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Skift Research Global Travel Outlook 2024

Seth Borko, Varsha Arora, Pranavi Agarwal, Ashab Rizvi, Saniya Zanpure + Skift Team

Report Overview

The watchword for 2024 is normalization. We expect that overall travel industry revenue growth will decelerate from eye-watering double digits. But this slow-down is not a sign of weakness. Rather it is a sign of the continued strength of the travel industry as business finally gets back to normal. ​

Economic conditions appear poised to support further consumer spending. And even though there are some clouds on the horizon, shifts in consumer behavior that prioritize travel over other spending, should help deliver growth for our industry. Expect Asia to experience strong growth, as it finally stretches its legs after prolonged lockdowns. Capacity constraints are from over, but ironically can help support travel’s pricing power. We see room for growth from hotels to airlines.

This year our flagship piece includes more data than ever before. The core estimates you will find in this piece are for international trips out to 2028 and 2024 revenue forecasts for the hotel, airline, online travel, short-term rental, and cruise industry.​

On top of that we have included sector-specific analysis and  insights into how economics, demographics, and consumer trends will shape travel into 2024 and beyond. ​

We hope you enjoy! ​

What You'll Learn From This Report

• International Travel Forecast, 2023-2028​
• Online Travel Revenue and Gross Bookings Forecast, 2023-2025​
• Hotel Revenue Forecast, 2023-2025​
• Short-Term Rental Revenue Forecast, 2023-2025​
• Airline Passenger Revenue Forecast, 2023-2024​
• Economic and Demographic Factors Driving Travel in 2024​
• Key Consumer and Business Trends that Will Impact Travel

Related Reports

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• Navigating Q4 2023: Analysing the Value of Travel Credit Cards in the U.S. February 2024
• Exploring Gen Z and Millennial Travel Habits January 2024
• U.S. Travel Tracker: Q3 2023 Highlights October 2023

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Related Travel Research

U.s. travel market report 2021-2025.

Free for Open Access Subscribers

The U.S. travel industry began its post-COVID recovery in 2021. Exceeding expectations, the market rebounded 67% year over year in 2021, as pent-up demand and loosening travel restrictions contributed to the growth. Full recovery to pre-pandemic levels will likely occur by 2023, and optimism remains for continued growth and development as the market restabilizes and continues adapting.

This report provides a comprehensive view of the U.S. travel industry, including analysis of the key segments, trends, key takeaways, distribution dynamics and more. Also included in the U.S. Travel Market Report 2021-2025 series:

• U.S. Packaged Travel Market Report 2021-2025
• U.S. Hotel & Lodging Market Report 2021-2025
• U.S. Online Travel Agency Market Report 2021-2025
• U.S. Cruise Market Report 2021-2025
• U.S. Airline Market Report 2021-2025
• U.S. Car Rental Market Report 2021-2025
• U.S. Travel Market Data Sheet 2021-2025  (subscribers only)

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• Travel Retail Market

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Travel Retail Market Size, Share & COVID-19 Impact Analysis, By Product Type (Cosmetic & Fragrances, Wines & Spirit, Confectionery & Fine Foods, Tobacco Products, Fashion & Accessories, and Others), Sector (Duty Free and Duty Paid), Sales Channel (Airport & Airline Shops, Seaport & Cruise line Shops, Border Downtown Hotel Shops, and Others) and Regional Forecasts, 2023-2030

Region : Global | Format: PDF | Report ID: FBI104620

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KEY MARKET INSIGHTS

The global travel retail market size was valued at USD 55.74 billion in 2022 and is projected to grow from USD 60.72 billion in 2023 to USD 117.18 billion by 2030, exhibiting a CAGR of 9.85% during the forecast period.  

A growing number of millennial and middle-income traveler groups are offering immense opportunities to grow international retailing businesses. Nowadays, retail businesses keep food stations, bookshops, bars, and conference spaces decorated to maintain their shops attractive. Additionally, they maintain high-quality merchandising displays to capture travelers' attention towards buying their products. In November 2021, Bentley Leathers Inc., a Canada-based travel accessories manufacturer, launched a travel-focused retail store concept targeting airports and other travel platforms to offer a wide range of travel items, including travel bags, luggage etc. The store was initially opened in Montreal-Pierre Elliot Trudeau International Airport and aimed to expand in Canada and beyond. In this respect, key retail store innovation concepts will increase the global travel retail market share in the forthcoming years.

LATEST TRENDS of TRAVEL RETAIL MARKET 

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Sustainable Duty-Free Shopping Trend  to Boost Market Development

Nowadays, travelers prefer buying sustainably made duty free products to avoid the environmental impacts due to the usage of non-biodegradable items. This key trend has pushed airport retailers to adopt sustainable business practices such as waste recycling & reduction, biodegradable packaging, and ethical raw material sourcing activities. This factor will create newer avenues for market growth. As per the recent study by the Tax-Free World Association (TFWA) in July 2020, 70 % of the 2,456 consumer participants worldwide were influenced by sustainability practices while purchasing a product during travel. 

In addition to the factors mentioned earlier, retailers are implementing a customer-driven approach to sell their products and services online and increase their sales revenues. For instance, In July 2021, 3Sixty Digital Ltd. partnered with Virgin Atlantic Airways Ltd. to rollout Omneveo, an Omni-Channel retail platform that helps retailers uplift their customers' online shopping experience. Through such a digital shopping portal, passengers can better shop for products as per their requirements while doing in-flight and onboard activities, positively influencing market trends.

DRIVING FACTORS

Rising Number of International Travelers  to Drive Market Growth

The increasing number of domestic and international travelers will increase the product demand, driving the market growth over the forecast period. As per the report 'Indian Tourism and Hospitality Industry Analysis, ' published by the Indian Brand Equity Foundation (IBEF), in 2019, there were 10.89 million foreign tourist arrivals in India, a 3.2% up over the previous year. Nowadays, retailers offer personalized loyalty programs & deals to meet changing shopping habits of air passengers. This factor helps retailers build their revenues from Duty Free products thus fueling market growth.

Besides, rising millennial populations' spending on travel and tourism will upsurge the product revenues. Besides, rising millennial populations' spending on travel and tourism will upsurge the product revenues. For instance, as per the World Travel and Tourism Council (WTTC) data in November 2021, the French travel and tourism sector has surged by 34.9 % in 2021.

Continual Provision of Duty-Free Campaigns by Retailers  to Upsurge Product Demand

Nowadays, key companies launch promotional campaigns to encourage consumers to buy Duty Free products. Additionally, they continuously offer high-quality, privately labeled products and services to delight higher-income airport traveler groups. These factors will support the airport retail shops' product revenues. For instance, in November 2021, Mumbai Duty Free partnered with Flemingo and Adani Airport Holdings to unveil a fully digitalized flagship campaign, 'Mumbai Duty Free is Now Free Campaign.' India. This campaign was re-launched to make use of a new digital approach of barcode scanning for vouchers and ensure customers with safe and contactless access to products.

RESTRAINING FACTORS

High Product Pricing to Hinder Market Augmentation 

The majority of the products sold by retailers are high-quality & branded. This factor enables retailers to sell travel goods at higher prices, thereby limiting the product demand among lower disposable income level traveler groups. Additionally, limited customer awareness regarding new product launches and upgrades create a barrier in purchasing commodities, restricting the travel retail industry growth.

TRAVEL RETAIL MARKET SEGMENTATION

By product type analysis.

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Cosmetic & Fragrances Segment to Hold a Dominant Share Due to Surging Demand from Females

By product type, the global market is segmented into cosmetic & fragrances, wines & spirits, confectionery & fine foods, tobacco products, fashion & accessories, and others. The cosmetics segment holds a major market share due to the growing interest of females and millennials in internationally acclaimed brands that are difficult to find in their native locations. Also, the tax-free pricing of perfumes and high fashioned apparel ensures their purchase as a gifting accessory without import prices, thus surging the segment expansion.

The retailers showcase multiple collections and brands under one roof, making it easy to purchase for travelers. The branded cosmetics and fragrances companies appeal to a broader consumer base with their customer-friendly business policies. Also, retailers offer customer-friendly policies for all kinds of products merchandised in their shops.

In the case of wines & spirits, the industry has an estimated progressive growth as travelers passionate about international liquor brands. They usually purchase luxurious Duty-Free liquor brands from wine retailers to kill waiting time in airports. Nowadays, international liquor brands such as 'Macallan (The Macallan Global Boutiques), Dalmore (Dalmore Store), etc. mainly focus on selling their products through airport shops and cruise lines to increase travelers' accessibility. Such a factor is further supporting the product revenues from the wines & spirits segment.

Fashion & accessories segment is likely to achieve substantial growth during the forecast timeline, as fashion products are notably popular among celebrities and sportspersons. Fashion retailers focus on specializing in the niche marketing approach to attract an array of customers with similarities in purchasing behavior related to sports kits, musical equipment, and beauty cosmetics.

The growing popularity of innovative e-cigarettes of different sizes and shapes will increase consumer demand for such products at airports and cruises, driving segmental revenues for tobacco products. However, airlines and maritime stores' smoking-related prohibitory rules will limit the tobacco product demand among travelers, thereby declining the tobacco products' segmental growth.

Confectionery & fine food products are among the fastest-selling categories of food products that have gained transaction among youngsters and millennials. The bright and attractive displays of cartoon characters are a great way to cater to customers at the door. The stickers and fun displays with customizable wall arts create lucrative demand from youngsters. Chocolates and other confectionery retailers try to raise their presentation and create innovative ways to enlighten the mindsets of youngsters, bringing new growth opportunities for the segment.

The others segment includes watches, jewelry , fine arts, electronic items, and gift items, which are also expected to witness noticeable demand during the forecast period. These items are purchased by travelers through unique online applications to earn rewards and points, which raises the customers' thirst to acquire more products from such deals.

By Sector Analysis

Duty Free Shopping to Gain Significant Momentum Due to VAT Benefits

By sector, the global market is segmented into duty free and duty paid. The Duty Free segment holds a major share due to its value-added tax benefits over its counterpart. Nowadays, cosmetic companies such as L'Oréal, Estee Lauder Inc., and others increasingly focus on selling their products through Duty Free shops to boost sales. Such a factor will fuel the Duty Free segmental growth. Additionally, the rising number of international travelers and their demand for Duty Free products will accelerate segmental revenues. As per the data presented by the Centre for Asia-Pacific Aviation (CAPA), in 2021, the total gross Duty Free spending at Indian airports will reach USD 1.6 million by 2021.

The duty paid sector is also likely to witness growth in demand as the duty-paid retailers are taking multi-channel strategies and customer-driven solutions to sell their products. The retailers are focused on catering to a wider consumer base by launching apps to gather online information to create a curated shopping experience based on specific interests. Through expansions and tie-ups with domestic airports, selling high-quality and high-priced products will allow the retailers to upgrade their services and establish a competitive edge in the global industry.

By Sales Channel Analysis

Rising Number of Airport & Airline Shops to Augment Segment Growth

According to sales channel, the market is arrayed into airport & airline shops, seaport & cruise line shops, border downtown hotel shops, and others.

The airport & airline shops' segment holds a major share owing to the continual provision of customer-centric cosmetic and beverage products by airport retailers. This factor results in significant revenue generation from the airport segment. Furthermore, the in-flight Wi-Fi experience offers a seamless online shopping experience to the air passengers, thereby surging the segmental revenues. According to the International Civil Aviation organization data, the number of departures internationally rose by 1.7% from 2018 and reached 38.3 million in 2019.

Recently, worldwide train transportation services witnessed a considerable surge in passenger bookings. This factor will increase the train passengers' demand for such products, thereby resulting in others' segments generating considerable product revenues. As per the statistics from Indian Railways, there is an increase of 113% in earnings from passenger segments during the second quarter of 2021 compared to the first quarter. Thus, greater passenger bookings across railway stations provide potential growth opportunities for train retail services to boost passenger traffic, favoring the global travel retail market growth.

Border downtown hotel shops are gaining neutral demand as these shops create revenue for small businesses to sustain in a competitive environment and create jobs for the locals. These retailers don't charge high taxes, and customers can access various products. However, these retail channels are key for the global market forecast as they typically witness a steady flow of shoppers yearly.

Seaports & cruise line ships have steadily witnessed footfall in retail and duty free outlets and are anticipated to grow considerably during the 2023-2030 period. The growing number of workers involved in shipping cargo through the marine routes has boosted the demand among seaport retailers. Also, the surging number of travelers following the sea routes is estimated to create opportunities for cruise line shops. As per the data from Cruise Lines International (CLIA), 28 million people traveled through the ships and cruises in 2018 and will likely cross the 30 million mark in 2019.

REGIONAL ANALYSIS of TRAVEL RETAIL MARKET

Asia Pacific Travel Retail Market Size, 2022 (USD Billion)

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The worldwide tourism retail sector is segregated into the North America, Europe, Asia Pacific, South America, and Middle East & Africa regions.

Asia Pacific market was valued at USD 28.32 billion in 2022. A significant number of domestic and international travelers spend on duty Free products in China, India, and South Korea, resulting in the Asia Pacific region dominating the global industry in Duty Free retail. The adoption of cheap travel tours by companies in the Asia Pacific region, including MakeMyTrip, Yatra, and others, has facilitated customer traffic rates in booking, generating new growth opportunities for the travel operators to expand their businesses. 

Nowadays, duty Free retailers establish partnerships with Asian domestic and international airports to expand their businesses in Asia. This factor will further increase the Asia Pacific region's market growth rate. For instance, in May 2019, King Power International Group signed an agreement with Suvarnabhumi Airport (Bangkok Airport) to increase its Duty Free retailing business in Thailand.

The Europe market will grow considerably due to growing travel & tourism-related infrastructural settings such as hotels & restaurants, amusement parks, etc. As per the estimated data published by the CBI Ministry of Foreign Affairs, the total European tourism comprising air, land, and sea travel out of Europe accounted for 496 million trips in 2019. Also, the region's tourism and travel trips generated 35% of the international tourism expenditure in a similar period. Additionally, the robust presence of luxury goods brands such as 'Dufry AG, Aer Rianta International, and Lagardere Group result in considerable product revenues in the region.

Increasing U.S. and Canadian spending on travel & tourism is mainly supporting the North America industry's growth. According to the statistical data presented by U.S. Travel Organisation, in 2019, U.S. domestic and international travelers' spending reached USD 1,127 million. Also, the increase in the purchasing capacity of individuals has boosted regional growth.

Saudi Arabia and UAE's rising middle-income population groups mainly support the Middle East & Africa retail sector. Nowadays, Brazilians prefer buying high-quality apparel and cosmetic goods at domestic duty-paid shops. Such a factor will provide an increase in the product demand among Brazilians. Furthermore, the growing number of airport retailers in Brazil and Chile will increase the number of air passengers driving regional growth.

COVID-19 IMPACT

Rising Popularity of Anxiety-Reducing Products Boosted Market Growth Amid COVID-19

To minimize coronavirus infection spread, governments worldwide imposed lockdown and other travel restrictions, most notably in 2020. This factor has significantly lowered the number of air and marine travelers, threatening the overall travel & tourism industry. As per the data published by International Airport Transport Association (IATA), from 2009 to 2019, international travels had fallen below the yearly rate of 5.5%.

Nowadays, passengers prefer wellness-related products to maintain their health during the pandemic. This factor will offer duty free retailers newer opportunities to offer personalized products. Rising consumer demand for personal protection equipment (PPE) and products such as sanitizers, face masks, gloves, and others amid the pandemic will create newer avenues for Duty Free retailers' business growth. Furthermore, the growing popularity of anxiety-reducing items among air passengers will accelerate the industry growth amid the COVID-19 pandemic. For instance, in 2020, Essence Corp, a Miami U.S.-based retail distributor for Bath & Body Works (BBW), reported a 41% jump in its retail sales from the bath and body works.

KEY INDUSTRY PLAYERS

Business Expansion through E-commerce is Key Strategy Fueling the Industry

Major key players such as Dufry AG, Shilla Duty Free shop, and others focus on capturing consumer buying behavior and offering personalized retailing goods to the customers to gain a competitive edge globally. Additionally, they continuously introduce sales promotional offers to attract buyers towards their products. For instance, in September 2020, Malaysia Airports Holdings Berhad introduced an e-commerce platform, 'shopMYaiports,' to facilitate revenue amid the disruptions caused due to the pandemic. The e-commerce platform also offers free delivery with a minimum order amount of USD 71.65 to elevate the digital purchase experience.

LIST OF KEY COMPANIES PROFILED:

• Lagardere Travel Retail (Lagardere Group) (France)
• DFS Group Ltd. (Hong Kong)
• Dufry AG (Switzerland)
• King Power International Group (Thailand)
• Aer Rianta International (Ireland)
• The Nuance Group AG (Switzerland)
• Lotte Duty Free (Lotte Hotel) (South Korea)
• Gebr. Heinemann SE & Co. KG (U.S.)
• Duty Free China Group Co. Ltd. (CDFG) (China)
• Samsung Group (South Korea)

KEY INDUSTRY DEVELOPMENTS:

• January 2023: Ritter Sport, a German chocolate bar brand, announced plans to expand its vegan product range with the launch of its Travel Retail Edition Vegan Tower 5x 100g set worldwide in March 2023. The new product is available in three ranges of non-dairy chocolate in a five-pack. The travel edition assortment flavors include Smooth Chocolate, Salted Caramel and the new Roasted Peanut.
• January 2023:  Lotte Duty Free, a South Korean company, opened a store for NONFICTION, a South Korea-based beauty brand. Marking the launch, the company offered consumers free goods offline and online when purchasing NONFICTION products.
• January 2023: Lagardère Travel Retail Belgium and Atos (a French IT service and consulting company) partnered to launch an automated Duty Free point of sales at Brussels Airport. The companies launched the automated POS to offer travelers a new and unique travelling experience.
• February 2021: Hudson Group, a Dufry AG-owned retailing company, launched Amazon One, a technology-enabled store at Dallas Love Field Airport (DAL), to offer users an enhanced in-store shopping experience.
• December 2021: Servy, a hospitality platform, partnered with Inflyter, a retail tech company, to develop an e-commerce platform that provides a digital shopping experience to airport travelers.

TRAVEL RETAIL MARKET REPORT COVERAGE

An Infographic Representation of Travel Retail Market

To get information on various segments, share your queries with us

The travel retail industry research report analyzes the market in-depth and highlights crucial aspects such as prominent companies, product types, sectors, sales channels, and regional areas. Besides this, the report provides market outlooks and insights into the latest trends and highlights significant industry developments. In addition to the aspects mentioned above, the report encompasses several factors contributing to the industry's growth over recent years.

TRAVEL RETAIL MARKET Report Scope & Segmentation

Frequently asked questions.

Fortune Business Insights says that the industry size was USD 55.74 billion in 2022 and is anticipated to reach USD 117.18 billion by 2030.

In 2022, the industry was valued at USD 55.74 billion.

Ascending at a CAGR of 9.85%, the market will exhibit steady growth over the forecast period (2023-2030).

The cosmetic & fragrances segment will dominate the market during the forecast period (2023-2030).

The rising number of international travelers accelerates the market growth.

Lagardere Travel Retail (Lagardere Group), DFS Group Ltd., Dufry AG are leading companies worldwide.

Asia Pacific dominated the market in 2022.

Rising adoption of eco-friendly business practices is one of the prominent industry trends.

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• PUBLISHED ON: Apr, 2023
• BASE YEAR: 2022
• HISTORICAL DATA: 2019-2021
• NO OF PAGES: 175

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The global travel retail market size was valued at $55.74 billion in 2022 & is projected to grow from $60.72 billion in 2023 to $117.18 billion by 2030

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Travel Market by Sector, Type, and Geography - Forecast and Analysis 2023-2027

• Published: Oct 2023
• SKU: IRTNTR71431

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Travel Market Forecast 2023-2027 

The Global Travel Market size is forecast to increase by USD 3,392.95 billion   at a CAGR of 14.18% between 2022 and 2027. The Global Travel Market is experiencing significant growth driven by various factors. The rising preference for experiential travel among consumers, coupled with the expansion of the medical tourism sector, is contributing to market expansion. Additionally, government initiatives promoting tourism are fostering increased travel activities worldwide. These trends collectively underscore the dynamic landscape of the global travel industry, presenting lucrative opportunities for stakeholders across the value chain. This market research and growth report includes an in-depth analysis of market drivers, trends, and challenges during the forecast period. 

What will be the size of the Market During the Forecast Period?

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The market is experiencing robust growth, propelled by various factors. The rise in experiential travel and the flourishing medical tourism industry, supported by government tourism promotion efforts, are driving international tourist footfall. Additionally, the widespread availability of online travel agencies has revolutionized travel booking, while increasing disposable income among travelers fuels demand across transportation, hotel, and travel activity sectors. This convergence of factors underscores the dynamic expansion of the global travel and tourism industry.

Market segmentation

In the transportation segment of the market, various entities contribute to facilitating travel experiences for individuals worldwide. Airlines, tour operators, and travel agencies play integral roles in offering transportation services to both domestic and international destinations. With the advent of online booking platforms, travelers can conveniently plan and book their journeys using smartphones and other digital devices. This accessibility has fueled the growth of low-cost airlines, making leisure and business travel more affordable and accessible. The transportation segment not only caters to domestic travel needs but also supports international economic development by facilitating tourism and business travel between countries. Overall, the transportation sector remains a vital component of the market, providing essential services and contributing to global connectivity and economic growth.

The transportation segment  is estimated to witness significant growth during the forecast period. With the improvement in the global economy, there has been simultaneous growth in the airline travel industries of many countries worldwide. Increased revenue and associated taxes are generated as a result of increased passenger traffic, which, in turn, contribute to economic development.

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The transportation segment   was the largest segment and was valued at  USD 2,191.96 billion  in 2017 .  With the introduction of travel packages such as tourism packages, tourists can opt for preferred destinations and resorts after comparing their prices and offerings. In order to provide tourists with special tourist services, some tourism enterprises cooperate with resorts and privately operated helicopters.

Market Dynamics and Customer Landscape

The market is witnessing dynamic growth, fueled by international economic development and the rising trend of experiential travel. The burgeoning medical tourism industry, supported by government tourism promotion efforts, attracts a significant international tourist footfall. Online travel agencies play a pivotal role in facilitating travel arrangements, catering to the disposable income of travelers. With a focus on transportation, hotels, and diverse travel activities, the industry thrives on the seamless integration of airlines, tour operators, and travel agencies. Enabled by online booking platforms and the widespread use of smartphones, travelers enjoy diverse leisure experiences, both domestically and internationally. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

The growing popularity of experiential travel is driving growth in the travel market. More significant and authentic experiences are increasingly sought by modern travelers that allow them to connect with local cultures, traditions, and communities. Experiential travel offers a deeper understanding of a destination's way of life and its people. Younger people prioritize experiences over material possessions, and creating memories and stories to share is something they prefer. 

Moreover, travelers are increasingly seeking off-the-beaten-path experiences to avoid the negative impacts of over-tourism. Experience travel enables travelers to make a choice about the journeys they take according to their preferences and interests. Activities like hiking , wildlife safaris, and volunteering can provide immersive and impactful experiences. Such factors are expected to drive the growth of the arket during the forecast period.

Significant Market Trends

The increasing international tourist footfall is a key trend in the travel market. In recent years, the number of inbound tourists in the world is growing rapidly, consequently driving the number of tourists and fueling the demand for travel activities. The rising number of travelers to both the international and national markets , pleasure, and sports trips is a major element in the increase in footfall of tourists. 

Moreover, as the number of international travelers grows, so does the demand for travel activities , particularly through online travel service platforms . In addition to corporate travel, there is growing demand in the tourism sector as a result of increased government initiatives aimed at promoting tourism. The growth in the number of international tourist arrivals fuels the growth in demand for travel activities and is expected to drive the growth of the global travel market during the forecast period.

Major Market Challenge

The threat of growing terrorism is a major challenge faced by the travel market. There has been a rise in terrorist activities globally, mainly since 2016. The main motive of terrorism is to create panic among people, which leads to a change in their behavior. Industry such as hotels and travel are directly affected by these terrorist attacks.

However, terrorism further leads to the rise in border clearance issues with delays and tighter inspections, making travel tiresome. In addition, the increasing demand for increased safety around oil and gas pipelines as well as the electricity transmission lines is leading to higher costs. Therefore, the increase in terrorist activities is likely to hamper the growth of the global travel market during the forecast period.

Market Customer Landscape

The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Travel Market Customer Landscape

Who are the Major Travel Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

American Express Global Business Travel GBT -  The company offers travel solutions such as end-to-end solutions for business travelers, including booking, expense management, and travel policy compliance.

The market analysis and report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• Balkan Holidays Ltd.
• BCD Travel Services BV
• Booking Holdings Inc.
• Carlson Inc.
• Corporate Travel Management Ltd.
• Expedia Group Inc.
• Fareportal Inc.
• Flight Centre Travel Group Ltd.
• JPMorgan Chase and Co.
• MakeMyTrip Ltd.
• PT Global Digital Niaga
• PT Traveloka Indonesia

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Key Regions

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APAC  is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The rapid economic growth in many APAC countries, such as China, India, and Japan, has led to an expanding middle class with increased disposable income. As people's financial capabilities improve, they have more resources to spend on leisure activities, including travel.

Moreover, urbanization is on the rise in the APAC region, leading to the development of more cities and metropolitan areas. As a result, business trips, conferences, and cultural exchanges can be facilitated. Initiatives such as simplification of visa procedures, the development of tourism infrastructure, and promotion efforts are also part of this. The APAC region has become a significant market for cruise tourism, with various cruise lines offering itineraries that explore coastal cities and islands. Such factors are expected to drive the growth of the global travel market during the forecast period.

Market Analyst Overview

The market encompasses various sectors, including the booming medical tourism industry, which attracts travelers seeking healthcare services abroad. Governments promote tourism through various initiatives, and online travel agencies facilitate booking with the disposable income of travelers. Airlines, tour operators, and travel agencies cater to diverse needs, with online booking options and the presence of low-cost carriers. The prevalence of smartphones has transformed the landscape, enabling convenient access to travel websites and information. Responsible and sustainable tourism practices are encouraged, and supported by technologies like augmented reality, virtual reality, and artificial intelligence. Domestically and regionally, transportation services utilize large airports, road, and rail networks, enhancing connectivity and facilitating sustainable tourism practices.

The global travel and tourism industry is significantly influenced by tourism promotion by governments, aiming to boost both domestic travel and regional travel . The emergence of low-cost airlines has made travel more accessible, aligning with responsible tourism practices and ethical and sustainable tourist practices promoted by various stakeholders. Enhanced maritime mobility complements land-based travel , while efficient communication systems ensure connectivity. Governments worldwide are increasingly focusing on sustainable tourism initiatives, encouraging responsible travel behavior and preserving natural resources. As travelers prioritize eco-friendly options, the industry adapts, offering sustainable alternatives. In this dynamic landscape, collaboration between governments , industry players, and travelers fosters a more sustainable and responsible approach to global travel.

• Segment Overview

The travel market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Transportation
• Travel activities
• Rest of Europe
• Saudi Arabia
• South Africa
• Rest of the Middle East & Africa

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting    between 2023 and 2027
• Precise estimation of the market in focus on the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behavior
• Growth of the market across APAC, Europe, North America, South America, and the Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market growth analysis of factors that will challenge the market trends and analysis of market companies

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• Growing popularity of experiential travel
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• Online Travel

Online Travel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

• Region: Global
• IMARC Group
• ID: 5820824
• Description

Table of Contents

Companies mentioned, methodology, related topics, related reports.

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Online Travel Market Trends:

Key market segmentation:, breakup by service type:.

• Transportation
• Travel Accommodation
• Vacation Packages

Breakup by Platform:

Breakup by mode of booking:.

• Online Travel Agencies (OTAs)
• Direct Travel Suppliers

Breakup by Age Group:

• 22-31 Years
• 32-43 Years
• 44-56 Years
• Above 56 Years

Breakup by Region:

North america.

• United States
• Asia-Pacific
• South Korea
• United Kingdom

Latin America

Middle east and africa, competitive landscape:, key questions answered in this report.

• Expedia Group Inc.
• Fareportal Inc.
• Hostelworld Group plc
• MakeMyTrip Pvt. Ltd.
• priceline.com LLC (Booking Holdings Inc.)
• Thomas Cook India Ltd. (Fairfax Financial Holdings Limited)
• Tripadvisor Inc. and Yatra.com

Table Information

• Travel Intermediaries

Online Travel Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis

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• November 2023

Global Online Travel Market Outlook, 2028

• August 2023

Global Hostel Online Travel Agency (OTA) Market (2023 Edition): Analysis By Platform (Mobiles/Tablets, Desktop), User Type (Students, Corporates, Others), By Age Group, By Region, By Country: Market Insights and Forecast (2019-2029)

• December 2023

Global Online Travel Market Overview, 2023-28

Online Travel Booking Platform - Global Strategic Business Report

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Economic conditions outlook, March 2024

Executives’ latest views on the global economy and their countries’ economies lean much more positive than they did at the end of 2023.

In the latest McKinsey Global Survey on economic conditions, 1 The online survey was in the field from March 4 to March 8, 2024, and garnered responses from 957 participants representing the full range of regions, industries, company sizes, functional specialties, and tenures. To adjust for differences in response rates, the data are weighted by the contribution of each respondent’s nation to global GDP. the outlook on domestic conditions in most regions has become more hopeful, despite ongoing shared concerns about geopolitical instability and conflicts. In a year brimming with national elections, 2 Katharina Buchholz, “2024: The super election year,” Statista, January 19, 2024. respondents increasingly see transitions of political leadership as a primary hazard to the global economy, particularly in Asia–Pacific, Europe, and North America.

Furthermore, respondents now view policy and regulatory changes as a top threat to their companies’ performance, and they offer more muted optimism than in December about their companies’ prospects.

Optimism builds over global and domestic conditions

Respondents share much brighter assessments of the global economy and conditions in their countries than they did at the end of 2023, and views of the global economy are the most positive they’ve been since March 2022 (Exhibit 1). In the December survey, respondents were equally likely to say the global economy had improved and worsened. Today, respondents are twice as likely to report improving rather than deteriorating conditions. Looking ahead to the next six months, respondents are also more optimistic than they were last quarter. Forty-six percent expect the global economy to improve—nearly double the share expecting worsening conditions—while 37 percent expected improvement in the previous survey.

Likewise, respondents offer hopeful views when asked about the most likely near-term scenario for the global economy, suggesting confidence in central banks. They are more likely to expect a soft landing overall—with either slowing or accelerating growth compared with 2023—than a recession (Exhibit 2). The largest share of respondents expect a soft landing, with slowing growth relative to 2023.

Respondents’ views on their own economies have also become more upbeat. Nearly half of respondents say economic conditions at home are better now than they were six months ago, up from 41 percent in December, while just 22 percent say conditions have gotten worse. Respondents in Europe—who offered the most negative assessments of any respondents in September and December—are now nearly twice as likely as in December to say conditions have improved in the past six months, though it is unclear what has prompted that change and whether it is a durable finding.

McKinsey’s original survey research

More than half of respondents expect their economies to improve over the next six months. It’s the first time in two years that a majority of respondents have said that. In most regions, larger shares of respondents express optimism about economic conditions at home now than in December (Exhibit 3).

Geopolitical instability remains top of mind as concerns over political transitions rise

Geopolitical instability and conflict continues to be the most cited risk to global growth, selected by two-thirds of respondents for the second quarter in a row (Exhibit 4). Yet in this first quarterly survey of 2024—a year in which more than 60 countries will hold national elections 3 Katharina Buchholz, “2024: The super election year,” Statista, January 19, 2024. —transitions of political leadership have jumped from the fifth-most-cited to the second-most-cited threat to the world economy. The share of respondents in Europe reporting political transitions as a top threat is 2.4 times the share in December, while the shares in North America and Asia–Pacific have nearly doubled. 4 Prior to the latest survey, respondents in Mexico were included in Latin America in analyses but are now included in North America. We see a smaller uptick in concern about supply chain disruptions, which is cited as a threat by the largest share of respondents since December 2022.

Looking at risks to growth in respondents’ countries, geopolitical instability and conflict remains the top perceived threat, cited by a larger share than in any quarter since March 2022. Uneasiness about domestic political conflicts and transitions of political leadership, now the second- and third-most-cited risks, have overtaken concerns about inflation, which was the second-most-cited risk in December. Among respondents in North America, transitions of political leadership are cited nearly twice as often as in December (Exhibit 5). In Greater China, multiple risks now appear to carry equal weight, whereas in December, inflation was the top concern.

Policy and regulatory changes top the list of cited threats to companies’ growth

As respondents’ concerns about inflation as a domestic threat wane, the survey results suggest that companies are holding off on price increases. For the first time since we began asking about companies’ prices in September 2022, less than half of private-sector respondents in the latest survey—45 percent—say their companies increased the price of their goods or services over the past six months, down from 56 percent in December.

For five quarters, respondents’ most cited risk to their companies’ performance in the next 12 months was weak customer demand. Now, they most often point to policy and regulatory changes as a threat. In December 2023, policy and regulatory changes weren’t even one of the top five perceived risks. This increased wariness of policy changes cuts across most regions, though we see the largest increase in Europe.

Even though weak demand is no longer the most cited risk for companies, optimism over expected demand has tapered  since December. Fifty-one percent of respondents expect an increase in customer demand over the next six months, down from 57 percent in December. Yet expectations about profits remain upbeat: about six in ten respondents expect increasing profits in the months ahead, in line with expectations in much of 2023.

The survey content and analysis were developed by Jeffrey Condon , a senior knowledge expert in McKinsey’s Atlanta office; Krzysztof Kwiatkowski , a capabilities and insights expert in the Boston office; and Sven Smit , chair of insights and ecosystems, chair of the McKinsey Global Institute, and a senior partner in the Amsterdam office.

They wish to thank Jan Mischke for his contributions to this work.

This article was edited by Heather Hanselman, a senior editor in the Atlanta office.

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Geopolitics and the geometry of global trade

Survey results: Expectations for company performance, by industry

Global Economics Intelligence executive summary, February 2024

Consumer price growth accelerated in March, adding to cloudy picture for U.S. economy

Inflation remained elevated once again in March, adding another round of price increases to Americans' already-strained wallets.

The Bureau of Labor Statistics reported that 12-month price growth accelerated from 3.2% in February to 3.5% in March, matching consensus forecasts among economists.

Excluding food and energy, which represent commodities with more volatile prices, the so-called core 12-month reading was unchanged in March at 3.8%.

Some of the items seeing the largest 12-month leaps in price gains included auto insurance, which soared 22.2%; domestic services like home cleaning, up 10.9%; baby food and formula, up 9.9%; and outpatient hospital services, up 8.3%.

If there was any relief, it was in grocery prices, which were up just 1.2% on the year. And prices for new and used vehicles fell.

But Greg McBride, chief financial analyst at Bankrate, put the situation succinctly in an email following Wednesday's release.

“There is no improvement here, we’re moving in the wrong direction,” he said.

On paper, the U.S. economy has looked solid. The unemployment rate has now remained below 4% for the longest stretch since the 1960s. Stocks have been at all-time highs. The economy continues to add jobs.

But since the start of the pandemic, Americans have seen average prices increase more than 20% overall — giving people a sense that the cost of many goods and services, not to mention housing, has surged to unreasonable levels.

When will prices come down?

So what will cause price growth to finally slow down to the Federal Reserve's 2% target?

Unfortunately, it usually takes a major economic crisis for broad categories of prices to reverse. Instead, the best that consumers can hope for is that they stop going up so fast.

While there are some signs that it's happening — grocery price increases, for instance, have finally fallen below 2% after surging during the pandemic — economists say it's likely to still take some time for inflation to truly subside.

Complex economic forces, they say, continue to keep price growth elevated.

A significant worker shortage sparked by the pandemic — especially for front-line service employees — helped push hourly pay higher. But this resulted in pushing up prices on the consumer side, since labor costs represent a significant portion of the overall cost of given goods or service.

Meanwhile, supply chain disruptions that emerged during the pandemic have yet to fully subside, said Sarah House, a managing director and senior economist at Wells Fargo.

She pointed to automobile prices, which have surged more than 20% since the start of the pandemic for new vehicles and more than 30% for used vehicles. While the pace of their price increases has abated, difficulties in sourcing auto parts, plus the loss of experienced technicians, have pushed vehicle prices higher.

This, in turn, has pushed auto insurance rates higher — and it turns out that car insurance commands a significant percentage of the overall increase in consumer prices.

“The services side is where we’re continuing to see stronger [price] growth,” House said. “That’s where we’re still getting an elevated degree of inflation from.”

Stagnant pay and higher borrowing costs

Americans’ pay has barely kept up with the price increases. While federal stimulus at the outset of the pandemic helped give people a cash cushion during the worst of it, there is an emerging consensus that this same cushion helped drive prices higher by giving people money to spend.

On net, Bureau of Labor Statistics data shows that the effect of inflation has caused Americans’ average hourly pay to rise by just a few cents compared with where it was at the start of the pandemic.

The Federal Reserve, which is in charge of taming price growth, in part by raising interest rates, has sought to fight fire with fire. By raising the cost of borrowing money, the central bank has tried to reduce demand for goods and services, ultimately pushing price growth down.

The Fed’s interest rate hikes have indeed caused borrowing costs for everything from credit cards to automobiles to homes to climb to levels not seen in years.

For many Americans, that’s meant getting locked out of the housing market, not to mention paying credit card rates above 20% and auto loan rates above 8%.

But inflation has persisted, surprising many economists. At the start of the year, the consensus forecast was for economic growth to slow, allowing the Fed to start cutting interest rates this spring, with a total of three cuts for 2024.

But a growing number of analysts now say that, at a minimum, rate cuts will be delayed. Still others say there won’t even be three cuts.

Despite all the challenges, the risk of a recession that would lead to significant job losses remains low. Yet there are signs that consumer jitters are accelerating. The New York Federal Reserve reported Monday that fears of job losses are climbing and that workers who are already out of a job say getting hired is now more difficult than it was prior to the pandemic.

While about one-quarter of Americans report their household financial situation to be better than a year ago, about one-third report being worse off.

It all adds up to a precarious situation. In a speech last week, Federal Reserve Chair Jerome Powell called the economic outlook "still quite uncertain."

"The job of sustainably restoring 2% inflation is not yet done," he said.

Rob Wile is a breaking business news reporter for NBC News Digital.

The job market looks rock-solid, but there are 4 signs it's weakening as labor trends mirror past recessions

• The job market has impressed recently, but there are worrying signals beneath the surface.
• Wall Street forecasters have pointed to four signs of weakness flashing in the US labor market. 
• That weakness heightens recession odds, especially if unemployment begins to rise meaningfully. 

Today's job market looks to be on solid footing, but there are subtle signs that hiring is starting to weaken, upping the odds that a recession strikes. 

The economy added a blowout 303,000 jobs last month, and the unemployment rate remained near historic lows at 3.9%. 

But it's unclear how long that strength will hold up, especially as financial conditions in the economy look poised to remain tighter for longer while inflation is sticky. The job market is already flashing key signs of weakness, and a hiring slowdown could be around the corner, Wall Street strategists have warned. 

Here are four signs the  stellar US job market may be about to stumble:

1. Unemployment trends are mirroring past recessions

The unemployment rate remains near historic lows, but the number of jobless Americans has been rising steadily higher over the past year — and is now close to triggering a classic recession indicator. The three-month moving average of the unemployment rate has risen 30 basis points above its 12-month low. That's 20 basis points away from triggering the Sahm rule, a highly accurate indicator that the economy is in the early stages of a recession.

It's also dangerously similar to what occurred prior to the last four recessions, according to top economist David Rosenberg.

Related stories

"Even the famed Sahm Rule on unemployment trends is right where it was in March 2020, November 2008, March 2001, and September 1990! Delayed is not derailed," Rosenberg said in a client note on Monday, referring to the odds of a recession. 

2. Layoff announcements are rising

Firings could pick up in the coming months, as more firms look poised to reduce headcount. 

The total layoff rate remained near historic lows in February, clocking in at 0.9%. But job-cut announcements rose to 257,254 over the first quarter, according to the career transitioning firm Challenger, Gray & Christmas. That's 120% higher than what companies announced the previous quarter, the firm said in a recent report . 

Cost-cutting was the main reason firms were looking to let go of their workers, accounting for 26% of planned layoffs in the first quarter. 18% of layoffs were attributed to business restructuring, and 9% were attributed to "market conditions," the report found.

3. Lack of growth in full-time jobs 

The economy added more and more jobs every month — but there's evidence that most of the jobs being created are merely part-time gigs in 2024. The number of workers who typically work full-time dropped 1% year-over-year in March , according to the Bureau of Labor Statistics. Meanwhile, the average work week among all employees has dropped to around 34 hours — a sign part-time work is making up a larger share of the labor market.

"We have not created one net new full-time job," Rosenberg said in a March interview with Business Insider. He predicted the unemployment rate could rise to around 5% by the end of the year. 

"I have a tough time grappling with the overwhelming consensus view that we gave some sort of terrific labor market when all we've accomplished is [turning] this thing into a part-time economy."

4. Businesses are less keen to hire

Employers announced plans to hire just 36,795 workers in the first quarter, according to Challenger, Gray & Christmas, a 48% plunge from the number of planned hirings that were announced last year. 

Small business optimism , meanwhile, plunged to its lowest level since 2012 last month, and just 11% of small business owners plan on hiring over the next three months, according to the latest jobs report from the National Federation of Independent Business. That's the weakest hiring intentions have been since the pandemic, the report said. 

The risk of a coming recession could rise if the job market continues to slow, some forecasters have warned. Gary Shilling, a legendary market commentator who called the dot-com bubble, warned the US was still at risk of tipping into a recession later this year, even if the job market looks strong at the moment.

"You haven't had that weakness in labor markets that I think you normally would have had," he said in a recent interview with CNBC . "That doesn't mean we won't have it, but it means, whatever it is, it's delayed," he warned.

Watch: How tech layoffs could affect the economy

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Travel Price Index (TPI)

Developed by U.S. Travel, the Travel Price Index (TPI) measures both the one-month change and 12-month change in the cost of travel away from home in the United States on a seasonally-adjusted basis. The TPI is released monthly and is directly comparable to the Consumer Price Index. Member log-in required .

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Bringing together results from our Business Travel Tracker and Ipsos Consumer Survey, these quarterly consumer insights provide a more in-depth look at current traveler behavior and shifts in traveler trends, all within the context of an evolving macroeconomic environment.

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Inbound and outbound visitor growth worldwide 2020-2025

According to a 2024 study, the number of both inbound arrivals and outbound visits globally is expected to grow that year. After the dramatic decline with the onset of the coronavirus (COVID-19) pandemic, and the rebound in 2022, inbound overnight arrivals and outbound trips worldwide are forecast to increase by 17.4 percent and 17 percent, respectively, in 2024 compared to the previous year.

Inbound and outbound visitor growth worldwide from 2020 to 2022, with a forecast until 2025

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February 2024

2020 to 2022

Data for 2020 were previously published by the source. Figures for 2022 are estimates. Data from 2023 to 2025 are forecasts.  Inbound refers to the sum of the overnight tourist arrivals and includes intra-regional flows. Outbound refers to the sum of visits to all destinations. Figures were calculated using the Global Travel Service (GTS) model as of December 12, 2023.

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IEA Downgrades Forecast for 2024 Oil-Demand Growth

Getty Images, David McNew / Staff

KEY TAKEAWAYS

• The International Energy Agency (IEA) on Friday downgraded its forecast for 2024 oil demand growth to 1.2 million barrels a day from the previous 1.3 million bpd.
• The agency noted weaker demand as the world completes normalization post-COVID, especially in China, and rising adoption of electric vehicles (EVs) are reasons for the downgrade.
• However, the projected demand growth is in line with pre-pandemic levels.

The  International Energy Agency (IEA ) on Friday downgraded its forecast for 2024 oil-demand growth to 1.2 million barrels a day from the previous 1.3 million bpd, noting “exceptionally weak” deliveries in  Organization for Economic Co-operation and Development (OECD ) countries, a largely complete post-COVID rebound, and increasing market share gains by electric vehicles (EVs), especially in China.

"Given that China was the last major economy to lift public health restrictions related to the pandemic and saw an abrupt economic recovery in mid-2023, this easing of year-on-year demand growth is likely to continue during 2024," the IEA said.

However, with a weakening economic growth rate and "the rapid domestic uptake of oil-substituting technologies such as electric vehicles (EVs) and high-speed rail," roughly only a third of oil-demand growth is expected from China in 2024 and 2025.

The Paris-based agency said that the level of demand growth, however, is in line with the pre-pandemic levels, even amid “muted expectations for global economic growth this year and increased deployment of clean energy technologies.”

Earlier this month, oil prices rose to their highest level in 2024 , as the  Organization of the Petroleum Exporting Countries (OPEC ) and its non-OPEC allies, a group dubbed OPEC+, left its 2.2-million-barrel-per-day production cuts in place.

Bank of America Securities analysts recently forecast a global oil market deficit of 450,000 barrels per day in the second and third quarters, with prices climbing as high as $95 a barrel in the summer, when robust demand is expected to collide with crimped supply.

International benchmark  Brent crude futures for June delivery traded 1.6% higher at $91.20 per barrel as of 8:41 a.m. ET, while U.S.  West Texas Intermediate  futures for May delivery rose 1.9% to trade at $86.06 per barrel.

International Energy Agency. " Oil Market Report - April 2024 ."

International Energy Agency. " Oil demand growing at a slower pace as post-Covid rebound runs its course ."

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