By the end of 2012, travelers will book one third of the world's travel sales online, according to a new Phocuswright report. Online leisure/unmanaged business travel bookings will grow twice as fast as the total market, to surpass US$313 billion by 2012.
Phocuswright's Global Online Travel Overview Second Edition compares four major regions – Europe, U.S., Asia Pacific and Latin America – revealing a global travel industry still recovering from the 2009 recession, which triggered a 13% decline in global sales. Phocuswright projects that global travel bookings will increase 6% in both 2011 and 2012, at which time the market will recover from 2009 losses.
Among the four regions studied, the U.S. and Europe represent more than three fourths of all online sales, but less than two thirds of total travel sales. As online travel bookings in the emerging markets of Asia Pacific and Latin America accelerate, combined share for Europe and the U.S. will fall to 73% in 2012 and continue to decline thereafter.
"As online penetration growth in the more mature U.S. and European travel markets slows, travel companies are looking to the Asia-Pacific and Latin America regions for the next pot of gold," says Lorraine Sileo, vice president, research. "In these emerging markets, macro-economic gains, increased travel and growing technology adoption will continue to fuel significant growth in online bookings."
Unique factors impact online travel growth in each region and market. Phocuswright's Global Online Travel Overview Second Edition features both global and regional market sizing through 2012 for the total travel market and online leisure/unmanaged business category. Other topics include:
- Global market share by region
- Online travel penetration and regional growth potential
- Analysis of supplier-intermediary dynamics and variation by region
- Market trends for key countries in each region
Despite cultural and technological challenges, more and more consumers prefer to book online and seek the opportunity to do so. Phocuswright's Global Online Travel Overview Second Edition
(US$695), a Global
and European Edition
publication, uncovers the complex growth dynamics shaping the worldwide online travel market.
* Edited from previous headline.