Travel and Tourism is one of the key sectors that play a pivotal role in any country’s economy and make a significant contribution to the country’s GDP. The global growth in travel and tourism activities has led to the rise of travel intermediaries, making them an important part of selling travel products to customers.
The global market size of the In-store travel sector reached a value of $287 billion in 2021. North America is the market leader for in-store travel with a share of 31%, closely followed by Asia-Pacific with a 29% share. Though there has been a rise in the number of online travel intermediaries, aided by the growth in the number of internet users, in-store travel still has its relevance and has been growing steadily for the past few years as it provides a sense of security, especially for the elderly who are generally skeptical with the usage of online platforms.
The in-store travel market grew by 39% in 2021, as the sector witnessed a recovery in the demand after easing the restrictions which were placed on account of the outbreak of the COVID-19 pandemic and travel intermediaries’ sharp rise in travel products as the consumers planned their travel activities after the gap of almost two years. South and Central America saw the biggest growth, with an increase of 126% accounting for $26 billion.
North America saw the biggest growth in terms of numbers, with an increase of $29 billion in 2021 which helped replace Asia-Pacific as the new market leader in in-store travel.
Meanwhile, the growth which the travel and tourism sector was going to see was reversed with the pandemic which completely devastated the industry in 2020. During the year 2020, the market saw a fall of 65% globally from 2019, which accounts for $375 billion, and the sectors allied with the industry were severely impacted.
Asia-Pacific saw the highest fall in terms of absolute numbers with the market losing $154 billion from 2019 to 2020. It was the market leader before the pandemic hit.
Key travel destinations among travelers include Thailand, France, Dubai, Los Angeles, and Rio de Janeiro among others.
The in-store travel market grew at a CAGR of negative 16% during the period 2017-2021. The global travel industry along with its allied sectors saw a slump in market value with the pandemic in 2020. Before 2020, the industry was also witnessing slow growth due to low economic growth.
The major companies with a strong presence in the in-store travel market in North America include Topdeck Travel Ltd., American Express Global Business Travel, Dufry AG, Camplify, and South American Vacations among others.
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