Key Trends in Online Travel (2023)

Key Trends in Online Travel (2023)

Summary

Analysis of the online travel industry including insights in key market trends, consumer trends, sector deals, advertising activity, challenges and opportunities.

Key Highlights

Globally, travelers are increasingly online and more mobile savvy than ever before. Alongside this, the market value of online travel intermediaries (OTAs, tour operators, and other providers) saw their market value experience rapid growth (CAGR 2015-19: 5.56%). In 2019, the global market value reached $651.50 billion. Since 2021, the COVID recovery phase has been under way and thanks to reduced travel restrictions, the market value has increased tremendously, reaching $660.95 billion in 2022 and expected to grow further to $1.52 trillion by 2027.

Consumer purchasing decisions are being driven by digitally advanced or “smart” features of a product or service. Comfortable with technology, digitally-savvy Gen Z and Millennials purchasing habits are especially driven by advanced digital features. As per GlobalData’s Q4 2022 Consumer Survey, a significant 76% of Gen Z are ‘always’, ‘often’ or ‘somewhat’ influenced by how digitally advanced a product or service is. The Millennial generation are slightly more influenced by digital products, with 77% of this age group echoing the same sentiment.

The importance of sustainability is increasing both globally and within travel and tourism industry, which raises both challenges and opportunities for online travel companies. According to GlobalData’s Q3 2021 Consumer Survey, 74% of global respondents reported that environmental issues are ‘extremely’ or quite’ important to them.

Scope

• This report provides an analysis of the online travel industry including insights in key market trends, consumer trends, sector deals, advertising activity, challenges and opportunities.

Reasons to Buy

• Gain an insight into online travel's leading players.
• Understand how they have adapted to the threat of COVID-19
• Understand the key travelers that companies can look to attract
• Gain a detailed understanding of the key trends, issues and chellenges facing online travel companies