Outlook for the Tourism and Travel industry in 2023

Backpacking to take a tour to outlook the trends for Travel and Tourism Industry in 2023. Travel and tourism returned to form in 2022, and even though costs are rising globally, travellers are still taking holidays and exploring the world. With millions of travellers already planning trips, and a 20% increase in earnings for the global tourism sector, 2023 looks promising.

In 2023, travellers will be going one step further as we look to deepen these experiences by having a lasting positive impact on the places and people we visit.

2023 – Consolidating on the gains from last year

There are signs of recovery in the travel and hospitality sector, with domestic tourism returning to its pre-Covid levels, as well as a growing interest in international travel in 2023.

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Affirming that Rikant Pittie, Co-Founder, EaseMyTrip, said, “The year 2022 witnessed an exceptional rise in travel demand along with the sector being surfaced from the disruptions caused by COVID. Even though the industry faced airfare hikes, the desire of people to travel did not stop and we expect the demand momentum to continue in 2023. Travel has become the way of life and people are not hesitating to direct their expenditure towards experiencing new adventures and exploring destinations.”

Sharing insights on how 2023 is going to be the revive of the travel industry, Varun Arora, CEO & Co-Founder, of Ekostay, A Homestay Venture, said, “The hospitality industry is looking to the upcoming Union Budget 2023 with high hopes as it could offer some relief to the sector.”

“The sector is expecting a number of measures that can help it recover from the losses suffered during the pandemic.  Some key expectations include extending the current GST rate of 12% to the industry, setting up a Tourism Promotion Fund, tax incentives for capital investments, and special packages for developing tourism infrastructure.” he further added.

According to, Liberatha Kallat, Chairperson & Managing Director, DreamFolks Services Ltd, “As a leading airport services provider, we are optimistic about the recovery of the travel and tourism industry in 2023. We are seeing a steady increase in bookings and flight schedules, indicating that people are eager to travel again. With business & leisure travel picking up in 2023, we anticipate an increase in demand for various services such as lounge access, meet & assist, F&B offerings, airport transfers, spa, and transit hotels/nap rooms.”

Akash Dahiya, Co-founder, SanKash, pointed out, “With a projected annual growth rate of 20.7% in 2024, the travel and tourism sector's contribution to India's economy is predicted to reach pre-pandemic levels. In 2023, Indian tourists will be among the biggest spenders on travel. Weekend trips are expected to grow in popularity this year among the various travel options. Travelers between the age groups of 23 and 40 are willing to better their experience and spend more money on vacations. Even if it requires occasional spending, travelers would be expected to travel the world, and planning is a common subject.”

Traveling Experience

There has been a noticeable change in travelers’ behaviour in recent years, which has forced companies and destinations to adapt in order to meet travelers’ high expectations.

There were a number of factors driving this change, including the popularity of remote working, the growing concern about sustainability, the desire for flexible cancellation policies, and the sentiment of revenge travel.

As we can see from the numbers, international tourism showed strong signs of recovering in 2023. By 2025, this segment should be fully recovered.

Liberatha Kallat, Chairperson & Managing Director, DreamFolks Services Ltd, said, “Travelers will actively seek these services to ensure a hassle-free experience. For example, self-check-in kiosks will become a preferred choice among travelers to avoid queues. In response, we aim to provide better seating arrangements and customized lounges that cater to diverse audiences. In addition, we are committed to introducing new and innovative technologies that will streamline the travel process and make the experience more convenient and enjoyable for travelers. Furthermore, we believe the industry will continue to prioritize sustainable and responsible tourism practices, offering more opportunities for travelers to explore and discover new destinations in a conscious and responsible manner.”

According to Akash Dahiya, Co-founder, SanKash, “At the point of sale, technology will be even more prominent, enabling such traveler experiences. The global market for travel insurance, according to studies, was estimated to be worth $17.8 billion in 2021 and is projected to increase at a CAGR of 15.4% from 2022 to 2030. As a result, TNPL (Travel Now, Pay Later) platforms are increasingly popular since travelers want to save money by carrying less cash or keeping it in their savings. Even if a lot of individuals desire to travel, most of them are hesitant to use their savings for it because they are still concerned about another pandemic-like crisis. Therefore, TNPL platforms make sense since they enable travel experiences that are cost-effective. This not only enables individuals to plan vacations without worrying about their budgets but also keeps their savings intact and enables them to pay for the same in a convenient way.”

“We anticipate international travel to pick with an increase in MICE bookings along with business travel. 2023 is expected to be a good year for the travel industry and we anticipate further growth in the sector,” said Rikant Pittie, Co-Founder, EaseMyTrip.