Online travel market to leap by another 7 percent this year
Travellers are increasingly going online to book holidays and make travel arrangements and the trend is set to continue in 2015. According to a new report by travel industry research specialists Phocuswright, the digital travel market will grow a further 7 per cent before the year is out.
Online travel bookings in Europe are set to increase by 7% in 2015, continuing the rapid pace of expansion seen in recent years, according to travel industry research specialists Phocuswright.
In a new study published this week, Phocuswright said competition and innovation in the travel market have driven online bookings in Europe beyond the 100 billion Euro mark in 2013, despite the economic challenges the region has faced.
Phocuswright's European Online Travel Overview Tenth Edition takes a detailed look at the dynamic European travel market, providing market sizing and growth forecasts through to 2016, with in-depth analysis of six individual markets in France, Germany, the UK, Italy, Spain and Scandinavia.
The market shift towards digital travel is likely to continue into 2016 and beyond, mimicking trends in similar industries. As of 2014, supplier web channels controlled 60% of the total online market. Online travel agencies on the other hand are pulling business away from traditional offline channels at a faster rate compared to supplier websites and apps.
Phocuswright’s research director Luke Bujarski, explained:
“How Europe's leisure and business travellers choose to shop and book their travel will continue to evolve toward digital channels, despite the nagging political and economic turmoil impacting the region,”
Online bookings expanded by 8% in 2013, while growth in the overall travel market slowed.
“There is still ample opportunity to shift market share between Europe's many travel intermediaries and suppliers.”
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