Euromonitor International Ltd

Euromonitor International Ltd

November 20, 2013 11:36 ET

US and Western Europe Online Travel Sales Reach $355 Billion

CHICAGO, ILLINOIS--(Marketwired - Nov. 20, 2013) - Market Research Company Euromonitor International released today a new white paper, "Understanding the 21st Century Traveller," offering insight on trends in travel and tourism and how to target the next generation tourist.

One of the most notable trends amongst 21st century travellers is an increase in online bookings. The US and Western Europe remained the largest online travel markets in 2012, with online travel sales reaching US$185 billion and US $170 billion, respectively. These same markets will grow the least from 2012-2017. However, BRIC markets are each expected to grow between 10-20% during that same forecast period.

Mobile technology has greatly affected travel bookings and will continue to grow, driving the increasingly important real-time social conversation between the newest travelling consumer, the millennial, and consumers and travel brands. According to Pew Research Center, 81% of US consumers between the ages of 25-34 have smartphones and 37% own a tablet. Marketing strategies must adapt to incorporate gaming, apps and user-generated content to reach this generation, since they are sceptical of traditional marketing.

Collaborative consumption, or the act of consumers and producers coming together through activities like lending, exchange and bartering, is becoming increasingly popular. AirBnB has been a leader in the "hotel" space given the recent economic woes. Tourists are keen to rent less expensive lodging options and homeowners struggling to pay mortgages are more willing to rent their spaces. Therefore, the vacation rental market performed better than hotels in 2009.

Luxury travel has made a comeback. Despite its decline in 2009, luxury hotels and premium air travel grew between 5-10% per year over 2010-2012. With ever-rising annual disposable incomes, middle class consumers are becoming more sophisticated, boosting demand for luxury hotels worldwide. Luxury guests have also embraced technology, with social media playing an important role for brands.

"These trends need to be addressed by travel companies to maintain or increase their share in the marketplace," says Euromonitor's Head of Travel and Tourism, Caroline Bremner. "Technology is changing the direction of travel and tourism and it is imperative to capitalise on social media to reinforce a positive brand image, reach key demographic segments and create a conversation with prospective tourists."

These are just some of the travel trends highlighted in the "Understanding the 21st Century Traveller - How to Captialise on Changing Travel Habits" white paper from Euromonitor International's Head of Travel & Tourism, Caroline Bremner. For further insights, please visit: http://go.euromonitor.com/Understanding-the-21st-Century-Traveller.html.

About Euromonitor International

Euromonitor International is the world's leading provider for global business intelligence and strategic market analysis. We have more than 40 years of experience publishing international market reports, business reference books and online databases on consumer markets.

We deliver market research solutions to support strategic planning for today's increasingly international business environment. Our research offers in-depth market analysis on consumer goods and services industries worldwide, as well as economic, demographic and socio-economic data and insight on countries and consumers.

Euromonitor International is headquartered in London, with regional offices in Chicago, São Paulo, Singapore, Shanghai, Vilnius, Santiago, Dubai, Cape Town, Tokyo, Sydney and Bangalore, and has a network of over 800 analysts worldwide.

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