The global travel industry is experiencing a resurgence, with online bookings driving significant growth and reshaping the way people plan their trips. A new report by Phocuswright forecasts a 6-10% increase in travel this year and next, fueled by expanding online platforms and a surge in demand, particularly in Europe and Asia-Pacific.
The travel industry has fully recovered from the COVID-19 pandemic, with global spending exceeding pre-pandemic levels in 2023. Online bookings are driving this growth, expected to account for 65% of all travel bookings by 2026. North America leads the regional market, while Europe and the Asia-Pacific region dominate online booking penetration.
The global travel industry experienced a remarkable resurgence in 2023, with a staggering 24% growth in gross bookings, reaching $1.5 trillion. China’s strong rebound and Brazil’s entry into the top 15 markets signify a dynamic shift in the global travel landscape. The Phocuswright Global Travel Market Report 2024 reveals key trends and insights into the evolving travel ecosystem.
The global travel industry is experiencing a remarkable resurgence, fueled by a 24% surge in bookings, reaching $1.5 trillion in 2023. Emerging markets like Brazil and China are reshaping the landscape, presenting new opportunities for growth and innovation. The Phocuswright Conference 2024 offers a platform for industry leaders to discuss trends, technology, and the future of travel.
