The travel industry is hopeful that the annual growth rate will start improving during the festive season.
If you have plans to travel to Mumbai, Delhi, Kolkata, Bengaluru then there is some good news for you. Air fares have come down in comparison to what they were last year during the same period.
So, a flight from Mumbai to Delhi between October 11-17 will cost you Rs 3,717 which in 2018 was around Rs 4,702 during the same period.
For travelling to Bengaluru from Mumbai, it will cost you Rs 2,836 during October 11-17 which was Rs 3,635 in 2018.You will witness a similar price difference between this year and the last for other routes like Bombay to Hyderabad or Kolkata.
According to Sharat Dhall, COO (B2C), Yatra.com, the marginal decline in air fares is good news for both travelers and the travel industry.
"Over the last four to five months, there has been slowdown in terms of growth versus last year. Plus, Jet Airways shut shop because of which a lot of inventory went out of the market, leading to fares going up and this had a negative impact as far as demand is concerned. However, a lot of the inventory has come back that is why airfares have stabilized," explained Dhall.
He added that the travel industry is hopeful that the annual growth rate should start improving as we are getting into the festive season.
"So, we are hopeful that fares remaining fairly benign, inventory going back to what it was pre-Jet Airways [fiasco], we think growth will come back in the next few months," he added.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.