India will be Asia’s fastest growing market for online travel retail by 2010, according to global market analyst Euromonitor International.
The online travel retail market in India is expected to surge over the next five years, with Internet-based travel retail transactions increasing by 271 per cent between 2005 and 2010. The estimate is that online travel retail sales generated in India will cross US$2 billion in 2010 alone.
Parita Chitakasem, Asia Pacific travel and tourism manager at Euromonitor International, rationalises, “A strong correlation has emerged between the highest computer ownership rates and the largest urban populations, as they provide the ideal infrastructure for Internet services. With double-digit growth forecast in the number of urban households between 2006 and 2010, India is showing great potential for online businesses and as a result, great potential for online travel retail.”
South Korea has the second largest Internet travel retail market in Asia, behind Japan.