Travel Website for Sale

Travel Website for Sale

The global travel and tourism market continues to grow consistently and will reach new heights in the coming years.

According to a report released by Market Research Future, the global online travel market is anticipated to be worth $1,134.55 billion by 2023, registering a CAGR of 13.16% during the forecast period 2018-2023.

The global online travel market is segmented by service type:

  • Transportations
  • Accommodations
  • Vacation Packages

A report by Allied Market Research shows that individuals between the ages of 23-31 years of age contribute significantly to the market. This age group is more inclined to spend on travel and visiting a new destination. Research shows that this group spends about $200 billion every year on travel.

In addition, Asia-Pacific currently has the fastest growth potential within the market. Experts believe that this region is expected to register a CAGR of around 15.9% during the forecast period. This is due to an increase in the disposable income of consumers in the Asia-Pacifc region, which is likely to increase international travel, causing the online travel market to increase rapidly over the coming years.

The global online travel industry is experiencing this growth due to:

  • Increase of Disposable Income – An increase in disposable income across the globe has also prompted a rise in the global online travel market. According to a report, disposable personal income in the United States rose from $15956.30 billion in April of 2019 to 16028.80 billion in May of 2019, and it is anticipated to continue growing.
  • Social Media – Social media has also had a major effect on the global online travel market as consumers have the ability to share their experience online. Online travel companies are also able to market more successfully through social media platforms by targeting audiences interested in travel. The interests and preferences of social media users can be tracked and used for marketing gain by online companies.
  • International Travel – An increased demand for international travel has also heavily affected the global travel market. According to a recent report by Visa, international travel is expected to grow over 34% in the next decade. Individuals travel internationally for a number of reasons including business, leisure or to visit family and friends.
  • Online Preference – More consumers are beginning to prefer online transactions and are more likely to set travel plans and make reservations through an online platform.

There is a lot of room for growth within this market as online travel companies begin to expand their scope and offer additional services such as food, shopping and entertainment. This stems from an effort to reach out and engage with customers who may be approached by airlines directly.