Business
Pilgrimage tourism boom: MakeMy report shows 19% growth in FY24-25; surge in premium stays – The Times of India
MUMBAI: Group travel, short stays and last-minute bookings, these are the trends that define the popular religious tourism segment with pilgrimage travel emerging as one of the fast-growing segments of India’s travel and tourism industry. “Accommodation bookings across 56 pilgrimage destinations grew by 19% in FY24-25,” according to online travel company MakeMyTrip (MMT) which tracked for pilgrimage travel in 2024-2025. “The pilgrimage travel trends highlight broad-based momentum, with 34 destinations recording double-digit growth and 15 destinations growing by over 25%, underscoring how spiritual journeys are becoming a powerful driver of travel demand,” the MMT report said.The breadth of growth across pilgrimage destinations can be seen in centres such as Prayagraj (Uttar Pradesh), Varanasi (Uttar Pradesh), Ayodhya (Uttar Pradesh), Puri (Odisha), Amritsar (Punjab) and Tirupati (Andhra Pradesh), which continue to grow. At the same time, places like Khatushyam Ji (Rajasthan), Omkareshwar (Madhya Pradesh) and Thiruchendur (Tamil Nadu) are also registering strong momentum, reflecting the widening canvas of spiritual travel in the country.“The strong growth in pilgrimage demand is also driving an aggressive expansion of accommodation supply across key destinations. Travellers are largely opting for short, purpose-driven stays, with more than half choosing single-night trips. At the same time, premiumisation is gaining momentum, bookings for rooms priced above ₹7,000 grew by over 20%” it saidRajesh Magow, Co-Founder and Group CEO, MakeMyTrip, said, “Pilgrimage Travel has always been part of our culture, but what we see now is its scale and consistency across the country. We are seeing steady growth, fuelled by stronger connectivity and Indians across all age groups and income segments planning pilgrimage-led trips. This growing demand is broadening traveller expectations and prompting the industry to innovate in ways that better serve the unique needs of the pilgrim traveller.”
Nearly 2 in 3 pilgrimage bookings made within a week of travel:
The late booking trend is characteristic of Indian travellers, cutting across all segments of travel. Pilgrimage travel, much like leisure, continues to be booked very close to the date of travel, with more than 63% of bookings made within six days of departure.
Pilgrimage travel characterized by short, purpose-led stays:
Pilgrimage travel remains defined by short, purpose-driven stays. More than half of all travellers (53%) opt for single-night visits, compared to 45% in leisure travel. Two-night stays make up nearly one-third (31%) of trips, while three-night stays account for just 11%. Longer durations of four nights or more together contribute less than 5% of bookings, in contrast to leisure travel, which shows a more even spread across multiple nights.
Group travel distinctly stronger in pilgrimage:
Group bookings form a much larger share of pilgrimage travel, with 47% of trips made in groups compared to 38.9% in leisure destinations. This underlines the collective character of pilgrimage journeys, where families, friends, and community groups often travel together, further reinforcing pilgrimage as a deeply shared experience.
High-value bookings in pilgrimage cities outpace leisure destinations:
While most pilgrimage accommodation bookings (71%) are for rooms priced below ₹4,500 per night, premiumisation is gaining clear momentum. In FY24-25, bookings for rooms in the ₹7,000–10,000 range grew by 24%, while those above ₹10,000 grew by 23%. In parallel, alternate accommodation options such as homestays and apartments have also gained traction, contributing nearly 10% of room night bookings in pilgrimage destinations.
Pilgrimage Travel Spurs Wave of New Hotels and Homestays:
Over the past three years, pilgrimage destinations have seen a sharp rise in accommodation supply. More than a third of all hotel rooms available today at these locations were launched during the past three years, with even faster growth in homestays, apartments, and hostels. The expansion of homestays reflects both new additions and existing properties coming online as hosts tap into rising demand. Premium supply has also scaled rapidly, 63% of the premium accommodation available today were launched during the same period, reflecting how businesses are actively investing to capture the demand in premium segment.
Travellers increasingly combine pilgrimage with leisure experiences:
In FY 2024-25, over half (52%) of all holiday package bookings on MakeMyTrip were made by travellers seeking pilgrimage-led destinations only. At the same time, nearly 48% of bookings were from travellers who sought a combination of pilgrimage as well as leisure destinations within the same holiday package. Taken together, these trends point to a shift, with increasing number of travellers blending spiritual journeys and leisure pursuits to create a more wholesome experience.
Paul KirbyEurope digital editor
Thierry Monasse/Getty ImagesEuropean Union governments have agreed to immobilise indefinitely Russian assets of up to €210bn (£185bn) that have been frozen in the EU since the start of Russia’s full-scale invasion of Ukraine.
Most of Moscow’s cash is held in Belgian bank Euroclear, and European leaders are hoping to agree a deal at next week’s crunch EU summit that would use the money for a loan to help Kyiv fund its military and economy.
After almost four years of Russia’s full-scale war Ukraine is running out of cash, and needs an estimated €135.7bn (£119bn; $159bn) over the next two years.
Europe aims to provide two-thirds of that, but Russian officials accuse the EU of theft.
The Russian Central Bank said on Friday it was suing Belgian bank Euroclear in a Moscow court, in response to the EU loan plan.
‘Only fair’ to use Russia’s assets
Russia’s assets in the EU were frozen within days of the full-scale invasion of Ukraine in February 2022, and €185bn of that is held by Euroclear.
The EU and Ukraine argue that money should be used to rebuild what Russia has destroyed: Brussels calls it a “reparations loan” and has come up with a plan to prop up Ukraine’s economy to the tune of €90bn.
“It’s only fair that Russia’s frozen assets should be used to rebuild what Russia has destroyed – and that money then becomes ours,” says Ukraine’s Volodymyr Zelensky.
German Chancellor Friedrich Merz says the assets will “enable Ukraine to protect itself effectively against future Russian attacks”.
Russia’s court action was expected in Brussels and European Economic Commissioner Valdis Dombrovskis said on Friday that EU financial institutions were “fully protected” from legal proceedings.
But it is not just Moscow that is unhappy.
Belgium is worried it will be saddled with an enormous bill if it all goes wrong and Euroclear chief executive Valérie Urbain says using it could “destabilise the international financial system”.
Euroclear also has an estimated €16-17bn immobilised in Russia.
Belgian Prime Minister Bart De Wever has set the EU a series of “rational, reasonable, and justified conditions” before he will accept the reparations plan, and he has refused to rule out legal action if it “poses significant risks” for his country.
EPA/ShutterstockWhat is the EU’s plan?
The EU is working to the wire ahead of next Thursday’s summit to come up with a solution that Belgium can accept.
Until now the EU has held off touching the assets themselves directly but since last year has paid the “windfall profits” from them to Ukraine. In 2024 that was €3.7bn. Legally using the interest is seen as safe as Russia is under sanction and the proceeds are not Russian sovereign property.
But international military aid for Ukraine has slipped dramatically in 2025, and Europe has struggled to make up the shortfall left by the US decision to all but stop funding Ukraine under President Donald Trump.
There are currently two EU proposals aimed at providing Ukraine with €90bn, to cover two-thirds of its funding needs.
One is to raise the money on capital markets, backed by the EU budget as a guarantee. This is Belgium’s preferred option but it requires a unanimous vote by EU leaders and that would be difficult when Hungary and Slovakia object to funding Ukraine’s military.
That leaves loaning Ukraine cash from the Russian assets, which were originally held in securities but have now largely matured into cash. That money is Euroclear property held in the European Central Bank.
The EU’s executive, the European Commission, accepts Belgium has legitimate concerns and says it is confident it has dealt with them.
The plan is for Belgium to be protected with a guarantee covering all the €210bn of Russian assets in the EU.
Should Euroclear suffer a loss of its own assets in Russia, a Commission source explained that would be offset from assets belonging to Russia’s own clearing house which are in the EU.
If Russia went after Belgium itself, any ruling by a Russian court would not be recognised in the EU.
In a key development, EU ambassadors have agreed that Russia’s central bank assets held in Europe should be immobilised indefinitely.
Until now they have had to vote unanimously every six months to renew the freeze, which could have meant a repeated risk to Belgium.
The EU ambassadors used an emergency clause under Article 122 of the EU Treaties so the assets remain frozen as long as an “immediate threat to the economic interests of the union” continues, or until Russia pays war reparations to Ukraine in full.
Swedish Finance Minister Elisabeth Svantesson said the decision was an “important step in enabling more support for Ukraine and protecting our democracy”.
Thierry Monasse/Getty ImagesWhy Belgium is not yet satisfied
Belgium is adamant it remains a staunch ally of Ukraine, but sees legal risks in the plan and fears being left to handle the repercussions if things go wrong.
A usually divided political landscape in this case has rallied behind Prime Minister Bart De Wever, who is under pressure from European colleagues.
“Very important decisions” would be made by the EU in the coming week, he said during a meeting with UK Prime Minister Sir Keir Starmer in London on Friday. He added that Belgium and the UK would work together to “get the certainty that we can support Ukraine to stay a free, democratic and sovereign country”.
The EU believes it can secure sufficient guarantees for the loan itself, but Belgium fears an added risk of being exposed to extra damages or penalties.
“Belgium is a small economy. Belgian GDP is about €565bn – imagine if it would need to shoulder a €185bn bill,” says Veerle Colaert, professor of financial law at KU Leuven University.
She also believes the requirement for Euroclear to grant a loan to the EU would violate EU banking regulations.
“Banks need to comply with capital and liquidity requirements and shouldn’t put all their eggs in one basket. Now the EU is telling Euroclear to do just that.
“Why do we have these bank rules? It’s because we want banks to be stable. And if things go wrong it would fall to Belgium to bail out Euroclear. That’s another reason why it’s so important for Belgium to secure water-tight guarantees for Euroclear.”
Europe under pressure from every direction
There is no time to lose, warn seven EU member states including those closest geographically to Russia such as the Baltics, Finland and Poland. They believe the frozen assets plan is “the most financially feasible and politically realistic solution”.
“It’s a matter of destiny for us,” says leading German conservative MP Norbert Röttgen. “If we fail, I don’t know what we’ll do afterwards. That’s why we have to succeed in a week’s time”.
While Russia is adamant its money should not be touched, there are added concerns among European figures that the US may want to use Russia’s frozen billions differently, as part of its own peace plan.
Zelensky has said Ukraine is working with Europe and the US on a reconstruction fund, but he is also aware the US has been talking to Russia about future co-operation.
An early draft of the US peace plan referred to $100bn of Russia’s frozen assets being used by the US for reconstruction, with the US taking 50% of the profits and Europe adding another $100bn. The remaining assets would then be used in some kind of US-Russia joint investment project.
An EU source said the added advantage of Friday’s expected vote to immobilise Russia’s assets indefinitely made it harder for anyone to take the money away. Implicit is that the US would then have to win over a majority of EU member states to vote for a plan that would financially cost them an enormous sum.
Hungary’s Viktor Orban, seen as Russia’s closest partner in the EU, said Europe’s leaders were “placing themselves above the rules” and replacing the rule of law with the rule of bureaucrats.
The FTSE 100’s early promise faded on Friday amid downbeat economic growth figures and fresh US tech weakness.
The FTSE 100 index closed down 54.1 points, 0.6%, at 9,649.03.
It had earlier traded as high as 9,761.47.
The FTSE 250 ended 24.45 points higher, 0.1%, at 21,876.55, and the AIM All-Share ended up 3.70 points, 0.5%, at 751.36.
For the week, the FTSE 100 fell 0.2%, the FTSE 250 declined 0.9% and the AIM All-Share dropped 0.2%.
The mood was knocked by news that the UK economy shrank in October, according to figures from the Office for National Statistics.
Gross domestic product is estimated to have fallen by 0.1% in October, the same as in September, missing the FXStreet-cited market consensus for a 0.1% rise.
Services output fell by 0.3%, while construction output fell by 0.6%.
Production output, however, climbed 1.1%.
Citi analyst Callum McLaren-Stewart called the data “an unsurprising surprise”.
“A miss in October is perhaps not the most surprising outcome.
“Pre-budget uncertainty, and particularly the degree of speculation ahead of the event, can likely explain the miss relative to forecasts,” he said.
“For households, the prospect of income tax increases (which was still very much live during October) would likely have put the brakes on consumer spending,” the Citi analyst said, while, on the business side, “the associated lack of clarity around which sectors were to be taxed, will have likely delayed/slowed investment decisions”.
Berenberg analyst Andrew Wishart fears some of the slowdown in the UK economy could be due to underlying issues and not just budget uncertainty.
“We suspect that deteriorating fundamentals rather than a budget-related setback in confidence are to blame, so a recovery seems unlikely in the near term,” Mr Wishart said.
The data was seen as cementing a quarter-point interest rate cut at next week’s Bank of England Monetary Policy Committee meeting.
“Not that it was in any doubt at all, but today’s data essentially guarantees that the Bank of England will slash rates again next week.
“The focus will instead be on the guidance for rates in 2026.
“Any dovish undertones that hint at further easing ahead could bode ill for the pound,” Ebury analyst Matthew Ryan said.
Mr McLaren-Stewart agrees the data “clearly supports the consensus case for a cut”.
“However, we anticipate the (BoE) will be obliged to cut lower than currently priced in 2026, necessitating a terminal rate below 3%, supported by weaker GDP outlook,” he added.
Sterling fell back after the figures, after rallying in recent days.
The pound was quoted lower at 1.3356 US dollars at the time of the London equities close on Friday, compared to 1.3416 US dollars on Thursday.
The euro stood at 1.1739 US dollars, down against 1.1746 US dollars.
Against the yen, the dollar was trading higher at 155.69 yen compared to 155.24.
In Europe on Friday, the CAC 40 in Paris closed down 0.1%, while the DAX 40 in Frankfurt ended 0.5% lower.
Stocks in New York were lower at the time of the London equity close.
The Dow Jones Industrial Average was down 0.7%, the S&P 500 index was 1.4% lower, while the Nasdaq Composite was down 2.1%.
Technology stocks were firmly in the red once more as Broadcom slid 11% after results failed to match lofty expectations, while Oracle fell a further 4.6%.
The yield on the US 10-year Treasury was quoted at 4.19%, stretched from 4.12% on Thursday.
The yield on the US 30-year Treasury was at 4.86%, widened from 4.77%.
Supporting the dollar and pushing yields higher, comments from two officials who voted against the Federal Reserve’s decision to lower interest rates this week.
Chicago Fed President Austan Goolsbee had joined Kansas City Fed President Jeffrey Schmid in pushing to keep rates unchanged instead at the central bank’s two-day policy meeting, which ended on Wednesday.
“I believe we should have waited to get more data, especially about inflation, before lowering rates further,” said Mr Goolsbee in a statement Friday.
In a separate statement, Mr Schmid, who also pushed for no rate cut at the Fed’s October meeting, said: “Right now, I see an economy that is showing momentum and inflation that is too hot, suggesting that policy is not overly restrictive.”
In addition, Federal Reserve Bank of Cleveland President Beth Hammack said she would prefer interest rates to be slightly more restrictive to keep putting pressure on inflation, which is still running too high.
Back in London, InterContinental Hotels Group rose 2.3% as Jefferies upgraded to “buy” from “hold”‘, but Whitbread dropped 2.2% as the broker moved the Premier Inn owner the other way, to “hold” from “buy”.
Elsewhere, 1Spatial soared 45% after agreeing in principle to a proposed £87.1 million offer from VertiGIS, a portfolio company of London-based private equity firm Battery Ventures.
The Cambridge, England-based location master data management software company said the cash bid would value each 1Spatial share at 73 pence.
VertiGIS confirmed that it has completed commercial due diligence, has a clear understanding of the 1Spatial business and requires only limited confirmatory diligence to proceed to making a firm offer.
But Card Factory plummeted 27% after cutting its profit guidance as it said weak high-street retail footfall hurt its UK store sales performance.
The Wakefield, England-based greeting cards, gifts and celebration merchandise retailer said it expects adjusted pretax profit of between £55 million and £60 million for financial 2026, which ends on January 31, if current trading trends persist.
This is lower than the company’s previous guidance, which was for mid-to-high single-digit-percentage growth in adjusted pretax profit from £66.0 million in financial 2025, roughly £70 million.
Card Factory attributed weak consumer confidence to the lower high street footfall, which has persisted into its “most important” trading period.
Brent oil was quoted at 61.30 dollars a barrel at the time of the London equities close on Friday, up from 60.91 late on Thursday.
Gold was quoted at 4,291.08 dollars an ounce on Friday, higher against 4,254.97.
The biggest risers on the FTSE 100 were Burberry, up 54.50 pence at 1272.5p, Ashtead Group, up 128.0p at 5,138.0p, BT Group, up 3.7p at 180.5p, Intercontinental Hotels Group, up 185.0p at 10,235.0p and Fresnillo, up 46.0p at 2,904.0p.
The biggest fallers on the FTSE 100 were St James’s Place, down 49.0p at 1,316.5p, British American Tobacco, down 146.0p at 4,238.0p, Anglo American, down 80.0p at 2,817.0p, Weir, down 80.0p at 2,856.0p and Imperial Brands, down 86.0p at 3,179.0p.
Monday’s economic calendar has CPI figures in Canada.
Later in the week, interest rate decisions are due in Europe, Japan and the UK. In addition, US nonfarm payrolls figures will be released, plus UK and US inflation and retail sales data.
Next week’s UK corporate calendar has delayed full-year results from travel retailer WH Smith and half-year numbers from electricals retailer Currys.
Contributed by Alliance News.
Gatwick Airport is increasing the price of its drop-off zones by £3, bringing the minimum charge to £10.
The fee to allow drivers to stop outside the terminal for 10 minutes is to increase on 6 January.
The airport said the increase was “not a decision we have taken lightly” and blamed “a number of increasing costs, including a more than doubling of our business rates”.
Rod Dennis, RAC senior policy officer, said: “The words ‘Happy New Year’ are unlikely to be uttered by drivers dropping off friends and family at Gatwick in January.”
He added: “A more than 40% increase in the cost to drop-off is the largest we’ve ever seen and represents a doubling of the fee since it first came in.”
Southend Airport charges £7 for drop-off of up to five minutes, but that increases to £15 for between five and thirty minutes.
A drop-off fee of £5 was introduced at Gatwick in March 2021.
That increased to £6 in 2024, with the cost rising again to £7 in May.
A Gatwick spokesperson said: “This increase in the drop-off charge is not a decision we have taken lightly, however, we are facing a number of increasing costs, including a more than doubling of our business rates.
“The increase in the drop-off charge will support wider efforts to encourage greater use of public transport, helping limit the number of cars and reduce congestion at the entrance to our terminals, alongside funding a number of sustainable transport initiatives.”
They added that passengers can be dropped off without charge in long-stay car parks and catch a free shuttle bus to terminals.
Blue Badge holders remain exempt from the charge.
A government spokesperson said: “Airports are responsible for setting their own parking terms but must follow consumer law and justify their charges.
“We’re delivering a £4.3bn support package to cap business rates bill increases at 30% before other reliefs for the largest properties, including airports.
“Without intervention those would be up to 500%.”
Drop-off fees are also rising at Heathrow from 1 January from £6 to £7.
London City, the UK’s last major airport without a drop-off fee, is to introduce one later this month.
Out of mainland Europe’s biggest 10 airports, only one, Schiphol in Amsterdam, charges to drop-off, according to RAC research.
Laurens’ weekend preview: Liverpool’s Salah drama, Tyne-Wear derby returns, more
Bill Belichick breaks up with members of UNC coaching staff after tumultuous season
King Charles III says he’ll scale back cancer treatment thanks to early diagnosis
-
Sports1 week agoAustralia take control of second Ashes Test | The Express Tribune
-
Politics5 days agoThailand launches air strikes against Cambodian military: army
-
Entertainment1 week agoSabrina Carpenter recalls ‘unbelievable’ experience with pal Taylor Swift
-
Politics6 days ago17 found dead in migrant vessel off Crete: coastguard
-
Tech1 week agoWIRED Roundup: DOGE Isn’t Dead, Facebook Dating Is Real, and Amazon’s AI Ambitions
-
Politics1 week agoGen-Z battles to gain political ground after ousting ex-PM Hasina in Bangladesh
-
Fashion1 week agoBangladesh’s economic outlook cautiously optimistic: Govt
-
Fashion5 days agoGermany’s LuxExperience appoints Francis Belin as new CEO of Mytheresa