Below are the findings of a recent travel research report by Phocuswright, which provides and compares total and online travel gross bookings for six regions: U.S./Canada, Europe, Eastern Europe, Asia Pacific (APAC), Middle East and Latin America (LATAM).
As per the research the global travel industry performed better by beating GDP gains in most markets than most other economic sectors in 2018. Research reveals that, total travel bookings increased by a projected 7.3% to US$1.4 trillion. Critical to global travel companies, online travel bookings are growing twice as fast as the overall market.
Following are seven key developments and trends from the research report:
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Online bookings growing twice as fast as overall market
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APAC is now the world's largest regional travel market
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Online share of total bookings approaches milestone
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APAC to overtake U.S. online
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Suppliers lead online, but OTAs rule hotel segment
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Top travel markets remain unchanged (U.S., China, Japan, Germany, and U.K.)
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APAC widens its lead in mobile
If you are a travel agent and is waiting to making a decision on going online, then the above report should help you to make the correct decision without delaying any further.
Contact Teknokraaft to discuss on how we can help you in developing your Online Travel portal with the right suppliers and best features.
Author: Sathish Kumar .S
Sathish works as Project Manager in Teknokraaft and heads our OTA team