The Number of International arrivals of travelers on VFR trips, attained a global value of 72,132.34 Thousand in 2020
The indicator recorded a historical decline (CAGR) of 30% between 2017 to 2020, and is expected to grow by ...
GlobalData projects the indicator to grow ...
Global travel intermediaries segment overview
Global number of international arrivals of travelers on leisure trips experienced a massive decline between 2017-2020.
Travel intermediation for the purpose of this report is defined as total direct expenditure (online and in-store) via travel intermediaries by inbound, domestic, and outbound tourists within a single economy.
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 knock on effects with unemployment rising and disposable income falling which reduced demand for travel. Additionally, the implementation of quarantine measures for those arriving from certain countries has deterred travel somewhat although this has recently been lifted for travellers 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 travelled 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 tickets booking services, vacation packages and 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.
Expedia Group Inc. is based in Bellevue, Washington, the US and is an online travel company. It provides a wide range of services which include the booking of hotel rooms, airline seats, car rentals, and destination services through its travel suppliers. Expedia Group serves customers through mobile bookings, alternative distribution channels, private label businesses, and call centers. The company also has advertising and media businesses and travel management businesses.
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