Ice cream brand Polar Bear continues expansion with 137th store launch in Hyderabad’s Gachibowli

April 16, 2024

Polar Bear recently collaborated with MadHawks to boost the opening of their latest store in Gachibowli, Hyderabad, marking their 16th outlet in the city and 137th in India. Employing a strategic influencer marketing strategy with 14 influencers predominantly focused on food and lifestyle content creation, the campaign garnered over 2 million views and engaged 1.5 million individuals. This contributed to a triumphant store launch, evident in lengthy queues during the weekend and complete sell-outs on weekdays.

Founded in 2008 with its first ice cream parlor in Bangalore, Polar Bear – The Ice Cream Sundae Zone has consistently won the hearts of its patrons, fueling its expansion across numerous destinations across the country.

Prashant P., Vice President at Polar Bear, expressed appreciation for MadHawks’ flawless execution of the influencer campaign, emphasizing their skill in pinpointing the ideal influencers and surpassing expectations through a strategic approach. He praised the entire MadHawks team for their exceptional support and professionalism.

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In March 2024, Polar Bear inaugurated its latest outlet in Gachibowli, Hyderabad, in collaboration with MadHawks to harness the power of social media. Influencers were invited to the new store, where they indulged in ice cream sundaes and showcased their experiences via Instagram reels. This collective effort reached an audience of over 1.5 million individuals and accumulated more than 2 million views and 20 thousand likes within just a few days.

The sustained organic viewership of the reels highlighted the success of MadHawks’ influencer marketing strategy. Ravi Kumar, the founder & CEO of MadHawks, credited the campaign’s triumph to their dedication to providing value for partners, a principle deeply rooted in the company’s ethos from the beginning. He expressed admiration for the dedication and enthusiasm of the social media team, while also expressing gratitude to Polar Bear for their trust and collaboration.

Continue Exploring: From scoops to sundaes: Ice cream sales set to soar 15-20% this summer

From Ghee resurgence to K-Food craze: Godrej Food Trends Report 2024 spotlights culinary trends shaping India’s gastronomic landscape

SnackTeam

April 16, 2024

The recently unveiled Godrej Food Trends Report 2024, presented in Mumbai last month, delves into India’s rich culinary landscape through expert-led surveys. It explores a spectrum of dining trends, home cooking practices, and more. Rushina Munshaw Ghildiyal, Managing Director of Perfect Bite Consulting and the report’s curating editor, highlights a shift: “The traditional plate, once shaped by seasonality and local abundance, is now influenced by a pursuit of flavor.”

From the very roots of ingredients to the expertise in crafting superior locally sourced chocolates and bespoke cocktails, the quest for flavor knows no bounds. Food provenance will shape menus centered around top-quality ingredients, enriching both culinary and beverage offerings. This movement encompasses experiences such as farm-to-table or farm-to-bar, highlighting the utilization of hyperlocal produce and inventive methods to enhance the dining and imbibing experience.

Tanya Dubash, Executive Director & Chief Brand Officer at Godrej Industries Limited and Associate Companies, expressed, “The Godrej Food Trends Report 2024 signifies yet another milestone in our journey to ignite discussions and uncover trends within the food industry. Consumers are becoming increasingly conscious about their dietary choices, placing emphasis on mindful nutrition. This edition, centered around Provenance, celebrates India’s vibrant culinary legacy, encouraging readers to delve into the multitude of flavors and cultures that shape our nation. I am confident that readers will be intrigued by the richness and variety of insights presented in this edition, further cementing India’s stature as a global frontrunner in the domain of food and gastronomy.”

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The report also sheds light on conscientious eaters who prioritize transparency and authenticity, gravitating towards products that embody the values ingrained in their journey from farm to plate. Additionally, experts predict that 92.3% of travelers will participate in culinary site tours to enhance their journeys with genuine culinary experiences.

Celebrity Chef Ajay Chopra remarks, “India’s soft power lies in its cuisine and its remarkable diversity, as well as the strength of its history, pluralism, and continuity. It brings me joy to witness its recognition for its authenticity and unapologetic adherence to its roots. For far too long, we’ve been inundated with a simplistic portrayal of Indian cuisine confined by political borders. However, regardless of the lens through which you view it, the essence of regional cuisines will forever be shaped by the geography, agriculture, climate, and culture of their origins.”

With increasing interest in Indian-origin ingredients and a shift towards health-conscious eating habits, ghee has gained significant popularity. Anticipate a surge in innovative dishes incorporating ghee, and possibly even the introduction of ghee-infused cocktails to entice palates.

In 2024, the Godrej Foods Trends Report highlights several significant insights shaping the culinary landscape:

Culinary Travel Experiences: Authentic cuisine will drive travel experiences, as 92.3% of travelers are expected to pursue culinary site tours for immersive encounters with genuine cuisine.

Customized Cocktails: The bar landscape will ascend with specialized menus showcasing Indian-origin spirits, projected to surge by 82.7%, setting a higher standard for cocktail experiences.

Artisanal Chocolates: With Indian chocolatiers highlighting the distinctive qualities of locally sourced, premium cacao beans, the popularity of artisanal chocolates is expected to soar by 94.2%, ushering in a new era of refined chocolate appreciation.

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Mainstream K-Food: Korean cuisine is making its mark in mainstream culture, captivating food enthusiasts with its bold flavors and diverse offerings. In 2024, expect Korean restaurants showcasing concepts such as teppanyaki, robata, and ramen to gain considerable momentum.

The revival of Ghee: Ghee, celebrated for its natural benefits, is poised for a comeback in popularity, expected to surge by 84.6%. Embraced by health-conscious millennials and flavor enthusiasts alike, its versatility and rich culinary tradition will captivate a broad spectrum of consumers.

Spotlight on Women in Food: In 2024, attention will be directed towards the significant impact women have on molding India’s culinary scene. Whether as guardians of regional traditions, innovative food business owners, talented chefs, skilled bartenders, or master brewers, women will be acknowledged for their invaluable contributions to Indian gastronomy.

These observations illustrate the changing tastes and cultural dynamics molding the food and beverage sector in 2024, emphasizing a fusion of tradition, creativity, and culinary discovery.

Continue Exploring: Godrej Food Trends Report reveals India’s ever-growing love for baked delights

Starbucks unveils Spicy Lemonade Refreshers across Canada!

SnackTeam

April 16, 2024

Starbucks in Canada has introduced Spicy Lemonade Refreshers drinks along with a fresh addition to their menu, the Spicy Cream Cold Foam.

The seasonal specials will be available for a limited time during the spring while supplies last.

The Spicy Lemonade Refreshers are offered in three tropical flavors: Spicy Dragonfruit, Spicy Pineapple, and Spicy Strawberry.

Spicy Dragonfruit blends the sweet notes of mango and dragonfruit with lemonade, real dragonfruit chunks, and a blend of chili peppers.

Continue Exploring: Starbucks reports robust 22% sales growth in the UK, plans to open 100 more stores

Spicy Pineapple showcases the delightful tastes of pineapple and passionfruit, mixed with ice, real pineapple bits, lemonade, and a touch of chili powder.

The new Spicy Cream Cold Foam is now available as a customizable choice. Crafted with cold foam and the unique powder blend, it can be incorporated into any cold drink of your choice.

The company suggests trying it out by mixing it with an iced chai tea latte for a fusion of spices, or complementing it with a Cold Brew coffee.

Starbucks expressed in a statement, “Drawing inspiration from the ‘swicy’ trend, which melds sweet and spicy flavors in inventive ways, our new Spicy Lemonade Refreshers unite the sweetness of a Starbucks Refreshers Beverage, the tanginess of lemonade, and the kick of Starbucks Spicy Chili Powder Blend. The result? A wonderfully refreshing sip with a perfect balance of flavors and no shortage of excitement.”

In February 2024, Starbucks rolled out its spring beverage line-up across the Asia Pacific region.

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The fresh selection included the French Vanilla Mille-Feuille Oatmilk Latte, Peach Passion Blossom Pure Matcha Latte, and Peach Passion Blossom Cream Frappuccino Blended Beverage.

Wise Monkey’s Café Rum sets new standards with triple-coffee blend, raising the bar in flavor innovation

SnackTeam

April 16, 2024

The Wise Monkey presents a coffee-infused rum boasting an ABV of 43%, skillfully blended with a trio of organic coffee beans for a distinct and captivating flavor fusion.

While many prominent players in the industry have repeatedly dabbled with infusing standard Arabica beans, Café Rum distinguishes itself by incorporating a unique blend of slow-roasted Arabica, Robusta, and Liberica beans, offering a fresh perspective on flavor.

Setting a new standard in the coffee rum market, this brand delivers an unmatched experience, placing emphasis on flavor complexity rather than sweetness in their blend. With significantly less sugar content than its counterparts, the rum caters to consumers in pursuit of a more sophisticated drinking experience.

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In a terrain where café-infused rums are dwindling and choices are growing scarce, Wise Monkey’s blend emerges to rescue the beloved Espresso Martinis, ensuring their timeless appeal endures.

This blend has already earned accolades from industry experts, including leading mixologists and bartenders, solidifying its status as a best-seller in Michelin-starred restaurants.

The product can be purchased in UAE, Bahrain, and Zambia, with plans underway to introduce it to the London and Indian markets soon.

Puma enlists fitness icon Milind Soman as running ambassador

SnackTeam

April 16, 2024

Puma, the multinational sportswear brand, has named Bollywood actor and fitness icon Milind Soman as its running ambassador, marking his first collaboration with a performance wear brand.

As part of the collaboration, Soman will be endorsing Puma’s Nitro range of footwear and apparel. The Nitro collection highlights high-performance running shoes designed with an ultra-lightweight build and advanced technology tailored for long-distance running.

Karthik Balagopalan, Managing Director of Puma India, expressed, “Soman has epitomized the essence of running in India and serves as a true inspiration. This collaboration underscores Puma’s dedication to championing athletes across all walks of life, fostering excellence irrespective of age, background, or situation.”

Balagopalan added, “Having Soman join the Puma family fills us with excitement, and we firmly believe that this partnership will continue to propel and fortify the running movement across the nation.”

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Embarking on his running odyssey at the age of 38, Soman has been a vocal advocate for injury-free and safe running methods across diverse terrains. He seamlessly switches between barefoot running and wearing shoes based on the specific needs of each situation.

Soman remarked, “Interacting with runners and travel communities nationwide has highlighted the importance of proper running gear for enhancing comfort during runs. As Puma’s running ambassador, I am committed to collaborating closely with the brand, aiming to inspire individuals worldwide to surpass their perceived boundaries and overcome challenges.”

Soman will play a pivotal role in fostering the expansion of the running community in tandem with Puma, representing the brand at premier running events and campaigns throughout the year. Furthermore, he will also serve as the ambassador for Puma’s men’s bodywear line.

Established in 1948 by Rudolf Dassler, Puma stands as a multinational corporation specializing in the design and production of athletic and casual footwear, apparel, and accessories. Headquartered in Germany, the conglomerate encompasses renowned brands such as Puma, Cobra Golf, and stichd—a label offering fashion essentials, fanwear, and lifestyle products. With distribution extending across over 120 countries, Puma employs over 20,000 individuals globally.

Having entered the Indian market in 2006, the sportswear retailer has expanded its presence significantly. As of August 9, 2023, it boasts a network of more than 582 stores across the country.

Continue Exploring: Indian footwear industry set for exponential growth, projected to reach $90 Billion by 2030: GTRI Report

Nothing Before Coffee expands with first cafe in Portugal, aims for 400 outlets in 2 years; targets INR 400 Crore revenue

SnackTeam

April 16, 2024

Shubham Bhandari, Anand Jain, Ankesh Jain, and Akshay Kedia, Co-Founders

Nothing Before Coffee (NBC), a leading coffee chain based in Jaipur, has announced its expansion into the global market with the opening of its first outlet in Portugal.

Portugal, renowned for its coffee culture and discerning coffee connoisseurs, provides the perfect backdrop for NBC to exhibit its outstanding blends and welcoming hospitality. Situated at Estrada Exterior da Circunvalacao 7824 D, 4200-162 Porto, Portugal, this café assures patrons an unmatched coffee journey. Established by Akshay Kedia, Anand Jain, Ankesh Jain, and Shubham Bhandari, NBC proudly stands as India’s pioneering QSR (Quick Service Restaurant) coffee chain to expand into Europe.

“As we unveil NBC on the world stage with our first café in Portugal, we are excited to begin this adventure of spreading our love for exceptional coffee to global audiences,” expressed Akshay Kedia, Co-Founder of NBC. “With our steadfast dedication to quality, innovation, and community, we believe that NBC will not only enchant coffee lovers worldwide but also make a lasting impression on the international coffee scene.”

Continue Exploring: Nothing Before Coffee hits milestone with 50th store opening in New Delhi’s Malviya Nagar

Famed for its farm-to-table ethos and steadfast dedication to excellence, NBC proudly presents a diverse menu showcasing over 100 meticulously curated beverages. Particularly noteworthy is the debut of its signature ‘Shrappe,’ a delightful blend of frappe and shake, which has cemented NBC’s position as a trailblazing coffee brand. The decision to venture into international markets underscores NBC’s vision of sharing India’s vibrant coffee culture with discerning enthusiasts worldwide.

Moreover, NBC has forged a partnership with industry luminary Saurabh Kamra, a seasoned expert with a stellar track record in the banking and finance sector. Formerly serving as Senior Vice President at Yes Bank Ltd, Kamra brings invaluable expertise and strategic insights to his role as a partner at Nothing Before Coffee (NBC), steering the company’s international expansion endeavors with precision and foresight.

The grand opening of NBC’s outlet in Portugal signifies a significant milestone in its evolution, epitomizing its transformation from a local treasure to a global coffee phenomenon. With ambitious plans to launch 100 outlets across Europe and 400 outlets in tier 1 and tier 2 Indian cities within the next two years, NBC is positioned to make a lasting impact on the international coffee scene. Additionally, the company aims to achieve an annual revenue of INR 400 Crore, providing coffee lovers worldwide with a tantalizing sampling of India’s finest brews.

Looking ahead, NBC envisions a future characterized by ongoing innovation, expansion, and an unyielding dedication to excellence. Centered on customer satisfaction and unwavering quality, NBC is positioned to redefine the coffee experience for patrons worldwide.

Continue Exploring: Roastery Coffee House enters Finland, marking a historic milestone as India’s first coffee brand in the European continent

Cipla eyes expansion with INR 130 Crore acquisition of Ivia Beaute’s cosmetics portfolio

SnackTeam

April 16, 2024

Cipla Ltd, a well-known pharma company, is set to acquire Ivia Beaute Pvt Ltd’s global distribution and marketing division of cosmetics and personal care. According to a regulatory filing, the acquisition of prominent brands like Astaberry, Ikin, & Bhimsaini totals INR 130 crore. Cipla Health Ltd (CHL), its wholly owned consumer healthcare business, has signed a Business Transfer Agreement (BTA) for the transaction.

This strategic maneuver is in line with Cipla’s commitment to bolstering its consumer healthcare and wellness offerings.

The company stated that the acquisition will encompass Ivia Beaute’s brands, including Astaberry, Ikin, and Bhimsaini, on a global scale.

Regarding the acquisition cost, Cipla stated that it will be “INR 130 crore on the closing date and INR 110 crore contingent upon achieving specific financial parameters (milestones) over the next three years as outlined in the BTA.”

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“The transaction is anticipated to conclude within 60 days from the signing of the BTA, or another mutually agreed-upon date specified in writing by both parties, subject to the successful fulfillment or waiver of the conditions precedent and closing conditions outlined in the BTA,” it further stated.

In response to the acquisition, CHL CEO and Whole Time Director Shivam Puri remarked, “This step not only strengthens our position in the vast and evolving beauty and personal care industry but also enhances our established presence in Tier 2-6 cities.”

He added, “Incorporating Astaberry, Ikin, and Bhimsaini into our portfolio seamlessly complements our current offerings across crucial OTC/consumer healthcare categories, enabling us to provide comprehensive solutions that effectively address the diverse everyday needs of our consumers.”

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Astaberry, which has been in business for more than 16 years, offers a variety of distinctive products to help customers meet their skincare needs.

The “undertaking” can only be transferred if certain requirements stated in the BTA are met. Furthermore, it stated that CHL will start the product’s distribution and promotion as soon as these requirements are satisfied.

B2B marketplace ProcMart secures $30 Million in Series B funding led by Fundamentum Partnership

SnackTeam

April 16, 2024

Anish Popli, CEO and founder of ProcMart — Anish Popli, CEO and Founder of ProcMart

ProcMart, a Noida-based B2B procurement marketplace, has secured $30 million (INR 250 crore) in its Series B funding round. Leading the investment is Fundamentum Partnership, a venture capital firm co-founded by Nandan Nilekani and Sanjeev Aggarwal, in conjunction with Edelweiss Discovery Fund.

Existing investors Sixth Sense Ventures and IndiaMART participated in the round as well as South Korea-based Paramark Ventures.

Fueled by this fresh capital, ProcMart aims to explore strategic acquisitions to boost its market leadership and scale up client offerings. The strategic acquisitions will enable ProcMart to further optimize its backward integration of the supply chain for businesses and expand contract manufacturing capabilities, the company said in a statement.

Additionally, it plans to venture into new industries beyond MRO consumables, such as biofuel and packaging. ProcMart aims to expand its distribution network within India and enhance international operations in Southeast Asia.

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The raised capital will also be allocated towards talent acquisition, technological advancements, and establishing presence in emerging regions within India and abroad.

Anish Popli, CEO and founder of ProcMart, said, “As centralized procurement gains momentum and there’s a growing focus on optimizing non-core expenses, the Indian MRO industry is poised for a notable transformation. Leveraging our established credibility and robust infrastructure, we are primed to seize this market opportunity.”

Founded in 2015 by Popli, ProcMart, operated by Instant Procurement Services Pvt Ltd, began as an enterprise-focused MRO (maintenance, repair, and overhaul) supply chain aggregator. It facilitates connections among diverse stakeholders across different levels of the supply chain and industries, aiding them in selecting optimal procurement solutions.

The startup collaborates with leading multinational corporations and local enterprises spanning diverse product categories and industries including FMCG, automotive, pharmaceuticals, metals, power, and more.

ProcMart’s technology platform provides complete end-to-end solutions for indirect sourcing needs, covering everything from vendor consolidation and inventory management to digital procurement, expense tracking, and logistics management.

At present, ProcMart operates in 20 cities across India and also conducts business internationally in Malaysia and Indonesia. Over the next 12 months, the company aims to utilize AI and machine learning to expand its operations and develop AI-driven recommendations for inventory procurement and management, thereby enhancing overall efficiency.

Continue Exploring: IndiaMART announces top management shuffle: Jitin Diwan named CFO, Prateek Chandra as Chief Strategy Officer

In 2022, ProcMart secured $10 million (approximately INR 81.86 crore) in its Series A funding round from Sixth Sense Ventures.

The latest funding comes at a time when the overall funding in the Indian startup ecosystem declined 33% Year-on-Year (YoY) in the first quarter of 2024 (Q1 2024) to $2 billion, marking a seven-year low, according to reports.

Trase co-founders reacquire footwear brand from Upscalio, secure $500K angel round for expansion

SnackTeam

April 16, 2024

Jitin Goel and Dhruv Gupta, Co-Founders, Trase

The co-founders of Trase, a direct-to-consumer (D2C) footwear brand, Jitin Goel and Dhruv Gupta, have reacquired the brand from the roll-up company Upscalio. This strategic move was followed by a $500K angel round led by investors like Deep Bajaj and Mohit Bajaj, co-founders of Sirona Hygiene, as revealed by the brand’s co-founders.

Other investors who participated in the round include Shiven Malhotra, the founder of Strategic Investments by Design (SID), Vikas Gautam, CEO & Head of International Business at Aditya Birla Sun Life Asset Management Company, and Rohit Jain, former CEO of WTW.

The co-founders asserted that these funds will be utilized as working capital for team building, inventory management, and marketing purposes.

Founded in 2016, Trase achieved an Annual Recurring Revenue (ARR) of INR 18 crore by 2020, all while operating as a bootstrapped venture. In 2021, it became part of Upscalio’s acquisition strategy aimed at creating a diversified portfolio of brands in utility categories.

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“We sought a partner capable of assisting us in achieving a revenue milestone of INR 100 crore, leading us to form this partnership with Upscalio,” stated the co-founders.

As Upscalio shifted its focus from shoes to home and kitchen products, the founders and new investors reached an agreement to sell the footwear brand.

Even while Trase performed well while being managed by Upscalio, it did not fit into our long-term plan. The CEO of Upscalio, Gautam Kshatriya, stated, “We are happy to return it to its founders & new investors, who are well-positioned to grow the brand further.”

Before Covid, the brand was handling 2,000 orders per day and generating INR 14 crore in revenue annually, with a profitability ranging between 12-15 percent.

“Over the next 3 years, our goal is to achieve INR 100 crore in revenue, aiming for a 100 percent year-on-year growth. We project closing this fiscal year with INR 25 crore in revenue, reaching INR 50 crore by FY 25-26, and hitting INR 100 crore by FY 26-27,” stated Goel and Gupta.

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“Additionally, we anticipate reaching a monthly revenue of at least INR 1 crore until July, thereby enabling us to capitalize on sales during the latter half of the year,” they elaborated.

Currently, the brand provides a selection of 2,000 SKUs comprising comfortable footwear options for women and children.

“We believe that 75% of our revenue for the current fiscal year will come from the women’s segment, with the remaining 25 percent attributed to the children’s segment,” they said.

In addition to retailing on its own direct-to-consumer website and through marketplaces, the company plans to establish shop-in-shops this fiscal year to expand into the offline sector.

“We will start by testing the Delhi NCR area for offline retail. Co-founders stated, “By the end of this fiscal year, we anticipate that our D2C website will generate 25% of our revenue, marketplaces will account for 65%, and offline space will contribute the remaining 10%.”

The brand, with a focus on a purpose-driven approach, intends to donate one pair of shoes to the underprivileged for every 10 pairs sold.

Continue Exploring: Footwear brand Inc.5 secures $10 Million in venture funding for expansion

CG Group to take CG Hospitality Global and The Fern brand public, sets sights on aggressive growth

SnackTeam

April 16, 2024

CG Group, a multinational conglomerate, plans to gradually take its hospitality company CG Hospitality Global and The Fern brand public over time, according to Rahul Chaudhary, Managing Director of CG Hospitality Global and CG Corp.

“We aim to expand The Fern brand through various avenues. One approach involves utilizing the company’s earnings for investments in hotel ownership and revenue share agreements. Additionally, we are exploring the possibility of partnering with a strategic investor-operator to acquire a minority stake in our ventures,” he explained.

“We want to expand both our distribution network and our presence throughout India, which is why we are doing this. We intend to take the business public in the next two years as our EBITDA increases over time,” he continued.

According to Chaudhary, the company is using a comparable approach for CG Hospitality Global.

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“That’s also in line with our strategy. We aim to secure a strategic investor, primarily to institutionalize investments. Subsequently, we plan to lead CG Hospitality towards an IPO within the next few years. Both strategies are progressing concurrently,” he elaborated.

Concept Hospitality/Fern Hotels serves as the management company for CG Hospitality.

By 2025, CG Hospitality aims to manage over 200 hotels. Additionally, the company intends to introduce additional safari lodges throughout India, akin to those already established near Bandhavgarh, Kanha, Panna, and Pench national parks, in collaboration with IHCL.

CG Hospitality currently operates nearly 107 hotels across more than 75 destinations in India. In Gujarat alone, there are over 25 hotels under various brands including The Fern, Beacon, and Zinc.

“We aim to incorporate 20–25 hotels annually under the Fern brand, which translates to adding a new hotel every two weeks. Additionally, we’ve initiated a strategy to expand our safari lodge presence across India, with plans to introduce at least one or two new lodges each year. The safari lodge segment has been remarkably successful for us. It took us nearly 14 years to transform it into what it is today,” he explained.

In addition to this, the company intends to expand its comprehensive medical wellness brand, The Farm, currently established in the Philippines, to India within the coming years. Additionally, it will inaugurate two Taj properties in Bhutan this year. CG Hospitality is also set to debut another hotel in Dubai and has approximately six hotels in various stages of development in Nepal.

“CG Hospitality currently operates in 180 hotels spanning 12 countries. We acquired the two Fairmont hotels in Kenya, located in Nairobi and Masai Mara, prior to the COVID pandemic, and this investment has proven successful for us,” he elaborated.

Continue Exploring: Marriott International sees India as a ‘shining star’ for growth with plans to expand to 250 hotels in next five years

Chaudhary lamented that India’s approach to attracting international tourists has been relatively ineffective, especially given the country’s large population, diverse attractions, and unique locations.

“India must enhance its efforts. The current influx of tourists remains notably low. However, India has made remarkable strides in domestic travel and has shown significant improvement in infrastructure and connectivity.”

“The market dynamics have shifted. India boasts one of the largest middle-class segments, and they are increasingly exploring travel opportunities,” he remarked.

“Prices have surged by 30–40% nationwide. Particularly, rates are elevated for resorts and in less frequented destinations, yet travelers are still willing to pay,” he remarked.

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