Traditional Travel Agency Market Report 2024

This Traditional Travel Agency market report covers industry characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The traditional travel agency market size has grown strongly in recent years. It will grow from $141.4 billion in 2023 to $149.14 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth during the historic period can be attributed to increasing global travel, rising economic prosperity, growing consumer preference for personalized travel, expanding corporate travel needs, strong industry relationships, and a heightened demand for specialized travel services.

The traditional travel agency market size is expected to see strong growth in the next few years. It will grow to $185.4 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The projected growth can be attributed to the rising post-pandemic travel demand, increasing middle-class populations, advancing technological innovations, growing interest in experiential travel, a rebound in corporate travel, and a heightened focus on travel safety and health. Major trends in the forecast period include the use of artificial intelligence, the development of hybrid travel solutions, enhanced safety and health measures, advancements in virtual reality (VR), and expansion into emerging markets.

The increasing demand for corporate travel is expected to drive the growth of the traditional travel agency market in the coming years. Corporate travel encompasses work-related trips such as meetings, conferences, and client visits. This demand is driven by expanding business activities, a shift to remote and hybrid work models, and an increased emphasis on face-to-face interactions for strengthening relationships and securing deals. Traditional travel agencies play a crucial role in corporate travel by managing bookings, itineraries, and providing travel support, thereby streamlining travel processes for businesses. For example, in January 2024, a survey by the Global Business Travel Association (GBTA) of over 700 business travel professionals from 41 countries revealed that 83% of travel buyers reported an increase in global business travel bookings for 2023 compared to 2022, with 31% noting a significant rise, 37% a moderate increase, and 15% a slight improvement. Additionally, 59% of buyers expect a further rise in business trips within their companies in 2024. Hence, the growing demand for corporate travel will propel the traditional travel agency market.

Major companies in the traditional travel agency market are focusing on high-growth business development opportunities, such as direct-to-market expansion, to better serve local clients and enhance operational control. Direct-to-market expansion involves a travel agency establishing its own operations or presence in a specific market rather than depending on partnerships or intermediaries. For instance, in June 2022, FCM Travel Solutions, an Australia-based travel management company, opened a new office in Tokyo. This move includes a team of expert consultants and is aimed at boosting the company’s capabilities across Asia. The expansion reflects FCM’s commitment to integrating advanced technology and acknowledges the business development potential within Japan.

In January 2023, Flight Centre Travel Group (FLT), an Australia-based travel services provider, acquired Scott Dunn for £121 million (approximately $149 million). This acquisition is intended to expand Flight Centre’s luxury travel portfolio, enhance revenue growth, and achieve cost efficiencies by integrating Scott Dunn’s high-margin, premium brand. Scott Dunn Ltd. is a U.K.-based tour operator specializing in traditional travel services.

Major companies operating in the traditional travel agency market are TUI AG, Booking Holdings Inc, Expedia Group Inc, CWT Global BV, American Express Global Business Travel, Flight Centre Travel Group Limited, Travelport Worldwide Ltd, Frosch International Travel, Thomas Cook (India) Ltd, BCD Travel, Abercrombie & Kent, Corporate Travel Management, JTB Corporation, G Adventures, Frosch Travel, Contiki, Travel Leaders Group, STA Travel, Classic Travel, HRG (Hogg Robinson Group), Kuoni Travel Ltd, Airtreks, National Geographic Expeditions, AAA Travel, Journese.

Europe was the largest region in the traditional travel agency market in 2023 The regions covered in the traditional travel agency market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the traditional travel agency market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A traditional travel agency is a business that offers a range of travel-related services primarily through physical locations and direct interactions. It provides travel advice and creates customized itineraries, offering personalized travel planning and booking services through face-to-face consultations.

The main types of traditional travel agencies include those specializing in transportation, travel accommodations, and vacation packages. Transportation services involve arranging and booking various modes of travel, handling special requests such as seat preferences, and assisting with travel insurance. The services cater to both domestic and international tourists, with age groups typically categorized into 22-31 years, 32-43 years, 44-56 years, and over 56 years.

The traditional travel agency market research report is one of a series of new reports that provides traditional travel agency market statistics, including traditional travel agency industry global market size, regional shares, competitors with an traditional travel agency market share, detailed traditional travel agency market segments, market trends and opportunities, and any further data you may need to thrive in the traditional travel agency industry. This traditional travel agency market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The traditional travel agency market includes revenues earned by providing services such as travel support and assistance, group travel coordination, travel loyalty programs, and custom itineraries. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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