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The hotel industry is growing rapidly across Asia Pacific, and the global recession presented only a modest speed bump. While the industry is largely fragmented and unorganized, much of the region's hotel development pipeline is focused on upscale and luxury properties, and growth is poised to continue in the coming years.
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The Australia/New Zealand travel market suffered declines during the recession, but bounced back quickly. Online sales tilt heavily toward supplier websites, but online travel agencies fared remarkably well during the recession and are expected to see strong growth in the coming years. The two countries' combined market has the highest online penetration in Asia Pacific, and global online travel agencies are making bold moves to take steal market share.
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In Asia Pacific, airlines suffered the worst of all segments during the recession. The air markets in Japan and Singapore were hit hardest, while China and India managed to escape with only minor declines. Despite this setback, online air bookings will experience strong growth in the next several years, and China will overtake Japan as the region's largest aviation market.
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The second-largest travel market in Asia Pacific, China was one of the region's only markets to grow during the recession. Despite strong growth in the coming years, the country lags in online penetration and will continue this trend in the near future. Distribution - and even completion of sales for online travel agencies - will remain predominantly offline.
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Like the rest of the country's economy, India's travel industry is on the fast track for growth. Its online travel market is the fastest-growing in Asia Pacific and weathered the recession well, though some segments fared better than others. The country's online travel agency bookings are expected to make major gains in the next several years.
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In 2010 the APAC travel market overtook the U.S. to become the second-largest – and fastest-growing – regional market in the world. PhoCusWright's Asia Pacific Online Travel Overview Fourth Edition provides market sizing, projections and analysis for the region's total and online leisure/unmanaged business travel market, including trending by segment and channel. The report also offers detailed insight into the unique dynamics shaping online travel in the region's six most mature markets – India, China, Japan, Australia, New Zealand, and Singapore.
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The audio recording and presentation deck of the April 14, 2011 Online Event exploring Latin America's rapidly evolving online travel market.
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In 2009, the U.K. was still reeling from the global financial crisis. Due to budget constraints,travelers took fewer trips, knocking outbound holidays and trips to visit friends and relatives down. All in all, however, the U.K. travel market is seeing light at the end of the tunnel. GDP is projected to grow in 2010 officially signaling the end of the recession, and travel will pick up again.
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The economic and financial crises have deeply affected the Spanish travel industry. Demand has dropped, especially from international visitors, and credit to travel companies has become scarcer. The financial crisis affected some travel segments more than others. Despite the economic challenges, rail grew in 2009 and OTAs remained relatively stable. On the other hand, traditional airlines, low-cost carriers, car rental companies, tour operators, and hotels all suffered strong declines.
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With 74 million visitors, international travel to France fell in 2009 as a result of the global economic crisis and the relative strength of the euro. However, the fall in international visitors was offset by growth in domestic tourism. Despite declining overall sales, the online component of the French travel market grew slightly in 2009. However, growth rates were not even across all sectors, as airline, rail, and car hire online sales dropped in line with revenue reductions in their respective sectors.
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