The global traditional travel agency market was valued at $143.9 billion in 2022, and is projected to reach $212.9 billion by 2032, growing at a CAGR of 3.7% from 2023 to 2032.An organization that assists visitors with the planning and booking of numerous parts of their travels is a classic travel agency. These agencies, which have been in operation for a while, were the primary way by which people scheduled their travel before the emergence of online reservation systems and digital resources.
The global traditional travel agency market is analyzed on the basis of services type, age group, and region. By services type, the market is divided into transportation, travel accommodation, and vacation packages. By age group, the market is segmented into 22-31 years, 32-43 years, 44-56 years, and >56 years. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (France, Germany, Italy, Spain, the UK, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, and the rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, and the rest of LAMEA).
The global traditional travel agency sector, which provides numerous expertise to aid clientele in developing and engaging their vacations, has long been a foundation of the travel and tourism industry. These physical travel agencies have historically been essential in providing individuals looking for leisure or business travel plans with individualized suggestions, knowledge, and convenience.
For a very long time, travel agencies acted as a go-between for clients and other travel service providers like lodging, transportation, and cruise lines. They typically combine travel, hotel, and flights into all-inclusive packages to make planning them simpler. Travel brokers provided useful insights into potential destinations, suggested routes, and assisted in navigating challenging travel procedures. Their knowledge was especially helpful to individuals looking for specialty experiences or unfamiliar with online booking platforms.
The market for traditional travel agencies, however, has recently encountered numerous difficulties. The emergence of online travel booking platforms and aggregator websites has given consumers the power to compare prices independently and directly. This change has reduced the need for travel agents to make simple reservations, increasing pressure on conventional agencies to change.
Therefore, despite the fact that the market for traditional travel agencies has been disrupted by the growth of online booking platforms, this industry still finds its niche by offering specialized, individualized services and appealing to tourists looking for unusual encounters and knowledgeable guidance. The continued success of these organizations in an increasingly digital environment will probably depend on their ability to adapt to shifting consumer tastes and incorporate new technology.
The major players operating in the global traditional travel agency market are Expedia Group Inc., Booking Holdings, Mahindra Holidays, STA Travel, Carlson Wagonlit Travel (CWT), AAA Travel, Kuoni Group, Thomas Cook, TUI AG, and Flight Center Travel Group Limited.
The global traditional travel agency market is analyzed on the basis of services type, age group, and region. By services type, the market is divided into transportation, travel accommodation, and vacation packages. By age group, the market is segmented into 22-31 years, 32-43 years, 44-56 years, and >56 years. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (France, Germany, Italy, Spain, the UK, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, and the rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, and the rest of LAMEA).
The global traditional travel agency sector, which provides numerous expertise to aid clientele in developing and engaging their vacations, has long been a foundation of the travel and tourism industry. These physical travel agencies have historically been essential in providing individuals looking for leisure or business travel plans with individualized suggestions, knowledge, and convenience.
For a very long time, travel agencies acted as a go-between for clients and other travel service providers like lodging, transportation, and cruise lines. They typically combine travel, hotel, and flights into all-inclusive packages to make planning them simpler. Travel brokers provided useful insights into potential destinations, suggested routes, and assisted in navigating challenging travel procedures. Their knowledge was especially helpful to individuals looking for specialty experiences or unfamiliar with online booking platforms.
The market for traditional travel agencies, however, has recently encountered numerous difficulties. The emergence of online travel booking platforms and aggregator websites has given consumers the power to compare prices independently and directly. This change has reduced the need for travel agents to make simple reservations, increasing pressure on conventional agencies to change.
Therefore, despite the fact that the market for traditional travel agencies has been disrupted by the growth of online booking platforms, this industry still finds its niche by offering specialized, individualized services and appealing to tourists looking for unusual encounters and knowledgeable guidance. The continued success of these organizations in an increasingly digital environment will probably depend on their ability to adapt to shifting consumer tastes and incorporate new technology.
The major players operating in the global traditional travel agency market are Expedia Group Inc., Booking Holdings, Mahindra Holidays, STA Travel, Carlson Wagonlit Travel (CWT), AAA Travel, Kuoni Group, Thomas Cook, TUI AG, and Flight Center Travel Group Limited.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the traditional travel agency market analysis from 2022 to 2032 to identify the prevailing traditional travel agency market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the traditional travel agency market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global traditional travel agency market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Service Types
- Transportation
- Travel Accommodation
- Vacation Packages
By Age Group
- 22-31 Years
- 32-43 Years
- 44-56 Years
- and56 Years
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Thailand
- Malaysia
- Indonesia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Argentina
- Rest of LAMEA
- Key Market Players
- Kuoni
- CWT Global B.V.
- Flight Centre Travel Group (FCM)
- Booking Holdings, Inc.
- STA Travel
- Thomas Cook India Limited
- TUI AG
- AAA
- Expedia Group, Inc.
- Mahindra Holidays & Resorts India Ltd.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: TRADITIONAL TRAVEL AGENCY MARKET, BY SERVICE TYPES
CHAPTER 5: TRADITIONAL TRAVEL AGENCY MARKET, BY AGE GROUP
CHAPTER 6: TRADITIONAL TRAVEL AGENCY MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the traditional travel agency market was valued at $143.9 billion in 2022, and is estimated to reach $212.9 billion by 2032, growing at a CAGR of 3.7% from 2023 to 2032.The traditional travel agency sector has long been a pillar of the travel and tourism business, providing specialized services and knowledge to customers looking for help with trip planning and booking. However, with the growth of online booking platforms and shifting consumer preferences, this company has recently experienced considerable challenges and changes.
Traditional travel agencies were for many years the go-to place for travelers wishing to arrange their vacations, business trips, and other getaways. Customers may speak with knowledgeable consultants at these one-stop shops who had in-depth knowledge of a variety of locations, travel possibilities, lodgings, and activities. Due to this individualized approach, tourists were able to get recommendations that were specifically suited to their needs, interests, and financial constraints.
The global traditional travel agency market is analyzed on the basis of services type, age group, and region. By services type, the market is divided into transportation, travel accommodation, and vacation packages. By age group, the market is segmented into 22-31 years, 32-43 years, 44-56 years, and >56 years. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (France, Germany, Italy, Spain, the UK, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, and the rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, and the rest of LAMEA).
The personal touch that traditional travel firms provided constituted one of their main benefits. Customers speak with knowledgeable agents directly or over the phone about their travel plans, who offer advice, handle problems, and share insights. Agents and clients developed trust and loyalty as a result of this level of personal connection, resulting in enduring relationships and repeat business.
However, the introduction of the Internet and online booking tools resulted in a fundamental transformation of the travel sector. Consumers now have a variety of information at their fingertips about locations, flights, hotels, and reviews. As a result of this empowerment, a growing trend in DIY travel planning emerged in which people started to plan and reserve their own vacations. By offering simple user interfaces and a variety of options, online travel agencies (OTAs) and booking platforms like Expedia, Booking.com, and TripAdvisor tapped into this trend.
Although initially reluctant to adjust to this digital disruption, the traditional travel agency sector finally understood that it was necessary to create an online presence in order to stay competitive. Numerous conventional agencies created their own websites and started providing online booking services in addition to their offline business. By using a hybrid business strategy, they were able to serve a wider range of clients while retaining some of the individualized attention that made them unique.
The traditional travel agency market, however, faced several obstacles. One of the key challenges is the idea that their services come at greater rates when compared to the allegedly lower prices supplied by online marketplaces. There has also been a movement in attitudes towards self-service, seamless experiences, and more control over travel options as younger generations of travelers have arisen. These developments strengthened the dominance of online platforms.
Traditional travel agencies needed to innovate if they wanted to prosper. Many moved their attention to specialty travel services and niche markets, which called for in-depth knowledge and individualized care. Luxury travel, adventure travel, group tours, and destination weddings were among these areas where customers were more inclined to respect the knowledge and advice of travel experts.
Travelers of today are becoming more independent and technologically sophisticated. They frequently choose conducting independent research and making travel plans utilizing online tools. The use of conventional travel agencies has reduced as a result of this change in consumer behavior. Online marketplaces and OTAs have made significant technological investments to provide specialized travel advice and experiences. Traditional travel agencies find it difficult to offer the same degree of individualized service, which reduces their appeal to specific traveler demographics.
Thus, the growth of online booking platforms and changing consumer tastes have significantly altered the old travel agency sector. Despite difficulties, the conventional paradigm of in-person consulting and individualized service has not gone out of style. Instead, by adjusting to shifting consumer needs and providing specialized services that target particular market niches, it has developed to coexist alongside online platforms. Travelers looking for one-of-a-kind experiences and individualized advice in a challenging and constantly evolving travel environment continue to value the human touch and knowledge that traditional travel agencies offer.
The major players analyzed in the global traditional travel agency industry are Expedia Group Inc., Booking Holdings, Mahindra Holidays, STA Travel, Carlson Wagonlit Travel (CWT), AAA Travel, Kuoni Group, Thomas Cook, TUI AG, and Flight Center Travel Group Limited.
KEY FINDINGS OF STUDY
By services type, transportation was the largest segment in 2022.As per age group, 32-43 Years is the fastest growing segment during the forecast period.
Region wise, Europe region was the highest revenue contributor in 2022.
Companies Mentioned
- Kuoni
- CWT Global B.V.
- Flight Centre Travel Group (FCM)
- Booking Holdings, Inc.
- STA Travel
- Thomas Cook India Limited
- TUI AG
- AAA
- Expedia Group, Inc.
- Mahindra Holidays & Resorts India Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 250 |
| Published | October 2023 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value ( USD | $ 143.9 billion |
| Forecasted Market Value ( USD | $ 212.9 billion |
| Compound Annual Growth Rate | 4.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
