Travel sales hit USD2.7 trillion in 2024, with new records set to be broken over the forecast period as travel powers on, despite high prices and meeting climate targets. Tourism demand is fired up by macroeconomic and sociodemographic trends as consumers prioritise experiences aligned with their passions and interests. Competition and digitalisation are intensifying in the advanced markets and Asia Pacific - the new travel power source.
The World Market for Travel global briefing offers an insight into to the size and shape of the Travel market, highlights buzz topics, emerging geographies, categories and trends as well as pressing industry issues. It identifies the leading companies and brands, offers strategic analysis of key factors influencing the market from innovation, pricing, channel distribution to economic/lifestyle influences. Forecasts illustrate how the market is set to change and outlines the criteria for success.
Key Findings
Slow burner for value creation
Travel booking sales through direct suppliers and intermediaries are not expected to reach precrisis levels until 2025. In 2024, travel sales are anticipated to be worth USD2.7 trillion, driven by the consumer desire for amazing experiences, reaching USD3.6 trillion by 2029. However, anti-tourism sentiments highlight the need for ongoing transformation to a sustainable model.
The perfect, connected trip
The last battleground for travel categories is delivering travellers with the perfect trip that is seamless, connected and friction-free. Surface travel and experiences are where the focus lies for future growth at 8.9% and 6.6% CAGRs, respectively, elevating the enjoyment of travel and delivering a seamless UX across the traveller journey.
Next-gen global titans
Competition in booking via travel intermediaries is intense, led by Trip.com thanks to its dominance in its home market of China, with global brands Booking and Expedia battling for second place, with the former trumping its rival. Asia Pacific brands Yanolja and Klook are fast-growing and making inroads into the global landscape for travel intermediaries.
Online powered up
The pandemic truly accelerated the shift online, as consumers pivoted online and travel intermediaries especially ramped up their online offers, deals and loyalty programmes. In 2024, 69% of travel sales were made online, with 73% for travel intermediaries vs 65% for direct suppliers.
Asia rides the crest of a wave
All eyes for travel booking sales are firmly set on Asia Pacific - the global economic powerhouse, not just China, but India, and all its regions. Stealing share from the mature regions, high value creation is forecast whilst mature markets face intense price pressure due to stagnant economic growth, higher prices due to costs and funding the green transition.
Report Scope:
- Product coverage: Booking, In-Destination Spending, Lodging (Destination), Tourism Flows, Travel Modes.
- Data coverage: Market sizes (historic and forecasts), company shares, brand shares and distribution data.
Why buy this report?
- Get a detailed picture of the Travel market
- Pinpoint growth sectors and identify factors driving change
- Understand the competitive environment, the market’s major players and leading brands
- Use five-year forecasts to assess how the market is predicted to develop.
Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Trip.com
- Booking
- Expedia
- Yanolja
- Klook
