Dublin, June 02, 2021 (GLOBE NEWSWIRE) — The “Global Online Travel Market 2021” report has been added to ResearchAndMarkets.com’s offering.
The report “Global Online Travel Market 2021,” details the impact of the coronavirus pandemic on the digital travel market worldwide and provides insights into possible future industry developments.
The health crisis deeply affected digital travel sales, but the future looks more optimistic
Deeply affected by the restrictions imposed due to the spread of the coronavirus pandemic, the global online travel industry experienced a significant downfall in sales. For example, in the United States, online travel sales value in 2020 was only half of the figure forecasted for 2020 just before the onset of the COVID-19 pandemic.
The gross booking value of online travel agencies in the country also decreased substantially. Nevertheless, a recovery is expected in the near future given the easing of restrictions. As of March 2021, global travelers intended to spend more on trips in the next 12 months, and the usage of travel-related mobile apps may even be higher than prior to the health crisis, according to the findings of the report.
Furthermore, in Asia-Pacific, one of the fastest-growing regions in regard to travel, despite the negative influence of COVID-19, overall per capita digital travel expenditures are expected to rise in several economies, including Hong Kong, China, Taiwan, Japan, and South Korea by 2025.
Leading online travel agencies globally and the COVID-19 impact
In 2021, most of the major global online travel agencies were able to keep their market positions, including Booking.com, which remained to be the top website in the travel category globally. Tripadvisor and Airbnb followed Booking.com. Nevertheless, for some OTAs including the Expedia Group the pandemic led to a drop in the rankings, as detailed in this publication.
Technology-driven solutions are an important factor in the traveler experience in 2021
Due to economic disruptions due to the COVID-19 pandemic, travelers worldwide became increasingly interested in the Buy Now Pay Later payment method. According to a 2020 international survey cited by the analyst in the new report, a double-digit share of respondents said that the availability of a BNPL option was an important factor when booking a service related to a trip. With that, technology-driven solutions may support the online travel industry in the process of recovery.
- This report covers the online travel market. It takes into account a wide definition of the travel segment, including transportation, accommodation, tour packages and others. The report’s focus is on leisure and unmanaged business online travel. The definitions used by the original sources cited in this report may vary.
- Besides sales figures, penetration and rankings, this report also reveals important market trends that affect the online travel market, such as the rise of mobile bookings and the use of innovative technology.
- Following global regions are covered in this report: Asia-Pacific, Europe, Latin America, the Middle East, and North America.
- The global chapter opens the report, including an overview of global market developments and trends.
- The rest of the report is divided by regions. The regions are presented in the order of descending total online travel sales.
- Within each region, regional information is included first, where available, and the countries are also presented in the order of descending online travel sales. Where no comparable sales figures were available, other related criteria such as total E-Commerce sales, online shopper and Internet penetration were applied.
- In the country sections, the following information is covered, where available: online travel sales, the share of online shoppers booking travel services online and the rank of this category among other E-Commerce product categories, the online share of total travel sales and the share of travel in total E-Commerce sales, platforms and channels used by travelers to book travel services, total sales and shares of online travel agencies. Not all types of information mentioned are provided for each country, due to varying data availability.
Key Topics Covered:
1. Management Summary
- Online Travel Market Overview & Trends, December 2020
- Top 10 Travel & Tourism Websites, incl. Total Web Visits, in millions, Average Visit Duration, in minutes, Bounce Rate, in %, and Top 5 Countries by Share of Visits, in %, April 2021
- Travel Apps Used, incl. Airline, Hotel, Train and Travel Avent Apps, in % of Travelers, February 2021
- Top 10 Accommodation Websites, incl. Web Visits, in millions, Average Visit Duration, in minutes, Bounce Rate, in %, and Top 5 Countries by Share of Visits, in %, February 2021
- Share of Travelers Who Plan to Spend More Than Normally Would on a Trip in 2021 Since Could not Travel in 2020, in %, January 2021
- Share of Travelers Who Would Return to Cash Payments When the Risk from COVID-19 Reduced and Top 4 Reasons to Return to Cash, in %, 2020
- Share of Travelers Who Consider Non-Card Payment Methods/E-Wallets as the Most Important Factor When Booking a Service Related to Travel, in %, 2020
- Share of Travelers Who Consider Buy Now Pay Later Option as Important When Booking a Service Related to Travel, in %, 2020
- Share of Travelers Who Paid Contactless or via Mobile When traveling, in %, 2020
- Share of Travelers Who See Contactless Mobile Payments as a Confidence Driver, in %, September 2020 & February 2021
- Share of Travelers Who Save Credit Card Points to Go on a Vacation Once Feel Comfortable Traveling, January 2021
- Share of Travelers Who are Likely to Use More Travel Credits/Points to Pay for a Trip in 2021 Compared to Before the COVID-19 Pandemic, January 2021
- Share of Travelers Who Abandoned Purchases Related to Travel If Contactless Payment Option was not Available, in %, 2020
- Top Business Travel Payment Methods by Employees, in % of Corporate Travel Managers, 2020
- Top Business Travel Payment Methods, in % of Business Travelers, 2020
- Top 10 Air Travel Websites, by Website Rank, incl. Web Visits, in millions, Average Visit Duration, in minutes, Bounce Rate, in %, and Top 5 Countries by Share of Visits, in %, February 2021
- Top Investment Priorities For Airlines to be Implemented by 2023, in % Passenger Carriers, October 2020
- Top Investment Priorities For Airports to be Implemented by 2023, in % Passenger Carriers, October 2020
- Breakdown of Top Airline Priorities for the Introduction of Touchless Self-Service by 2023, incl. Mobile Touchless Payment, in % of Airlines’ IT Executives, October 2020
- Automated Services at Border Control & Boarding in Airports Planned for 2023, in % of Passenger Carriers, October 2020
- Share of Adult Travelers Who Were Excited About Technology’s Potential to Further Personalize Their Travel Experiences in the Future, by Country, in %, July 2020
- Share of Adult Travelers Who Expected to Participate in More Virtual/Online Experiences During Their Trips, by Country, in %, July 2020
- Share of Adult Travelers Who Would Be More Comfortable About Going to an Unknown Destination If They Could Scout It Virtually, by Country, in %, July 2020
- Share of Adult Travelers Who Chose Technology Would Be Important in Minimizing Human Interaction When Traveling, by Country, in %, July 2020
3. North America
4.4. South Korea
4.7. New Zealand
6. Latin America
7. Middle East and Africa
7.2. Saudi Arabia
- American Express
- Apple Pay
- Chase Sapphire
- Expedia Group
- Go Mmt
- Google Pay
- Hilton Hotels
- Marriot Hotels
- Thomas Cook
- Wells Fargo
For more information about this report visit https://www.researchandmarkets.com/r/6udtbg