Key Points
- Asia is expected to have more millionaires than North America by the mid-2030s, boosting travel spending.
- India and China lead in anticipated travel activity and spending, with high percentages of their populations planning to travel.
- India’s young population and economic growth drive its outbound travel market, with significant spending expected by 2040.
Summary
Asia is on the verge of surpassing North America in the number of millionaires by the mid-2030s, which is driving significant travel spending. According to Skift Research’s 2025 Travel Outlook Survey, China and India are at the forefront, with a large percentage of their populations planning to travel. India, in particular, is expected to lead in travel spending, driven by its young population, rising incomes, and favorable visa policies from countries like Malaysia and Thailand. This surge in luxury and outbound travel is supported by the growing number of affluent individuals and a demand for family-friendly and authentic experiences.