renewed appetite for meaningful and transformative experiences. As the industry continues its recovery, there has been a noticeable shift toward journeys that foster deeper connections, unique narratives, and a sense of discovery. Southeast Asia has remained a preferred choice for Indian travelers, especially Millennials and Gen Z, with destinations like Thailand, Vietnam, and Bali leading the way. These regions blend cultural richness with modern-day conveniences, ensuring a balance of tradition and innovation. Domestically, Indian travelers have increasingly gravitated toward offbeat locales like Meghalaya, Zanskar, Spiti, and Tawang, reflecting a growing preference for tranquility and exclusivity over conventional tourist hubs.

The rise of experiential travel has emerged as a significant trend this year. Travelers now seek immersive journeys, from culinary trails to eco-tourism, rather than simply visiting destinations. Personalized and curated itineraries that connect them with local cultures and communities are in high demand. Meanwhile, the concept of ‘bleisure tourism’ has reshaped the landscape, driven by remote work and flexible arrangements. With the market currently valued at $709.2 billion and projected to grow at a CAGR of 19.5% to reach $4,219.5 billion by 2034, ‘bleisure travel’ is particularly popular among digital nomads and Millennials, who seamlessly blend work with exploration.

Travel marketing has also undergone a notable evolution in 2024, shaped by the dynamic interplay between technology, sustainability, and shifting traveler expectations. Sustainable travel has gained prominence, with marketers emphasizing carbon offset programs and eco-friendly accommodations to resonate with environmentally conscious travelers. The role of technology has expanded, with VR, AR, and AI-powered tools enabling hyper-personalized campaigns and virtual previews of destinations. Additionally, micro-influencers with niche audiences and authentic connections have taken center stage, complementing the use of social media storytelling to engage audiences and inspire wanderlust.

Finally, technology remains a cornerstone of travel innovation, empowering seamless and inclusive travel experiences. AI-driven trip planners, mobile-first campaigns, and voice search optimization have simplified travel planning and made information more accessible. These developments, combined with the industry’s focus on personalization and sustainability, underscore the evolving demands of modern travelers and the sector’s adaptability in catering to them.

EaseMyTrip’s performance in 2024

2024 has been a pivotal year for EaseMyTrip, characterized by strategic growth initiatives and resilience amidst evolving market dynamics. The year saw a strong focus on diversification and expansion, which significantly bolstered our position as a leading player in the travel sector.

Our gross booking revenue rose to an impressive Rs 2,075.6 crore, showcasing steady demand across travel categories. Notably, the hotel booking segment emerged as a standout performer, achieving an extraordinary 140% year-on-year revenue growth. This highlights the effectiveness of our strategic push toward diversifying revenue streams beyond flight bookings, which remain a cornerstone of our business.

We truly demonstrated adaptability and forward-thinking through acquisitions and partnerships, ensuring sustained momentum and value creation for all stakeholders.

Major achievements

2024 was a milestone year for EaseMyTrip, showcasing strategic developments that underscore our commitment to innovation and growth. A key highlight was the board’s approval for a capital raise of Rs 234.03 crore through a preferential issue of equity shares. This move has fortified our financial foundation, enabling us to scale our operations and pursue our growth aspirations. The market’s confidence was evident, with EaseMyTrip shares witnessing a 3.40% rise following the announcement.

Our acquisition strategy continued to strengthen our portfolio, with plans to acquire a 49% stake in Planet Education Australia, allowing us to explore opportunities in the education travel market. Additionally, we announced the acquisition of a 50% stake in Jeewani Hospitality, which aligns with our vision of enhancing hospitality offerings to deliver more comprehensive travel experiences.

EaseMyTrip has also focused on addressing growing opportunities in emerging travel trends. While we do not currently offer niche services like wellness tourism, sports tourism, or gaming-inspired travel, these trends highlight the broader shifts in traveler preferences. We’ve taken note of the rising popularity of eco-tourism, offbeat destinations, and experiential travel and are exploring ways to incorporate such insights into our offerings.

By leveraging these developments and maintaining our focus on core strengths, EaseMyTrip continues to grow as a trusted name in the travel industry, delivering seamless and memorable experiences to our customers while laying the groundwork for a future of sustained success.

Expectation from 2025

The travel industry in 2025 is set to witness a profound transformation driven by emerging trends, technological advancements, and a growing emphasis on immersive and sustainable experiences. At EaseMyTrip, we are excited to be at the forefront of these developments, shaping the future of travel with innovation and customer-centric solutions.

Technological innovation continues to redefine the travel experience. With 84% of Indian travelers leveraging AI tools for planning, technology is evolving into a trusted companion for crafting personalized journeys. Destinations such as Shillong, Baku, and Langkawi are gaining prominence, symbolizing a shift towards unique, culturally enriched travel narratives. Our EMT Desk platform exemplifies this transformation, offering businesses a cutting-edge corporate travel management tool equipped with AI-powered features and CO2 emission tracking to blend efficiency with sustainability.

The emerging trends extend beyond traditional travel, reflecting broader cultural shifts. Sport tourism, for instance, is surging, with 53% of Indian travelers keen to attend live sporting events, while art and stargazing experiences are transforming into immersive, multi-sensory journeys. These developments underscore India’s expanding global aspirations, where travel becomes a strategic investment in personal growth and shared experiences.

EaseMyTrip is poised to embrace these exciting changes, particularly in the realms of tech-driven travel management, immersive experiences, and sustainability. The year 2025 is a watershed moment where the industry transcends traditional boundaries, and we remain committed to crafting intelligent, connected travel ecosystems that resonate with the sophisticated aspirations of modern travelers and businesses alike.

Also Read: How Experiential Marketing Overcomes Ad Fatigue