80% of UHNWI to reduce international travel in 2021: Knight Frank Attitude Survey

43% of UHNWIs of India more likely to consider private aviation post-Covid.

Knight Frank, an international property consultancy, in their latest survey, cited that 80% of the Ultra High Net worth Individuals (UHNWI) (US$30million +) in India are likely to reduce international travel for their business and/or leisure in 2021, owing to the global uncertainties due to the on-going Covid -19 pandemic. In the context to Asia Pacific (APAC), post-Pandemic, 89% of UHNWIs would reduce their international travel pertaining to work while 91% would reduce their trips abroad for leisure purposes.

Survey: Will you reduce your International travel as a result of Covid-19?

Business:

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Source: Knight Frank Research

Leisure:

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Source: Knight Frank Research

All the respondents (100%) from countries such as Japan, Taiwan, Ireland, and Zambia have said they would reduce all business-related international trips. In contrast to that, all the respondents from countries like the Chinese Mainland, Taiwan, Ireland, Switzerland, and Zambia have said they would reduce all leisure based international trips. In 2020, 4% of Indian UHNWIs cited that they are less using private jets to help in reducing their carbon footprint globally.

Use of Private Aviation in 2021:

43% of Indian ultra-wealthy said they are more likely to consider private aviation for their travelling needs going forward, while 27% are less likely to consider, and 30% remains unchanged. According to the survey, ultra-wealthy respondents from the United Arab Emirates (75%), Russia (71%), Nigeria (69%), Spain (60%), Canada (60%) and South Africa (60%) have all said they are more likely to use private aviation for travelling purposes, post-Covid.

Survey: Are you more or less likely to use private aviation as a result of Covid-19?

www.newsbarons.comSource: Knight Frank Research

Shishir Baijal, Chairman and Managing Director at Knight Frank India said “The outbreak of the pandemic www.newsbarons.comhas affected global travels. However, global norms for travel are being revised. It may soon be necessary for travellers to show immunity in the form certification of COVID- 19 vaccination. The concept of ‘Vaccine Passport’ is being propagated by many countries, especially those where tourism is a large economic contributor. Travellers will have to prove that they are either vaccinated or have negative test to be allowed entry. As the vaccination programme develops in India and globally, we expect travels to resume, though it may be some time before volumes recover to pre-covid levels. Also, leisure travel is expected to improve faster than corporate travel as Work from Home policies and digital communication are expected to remain enforced for majority of the current year.”