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The state of the European online travel market

Posted Date:  February 26, 2020

Despite the myriad challenges in the airline segment like the sudden collapse of one of the region's biggest travel brands – Thomas cook and the exit of the United Kingdom from the European Union, Europe's travel market grew 2% in 2019 to €296 billion. Though the fallout from these challenges will stretch out to 2020 and beyond, travel remains to be a key element of the European lifestyle, and the continent remains an attractive destination for global travellers.

Hence, the overall market is still projected to rise over the coming  years; annual gains of roughly 2% are projected through 2023, when the total market will reach €324 billion.

“These gains, however, are not reflected equally across all distribution channels. Offline bookings continue to decline as European consumers seek out online platforms both to plan and purchase their leisure trips,” says David Juman, senior director of editorial and research at Phocuswright.

“Led by Europe's two largest markets - the U.K. and Germany - online bookings were projected to climb 6% in 2019, approximately three times the rate of overall market growth. For the first time, Phocuswright research found more than half of all European travel bookings were made online. Online growth of 4 to 5% is projected for the next several years, with most gains attributed to mobile platforms.”

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Author: Manoj .S

Manoj works as Team Lead in Teknokraaft and looks into the Flights vertical primarily.

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