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According to recent data from Pickyourtrail, families tend to spend more on long-haul vacations, with an average spend of ₹6.13 lakh compared to ₹2.38 lakh for short-haul trips.
Families traveling with elderly people spend even more – ₹6.66 lakh for long-haul trips and ₹2.81 lakh for short-haul trips – perhaps due to the additional comfort and accessibility required.
In contrast, solo travelers prefer short-haul trips due to their cost-effectiveness, spending ₹1.53 lakh on long-haul trips and ₹85,000 on short-haul trips. Friends traveling together, however, lean heavily towards long-haul trips, spending an average of ₹16.08 lakh, compared to ₹2.64 lakh on short-haul trips, the report said.
A memorable vacationlike honeymoons and anniversaries, often involve higher budgets. Honeymooners traveling to long-haul destinations spend an average of ₹1.79 lakh, compared to ₹93,770 for regular couples opting for short-haul trips.
“Families with children typically spend around ₹74,649 per person on a family vacation, with an emphasis on child-friendly amenities and activities like theme parks or wildlife safaris. For families traveling with seniors , the average spend is ₹80,522 per person,” says Pickyourtrail.
Among DINK (double income, no children) and families with children, spending habits differ significantly.
DINKs tend to invest more in leisure activities and luxury accommodation. They spend between ₹70,000 and ₹1.2 lakh on activities such as adventure sports and cultural tours, compared to ₹40,000-70,000 spent by families with children on family attractions.
When it comes to accommodation, DINKs prefer premium stays, spending between ₹1.5-2.5 lakh on resorts or private villas, while families opt for more budget-friendly accommodations, spending between 80,000 and ₹1.5 lakh in family resorts.
To manage your vacation finances Indeed, Atul Shinghal, founder and CEO of Scripbox, offers some advice.
He advises travelers to set a realistic budget for their trip, taking into account all expenses, including travel, accommodation, food and activities. It's also crucial to research destination costs, as airfares, hotel rates, and daily expenses can vary widely.
Shinghal recommends reviewing your savings to ensure you have enough funds for your trip without resorting to emergency resources.
For those planning future vacations, he suggests using systematic investment plans (SIPs) to build savings over time.
Shinghal also warns against borrowing money for vacations, as personal loans and credit cards often come with high interest rates, which can lead to debt.
Instead, he advises saving in advance or adjusting travel plans to fit your budget.
It's also a good idea to set aside part of your budget for emergencies, review insurance coverage for travel-related issues, and inform your bank of your travel plans to avoid access issues abroad. .
