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 market size of the In-store travel sector in North America reached a value of $89 billion in 2021, contributing to 31% of the global market size for in-store travel. 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 in North America grew by a huge 47% 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.
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 value of in-store travel in the North American region saw a de-growth of 56%, and the sectors allied with the industry were severely impacted.
Key travel destinations among travelers in North America include New York, Los Angeles, Chicago, and Vancouver.
The in-store travel market in North America grew at a CAGR of negative 13% 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. But as the travel restrictions were lifted and the market opened, North America saw a huge growth of $29 billion in 2021 which helped replace Asia-Pacific as the new market leader in in-store travel.
The major companies with a strong presence in the in-store travel market in North America include Fareportal, American Express Global Business Travel, and Travel Leaders Group among others.
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