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Published on : Saturday, July 16, 2016
On June 23, 2016, people of Britain voted for a British exit, or Brexit, from the EU in a historic referendum. The outcome has sent shockwaves through the global economy; however it has prompted jubilant celebrations among certain Eurosceptics around Europe. The value of Pound and Euro has been falling as compared to Indian rupee since Brexit. The Euro and Pound have hit their lowest levels in the last 3 years, as of today the pound stands at an INR 87.84 and euro at INR 74.41, a fall of 13% in case of pound and close to 3% in case of Euro.
A survey by Yatra.com, one of India’s leading online travel portals, brought forth the enthusiasm of Indian travellers in the valuation of rupee due to the referendum. This survey clearly showcased the changing paradigm of Indian travellers and how holidays and travel have become a priority amongst Indians. The unhindered spirit of a traveller is portrayed when almost 71% people stayed firm on their international travel plans despite any apprehensions BREXIT brought to the global economy.
Mr Sharat Dhall, President Yatra.com says, “Europe and UK have always been preferred travel options for Indian tourists and post BREXIT with the Euro and Pound becoming more affordable, we have seen an increased demand for select destinations in both countries. Both currencies are at a 3-year low and this has led to these destinations working out to be more economical for Indian travellers. The queries have grown nearly three-fold and we have found that there is also a 64% increase in bookings for these destinations during the popular season which lasts till October.”
Rupee valuation basis the local currency of a country remains a major deciding factor for over 68% of the travellers. Therefore, with Britain pound and Euro falling, close to 75% has expressed interest in making travel plans to UK and Europe over any other international destinations. Europe continues to be a destination of choice, and enjoys a greater footfall as it sees over a 3% drop in the Euro as compared to India rupee. And as the falling value of pound has made UK increasingly affordable a larger percentage of people are looking at it as a desirable destination for holidays. Interestingly, China is also coming up as a prospective destination for travel due to the Yuan being at an all time low.
Despite fluctuations in currency for varied reasons, Indian travellers have emerged as a savvy lot who analyse the market. When it comes to buying currency, they are clear about what to do. 40% of respondents decided on waiting to get more clarity on currency values and another 30% chose to purchase only USD as it is a universal currency. While for another 30% of travellers, who are sure of their purpose of travel rupee fluctuations do not really matter.
While with the depreciating value of the pound leisure travel seems be seeing a jump, interestingly a stark 66% of our respondents have said no to consider studies in UK basis the current valuations. Students seem to be more swayed by curriculum and career prospects by a 10% reduction in amount of money to be paid.
Almost 67% of respondents have claimed that would not prefer transit travel via UK and Europe post the unrest with the referendum. However, almost 65% people travelling to UK and Europe have said they will spend more on accommodation now that they will get better value for money.
The survey was conducted among 2,000 individuals from Yatra.com’s customer base.