The latest report published by the German online research firm yStats.com, “Global Online Travel, Accommodation Booking, and Airline Booking Market 2022” highlights the emerging consumer trends within these markets as well as regional growth dynamics, key market players and their shares within the online travel market. Among other findings, the publication gives information about the booking channels leading the industry, and the most preferred airline and flight booking websites among travelers.
Online travel agencies to regain their lost position after 2022 for travel and accommodation booking
With the outbreak of the COVID-19 pandemic, the travel sales decline. The global online accommodation booking market was among many industries that were impacted severely by the COVID-19 outbreak. The number of online booking app users in 2019 reached a number in the billions before falling, decreasing to a number approximately half of what it was, in 2020. However, 2022 is expected to bring some improvement, as restrictions are lifted, and consumers resume travel activities. According to research cited in the yStats.com report, most travelers now are inclined to use mobile applications for booking their next holidays, as a result, the share of mobile in travel booking has significantly increased. In 2021, the number of online booking app users recovered greatly but had not reached what it was pre-pandemic. As of September 2021, the share of individuals planning to purchase travel products, including accommodation, in the U.S., increased, compared to what they were in September 2020, with hotel ranking the highest. In terms of booking of related travel services such as reservation of accommodation or vacation rental, the online travel agencies are expected to maintain a strong position in 2022 as booking channels. In Asia-Pacific, for example, close to two-thirds of online travel sales will come from the online travel agencies. The Southeast Asian economies including Thailand, Singapore, Indonesia, Vietnam, Philippines, and Malaysia are anticipated to witness double-digit growth in travel booked online through 2025, according to a source cited in yStats.com report. Furthermore, in the European online travel market, Germany and the UK will witness significant rise in the use and sales of OTA for booking travel. The Latin American market will also observe a spur in growth of the online travel sales.
Emerging consumer trends are changing the conventional norms of the global travel as well as the airline booking market
Due to the outbreak of COVID-19, many travelers are apprehensive about visiting a physical store and are leaning towards contactless methods of booking their next travel. Given this trend, the sales of the online travel intermediaries are rising. The global travel industry is also now moving towards ecotourism and virtual tourism, the demand for which is seen to be increasing tremendously. Moreover, with the advancement in technology, players in the online travel market are making use of AI and big data to provide tailor made travel suggestions to mobile application users. Furthermore, sustainability in air travel is another trend dominating the travel market. According to a survey cited in the new yStats.com report, respondents from over three quarters of surveyed countries stated air travel sustainability to be their biggest concerns when it comes to air travel. Nevertheless, the willingness to pay more for carbon-neutral flights varies greatly among countries. Close to three quarters of travelers from Spain are ready to increase air travel spending for reduced CO2 emissions, whereas the share of Indian and Japanese travelers willing to do the same is relatively small.