In my opinion, Banks shifting towards spend based lounge access may not have significant impact on lounge pax number’s, as most of the people are maintaining multiple cards and now frequent flyers spend pattern will be across all cards to gain lounge acess in all cards. Irregular travellers will limit the spends to 1 card to gain access through that card only. Pax number may be stangant for few quarters and growth in number will be there after 3-4 quarters.
Margin improvement only possible immediately if they win any international deals
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