The online travel accommodation market is to recover soon from the COVID-19 disruption: new yStats.com report.
The new report from Hamburg-based market intelligence firm yStats.com, “Global Online Accommodation Booking Market 2021” offers a comprehensive overview of the current state of the travel accommodation booking market worldwide and provides insights into the future perspectives of the industry. Among other findings, the publication reveals that for some of the major market players, the disruptions of 2020 resulted in a substantial loss of market shares.
Global online accommodation market after COVID-19
The global online travel accommodation booking market in 2020 was among the industries that were severely affected by the movement restrictions imposed due to the onset of the COVID-19 pandemic. Prior to the health crisis, the share of travelers who used hotel mobile apps was the second-highest among all applications used for trips before COVID-19, but globally, since the beginning of the health crisis, their share dropped significantly. Nevertheless, according to the research findings of yStats.com, the penetration of travel app users is predicted to be even higher than before the pandemic. Moreover, despite the negative trends in sales and revenue streams across all accommodation booking websites, Booking.com was still among the world leaders in 2021. Airbnb was also close to the top in the ratings, and some sources also indicated that Adoga, Traveloka, and Go Mmt were popular in specific countries. However, the situation was not as bright for major booking website Expedia as in many countries the company experienced substantial losses in market share during the coronavirus pandemic in 2020. Lastly, despite the large expansion of Online Travel Agencies globally, direct bookings are still preferred by many travelers in some regions, including Asia, where towards the end of 2020, their market share was close to half of the total online accommodation bookings market.
Top trends in online accommodation booking
According to the figures revealed in the yStats.com publication, during the coronavirus pandemic in 2020, technology-driven solutions in the travel industry, particularly in the accommodation booking market, are to play a significant role in the process of recovery after the health crisis. This trend was observed especially among consumers from Asia, as 8 in 10 survey respondents stated that accommodations would need to use the latest technologies to make travelers feel safe. Moreover, globally, close to half of the travelers stated that they would choose hotels with increased health and safety standards in future travel, which will likely find a response from the market players’ side.