Travel agency services market to reach USD 407.7 Bn in 2022
The global travel agency services market is projected to reach a valuation of USD 407.7 Bn in 2022. Sales are projected to increase at a 11.5% CAGR, with the market size reaching USD 510.0 Bn by 2032. These insights are based on a report on Travel Agency Services Market by Future Market Insights (FMI).
Social media platforms are being used to advertise more and more about the Global travel agency services after the covid-19 pandemic. Financial stability of the customers, eagerness to learn and educate themselves is helping the market to grow. Millennials love to explore new places and learn about that places exclusive cuisine, transport facilities etc. Personalisation of trips for individuals, providing accommodation, local cuisines, transportation services etc. are some of the features that are helping to boost the Global travel agency services market globally.
Digital presence of the companies is helping the travel agency services to grow globally. This also helps the companies to provide customers with offers and group discounts. “The Global travel agency services market is expanding because of the rising digital presence of the companies “- Says an FMI analyst.
Full-service global arrangements are the most preferred service provided by global travel agency services market. It is because this service covers hotels, travel etc. The most used booking channel is the online travel agents/online platforms. It is due to the increased digital presence of the agencies. Tour groups are mostly the major customers. This is due to the fact that they get group discounts and offers. The age group of 26-35 years are the major customers of this industry. This group is more interested in travelling and exploring the market.
Impact of COVID-19 on the Global travel agency services Market
A lot of travel agency services globally shut down and experienced losses due to the covid-19 pandemic. But companies also gained a lot of customers after the lockdown was lifted. The reliance on travel agents has made a comeback following the outbreak of COVID-19 amid a need for personalisation and real-time connectivity. People also are inclined to spend extra for higher offerings and experiences. Such is the buoyancy approximately post-pandemic tour call for that many marketers who had close save for worry of a fall apart of the worldwide tour enterprise are actually returning to the fold.
Agents who carried out their enterprise offline are actually adopting new technology and turning into tour planners, even sporting out advertising and marketing sports on social media.
Leading players of the Global travel agency services market are focusing on improving their digital presence and providing great tour packages for their customers. Major players present in the Global travel agency services are Cox and Kings, Thomas Cook, SOTC, Kesari Tours, Club Mahindra Holidays, Expedia, Yatra, Goibibo, MakeMyTrip and Travelguru among others.