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Episode Notes
Airfares in India have been soaring recently, and a new report finds the country registered the highest increase in airfares in the Asia-Pacific region, reports Asia Editor Peden Doma Bhutia.
A study conducted by Airports Council International attributed the surging airfares to factors such as rising fuel prices and pent-up travel demand. The report noted that fuel prices have jumped 76 percent compared to 2019. The CEO of India-based travel agency Nomad Travels said fares for routes such as Mumbai to Delhi have almost doubled. The study also found the airfares have increased elsewhere in the Asia-Pacific region, including Indonesia, Saudi Arabia and Japan.
However, one airline industry expert said rising airfares are unlikely to stall the surge in Indian aviation, with the country’s major airlines having recently announced record profits for the 2022 financial year.
Next, tours and activities platform GetYourGuide announced on Monday it’s launching a tour devoted to Formula 1 icon McLaren Racing. It’s part of the company’s strategy to take advantage of the surging interest in sports-themed tours, writes Travel Experiences Reporter Selene Brophy.
Brophy reports the McLaren’ Originals tours will be available on a first-come, first-served basis starting on July 6. Jean-Gabriel Duveau, GetYourGuide’s vice president of brand, said the company has seen an explosion in demand for sports experiences. GetYourGuide’s booking data revealed demand for sports tours recorded a more than 130 percent year-over-year jump in the first half of 2023. Duveau added the company is working to develop behind the scenes tours of famous sporting venues.
Finally, real estate investment firm Black Swan has acquired former short-term rental operator Lyric in an attempt to revive the brand, writes Short-Term Rental Reporter Srividya Kalyanaraman.
Kalyanaraman writes Black Swan has bought Lyric’s domestic and international trademark rights as well as the lyric.com domain. Lyric was operating roughly 600 units in 17 markets during the first quarter of 2020 before closing many of its units early in the pandemic. The new Lyric is set to launch this summer, with Kalyanaraman noting that Black Swan’s real estate strategy will be to acquire trophy assets in key markets.