U.S. Travel Market Tops $300 Billion as Fiscal Cliff Looms
Online Travel Growth to Slow to Single Digits by 2013
FOR IMMEDIATE RELEASE
Sherman, CT USA, November 12, 2012 – The U.S. travel market remains strong despite a murky economic outlook for 2013. Aided by rising prices and corporate travel demand, the industry will grow 8% in 2012 to reach a record $303 billion, according to travel industry research authority PhoCusWright, in the new report PhoCusWrights U.S. Online Travel Overview Twelfth Edition. PhoCusWright projects sustained but slowing growth through 2014 (see Figure 1).
"With uncertainty surrounding the fiscal cliff, European debt crisis and a slowing China economy, the travel industry outlook for the coming year is guarded," said Lorraine Sileo, vice president, research. "But after recovering from the recessionary losses of 2009 in less than two years, the U.S. travel market continues to show remarkable resilience."
Led by air and hotel, the online leisure/unmanaged business travel market is growing faster than the industry as a whole, jumping 11% in 2012. However, online growth is expected to slow to 7% annually for 2013 and 2014. Supplier websites are growing faster than online travel agencies in every segment, with total online supplier bookings jumping 14% in 2012, versus 6% growth for OTAs. By 2014, two thirds of online bookings will be made via supplier websites.
PhoCusWrights U.S. Online Travel Overview Twelfth Edition is a comprehensive analysis of the U.S. travel industry, providing market sizing and growth forecasts through 2014. The report focuses on the U.S. online leisure/unmanaged business travel marketplace, highlighting marketing and distribution trends for all travel segments including air, hotel, car rental, vacation packaging, rail and cruise. It tracks distribution shifts among supplier websites and online travel agencies, as well as major offline channels. For the first time, the report also includes mobile market sizing and forecasts. This comprehensive research provides a detailed overview of travel distribution in the U.S., with rich insight into trends in market share, technological innovation and consumer behavior.
- Size of the U.S. total and online travel markets
- Market sizing and forecasts through 2014, including breakouts for air, car, hotel, tour, rail and OTAs
- Mobile travel sizing and forecasts for the first time
- Distribution patterns by segment and channel
- In-depth analysis of air, hotel, car rental, vacation packaging, rail and cruise segments
- Consumer and technology trends influencing travel marketing and distribution
- Impact of macroeconomic changes
About PhoCusWright Inc.
PhoCusWright is the travel industry research authority on how travelers, suppliers and intermediaries connect. Independent, rigorous and unbiased, PhoCusWright fosters smart strategic planning, tactical decision-making and organizational effectiveness.
PhoCusWright delivers qualitative and quantitative research on the evolving dynamics that influence travel, tourism and hospitality distribution. Our marketplace intelligence is the industry standard for segmentation, sizing, forecasting, trends, analysis and consumer travel planning behavior. Every day around the world, senior executives, marketers, strategists and research professionals from all segments of the industry value chain use PhoCusWright research for competitive advantage.
To complement its primary research in North and Latin America, Europe and Asia, PhoCusWright produces several high-profile conferences in the United States and Germany, and partners with conferences in China and Singapore. Industry leaders and company analysts bring this intelligence to life by debating issues, sharing ideas and defining the ever-evolving reality of travel commerce.
The company is headquartered in the United States with Asia Pacific operations based in India and local analysts on five continents.
PhoCusWright is a wholly owned subsidiary of Northstar Travel Media, LLC.
©2012 PhoCusWright Inc., Sherman, CT USA
+1 860 350-4084 • www.phocuswright.com