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 travel and tourism sector in Asia-Pacific reached a value of $164 billion in 2021, with 51% contribution from the in-store sector and the remaining 49% from the online sector. In recent years, the rise in the number of online travel intermediaries was aided by the growth in the number of internet users along with the demand for convenience among travelers further supported the rise in the market for online travel Intermediaries.
Even though there has been a rise in the number of online travel intermediaries, 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 of the usage of online platforms.
The travel and tourism market in the Asia-Pacific grew by 30% 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 plan 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 the travel sector in the Asia-Pacific region saw a de-growth of a huge 69%, accounting for $284 billion which resulted in North America overtaking Asia-Pacific as the market leader in in-store travel.
Before the pandemic, there was an improvement in the travel and tourism infrastructure considering the rising demand from consumers. Also, international arrivals in Asia-Pacific have seen a significant increase in recent years in comparison to the overall global average arrivals.
Key travel destinations among travelers in Asia-Pacific include Singapore, Thailand, Vietnam, and Hong Kong.
The travel and tourism market in Asia-Pacific grew at a CAGR of negative 18% 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 but steady growth due to low economic growth.
The major companies that have a strong presence in the in-store travel market in Asia-Pacific include Booking Holding Inc, Expedia, China Tourism Duty Free, Trip.com, and Dufry among others.
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