Travel sales ‘to hit $3 trillion by 2024

Travel sales ‘to hit $3 trillion by 2024

Online to account for largest share of bookings

Online will account for more than half – 52% – of the expected $3 trillion annual travel sales globally by 2024, a new study forecasts.

Mobile will represent a quarter of all bookings as the travel industry continues its digital transformation, according to market research company Euromonitor International.

The overall sector is expected to grow by 3.3% in the period.

Domestic tourism is becoming popular, mainly influenced by rising incomes in emerging markets.

It is expected to grow at 8% a year to reach 19 billion trips by 2024, in comparison to international arrivals, expected to reach 1.8 billion trips.

Euromonitor International travel industry manager Caroline Bremner said: “The travel industry is riding this wave that has an impact across the consumer spectrum, as consumers increasingly value experiences such as travel.

“Euromonitor International’s latest lifestyle survey shows that 43% of global consumers prioritise experiences over material possessions, while 78% value real world practices in 2019.”

She added: “Travel is at the forefront of several drivers, whether they are economic, political, social, demographic, environmental or technological in nature.

“Megatrends identified by Euromonitor International can help make sense of shifts in consumer behaviour and attitudes impacting all countries and industries globally.”

The ‘Megatrends Shaping the Future of Travel: 2019 Edition’ report will be issued at World Travel Market in London on November 5.