The Inbound tourist expenditure on Accommodation sector, attained a global value of USD 397,382.38 million in 2023
The indicator recorded a historical growth (CAGR) of 47% between 2020 to 2023, and is expected to grow by ...
GlobalData projects the indicator to grow ...
Global travel intermediaries segment overview
Global Inbound tourist expenditure on Accommodation sector experienced a decline between 2020 and 2021.
Impact of COVID-19 on global travel intermediaries
The global travel intermediaries market declined strongly in the historic period caused primarily by a fall in 2020 as a result of the COVID-19 pandemic. However, the market is expected to recover in the forecast period but this ultimately depends on strong vaccination rates keeping the virus under control.
Real GDP declined across the world in 2020 as lockdown disrupted domestic economies. This had a knock-on effect with unemployment rising and disposable income falling which reduced travel demand. Additionally, the implementation of quarantine measures for those arriving from certain countries has deterred travel somewhat although this has recently been lifted for travelers within the EU. The travel intermediaries market is positively correlated with the travel and tourism industry, meaning that the latter would follow the same pattern as the first. Thus, as consumers traveled less, growth in the travel and tourism industry fell driving down the travel intermediaries market. The COVID-19 pandemic has caused a significant reduction in global travel, particularly MICE tourism which is currently not seen as essential. The rise of Zoom and Microsoft Teams have temporarily plugged this gap and this is a concern for the Belgian travel intermediaries market as it could lead to a shift to technology-based meetings over face to face.
Who are the leading players?
Booking Holdings Inc. based in Norwalk offers accommodation reservation services, rental car reservation services, price comparison services, restaurant reservations, airline ticket booking services, vacation packages, cruise booking services, and travel reservation services. It operates its business under brands such as Booking.com, Priceline, Agoda, KAYAK, Rentalcars.com, and OpenTable. The company operates in several countries across Europe, North America, South America, Africa, and the Asia-Pacific region.
TUI AG is based in Hanover, Germany, and operates tourism businesses. It provides a wide range of holiday and travel services. The company’s businesses include cruise ships, touristic airlines, tour operations, resorts and hotels, and incoming agencies. The company’s touristic airlines business operates medium- to long-haul aircraft.
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