Argophilia

Αργοφιλία: For the love of the journey.

Euromonitor Says Travel Industry Sales Will Approach $3 Trillion by 2024

- November 6th, 2019 11:04 am

Tourists are placing greater value on price than big names when booking their holidays © lassedesignen - Fotolia.com

Tourists are placing greater value on price than big names when booking their holidays © lassedesignen - Fotolia.com

The global travel industry is expected to reach close to USD3 trillion and grow by 3.3% by 2024, according to new research released by the global market research company Euromonitor International.

Online travel sales will account for the largest share at 52%, with mobile sales representing a quarter of all travel bookings as the travel industry continues its digital transformation. Caroline Bremner, travel industry manager at Euromonitor International, offered this:

“The travel industry is riding this wave that has an impact across the consumer spectrum, as consumers increasingly value experiences such as travel. Euromonitor International’s latest lifestyle survey shows that 43% of global consumers prioritize experiences over material possessions, while 78% value real-world practices in 2019.”

Domestic tourism is becoming popular mainly influenced by rising incomes in emerging markets. It is expected to grow at 8% annually reaching 19 billion trips by 2024, in comparison to international arrivals, expected to reach 1.8 billion trips. According to Bremner:

“Travel is at the forefront of several drivers, whether they are economic, political, social, demographic, environmental or technological in nature. Megatrends identified by Euromonitor International can help make sense of shifts in consumer behavior and attitudes impacting all countries and industries globally.”

Euromonitor will reveal the ‘Megatrends Shaping the Future of Travel: 2019 Edition’ report at the World Travel Market London, November 5th, 2019.

Source: Tornos News

About Argophilia Travel News

This is the team byline for Argophilia Travel News. The copyrights for these articles are owned by Argophilia. No content may be redistributed without the permission of the owner.

Previous:
Next:

Trackbacks

  2. […] Expertise places the world at your fingertips and for journey – the most important e-commerce sector on the planet – that saying is sort of literal. Folks faucet into their telephones, launch apps and handle their lives. In Q2 2019, mobile broke records with consumers downloading more apps and spending more money in app stores than ever before. Apps streamline prospects’ journeys, improve buyer loyalty and create common touchpoints with the shopper. 80% of us use our mobile phones to search for information online, 27% then go onto download an app related to our searches – a enterprise with out an accessible and interesting app will likely be forged apart for his or her competitors. In response to the most recent analysis on the journey trade by Euromonitor Worldwide, online travel sales will account for the largest share of travel bookings by 2024 and a quarter of …. […]

  3. […] Technology puts the world at your fingertips and for travel – the largest e-commerce sector in the world – that saying is quite literal. People tap into their phones, launch apps and manage their lives. In Q2 2019, mobile broke records with consumers downloading more apps and spending more money in app stores than ever before. Apps streamline customers’ journeys, increase customer loyalty and create regular touchpoints with the customer. 80% of us use our mobile phones to search for information online, 27% then go onto download an app related to our searches – a business without an accessible and appealing app will be cast aside for their competition. According to the latest research on the travel industry by Euromonitor International, online travel sales will account for the largest share of travel bookings by 2024 and a quarter of …. […]