Also read: CCI to probe high air fares for 5th time
Below is the transcript of the interview.
Q: How is this holiday season been not just for MakeMyTrip but for all the airlines and hotels that you list on your website?
A: The holiday season has been reasonably good despite the fares. As you mentioned, the fares have been higher from the last year both for airlines – 20 percent year-on-year and hotels – 10-15 percent YoY. But the good news is that Indian consumers are still traveling and the season has been reasonably good.
For the whole year, the total passenger traffic growth in the domestic market has been about 5 percent from January to November. During the year, we did see about growth going into double digits for three months, August, September and October. Overall, the season has been pretty good.
Q: You are saying that the move up to double digits only improved in the months of November-December because these are peak holiday seasons for airlines, domestic airlines but prices or air fares have also gone up substantially. For instance, the Delhi-Goa-Delhi flight ticket is now about Rs 40,000 if you want to travel in December and the same ticket was available for about Rs 20,000 in September. So, despite this rise in air fares we are seeing people travel domestically?
A: Last-minute travel during this part of the year has always been expensive and it has been a direct function of the load factor. So, what people have over the time learnt is to do advance bookings and plan a little ahead of time and that helps.
In some of the domestic destinations, Goa has always been a hot destination and a very expensive destination. There has also been a trend of picking up alternative destinations; just not looking at Goa alone. People have looked at Kerala, Rajasthan, Jaipur, Udaipur and Jaisalmer, etc.
Q: But if you are saying that we have seen an increase in passenger load factors in let's say August and September all the way up to double digit growth then October, November and December would have even exceeded that and that would have meant airlines would make the most of this and charge even higher prices. So, I am just trying to gauge, we have been talking about consumer spending slowing down but you are saying that people are continuing to opt for domestic holiday destinations?
A: August, September and October the flown traffic was double-digit. The growth rate was double digit for August, September and October. November it slowed down. It was about 2.6 percent and December the data is not yet out because it is based on the flown numbers and flown traffic would come in, in the month of January.
However, we have looked at the booking trends and we have seen certain segment of consumers definitely, especially domestic travel we have not seen any declining trend in terms of bookings in the month of December.
As far as overseas destinations are concerned, there has been a bit of a hit at least at our end. So, you are right in terms of fares being high but I guess a part of it has been planned in advance and booked in advance and therefore they have got some advantage of not being hit by the last-minute fare. All the trends or the data that I am sharing is basically travel basis and not necessarily on booking basis.
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