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According to Phocuswright, a global travel industry research organization, the total revenue of the tourism, activities and attractions (TAA) industry in 2024 will exceed that in 2019, when the global gross booking volume will reach 260 billion US dollars.
Changes in post-pandemic shopping and booking behavior are driving a boom in the industry, according to a new joint travel research report from Phocuswright and Arival, “Travel Experience Outlook 2019-2025.”
Travel experiences accounted for $253 billion in total global ticket receipts in 2019, making it the third-largest travel industry after transportation and accommodation,
TAA is the hardest-hit travel region during the pandemic, but it has bounced back, largely due to a shift in traveler behavior, according to new research from the Department of Travel and Events, released ahead of next week’s Phocuswright annual conference in Arizona Yes, America.
Eugene Ko, Director of Marketing and Communications at Phocuswright, said: “TAA has long been one of the largest and most important sectors in the travel and tourism industry – and despite the heavy toll of the pandemic on global operators, it will continue to thrive in 2022. Still resilient.”
“Looking ahead to 2023, travelers will be more focused on experiences and once-in-a-lifetime events. They want to make up for lost time during the pandemic and see and experience as much as possible while traveling. balance, but we believe TAA will be one of the biggest success stories in 2023—and it will be one of the main areas of focus at this month’s Phocuswright conference in Phoenix, Arizona.”
Key findings of the report include:
• The TAA industry fell 78% in 2020, a much larger decline than the rest of the travel and tourism industry.
• The recovery has been very uneven. Certain regions (such as North America) and certain industries (such as outdoor activities) rebounded much faster than other markets and segments.
• Online bookings accelerated during the pandemic due to shifts in traveler behavior and pandemic-related restrictions. The online channel’s share of total bookings soars from 17% in 2019 to 29% by 2021.
• Operator sites – especially attractions – have benefited greatly from the pandemic-related shift in traveler behavior and will continue to grow through 2025.
• Offline direct bookings will regain some share in 2022-23 as some tourist behavior normalizes and groups and tours return, but online channels will continue to grow faster than the overall market.
• Online travel agencies (OTAs) are the fastest growing channel, with gross bookings rising from just under $8 billion in 2019 to nearly $20 billion in 2025. – trade arab news agency
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