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 growth in travel and tourism activities globally has led to the rise of travel intermediaries which makes them an important part of selling travel products to customers.
The market size of the In-store travel sector in Asia-Pacific reached a value of $84 billion in 2021. 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 travel industry was one of the worst-hit industries during the COVID-19 pandemic as the world went to a standstill with multiple lockdowns and heavy restrictions placed on travel by the local governments thereby forcing the players in the industry to operate at their minimal capacity.
The Asia-Pacific In-store travel sector was growing at a steady pace until 2019 with a value of $219 billion in 2019 before falling by 70% to $66 billion in 2020. As a result of this, the period 2017-2021 saw a negative CAGR of 20%
But, as the restrictions on travel were eased, the market witnessed a recovery in the demand as In-store travel in Asia-Pacific saw a growth of 28% in 2021, promising good days ahead.
Moreover, prior to 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 consumers in the Asia-Pacific region include Thailand, Vietnam, and Indonesia.
The major companies that have a strong presence in the in-store travel market include DFS Group, China Tourism Group Duty Free Corp Ltd, Dufry, and Camplify among others.
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