Business travel is making a comeback
The return to the skies for corporate road warriors is reflected in business travel spending, which GBTA expects to grow 11% this year to more than $1.48 trillion Sep 6,…
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Google’s 2024 holiday travel trends
With the holidays quickly approaching in the U.S., Google took a look at the top destinations for Thanksgiving and Christmas Sep 6, 2024 Compared to the December holidays, there are…
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How to drive travel advertising success with first-party data
Travel advertisers must focus on building robust first-party data strategies to enhance user experience and drive revenue Sep 6, 2024 Disabling third-party cookies will significantly impact the way you run…
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Middle East travel sector grows by 40%
According to Phocuswright, the Middle East travel market is on a clear upswing with a 13% year-over-year growth recorded in travel gross bookings in 2023 Sep 6, 2024 The latest…
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Travel industry to contribute record $11 trillion to global GDP in 2024
🌍 In 2024, a record 10% of global spending will be on travel, with the industry's contribution to global GDP growing by 12.1% to $11.1 trillion. The U.S., China, and Germany will lead in travel spending. The U.S. alone has 1 million job openings in leisure and hospitality, according to the U.S. Travel Association on September 5, 2024.
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Consumers Visit 277 Websites Before Booking Travel
📌 Travelers now visit 277 web pages before booking a vacation, a significant increase from 38 in 2013. The booking process takes on average 303 minutes, or over 5 hours, often involving a return to online travel agencies (OTAs) after checking other sites. Early planning averages 2.5 pages per day, increasing to 25 pages on the purchase day. Despite efforts to simplify, the complexity underlines the growing importance of travel advisors.
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Hotel management agreement trends in Asia Pacific
🏨 In Asia Pacific, hotel management contracts (HMAs) have extended, with the average base fee decreasing from 1.7% to 1.6%. The 2024 Hotel Management Contract Survey, analyzing 400 HMAs from the past two decades including 145 agreements from 2018-2023, reveals a rise in performance termination clauses to 93%. JLL and Baker McKenzie foresee a shift toward diverse operating models, like franchises and white-label operations.
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The shifting landscape of travel bookings
🏨 Direct bookings are gaining traction with a 29-point gap between OTA flight research (26%) and direct airline bookings (55%). Skift's report "Direct Bookings vs. OTAs" reveals that on Sep 4, 2024, travelers favor direct booking for reliability and exclusive deals, despite using OTAs for comparison. OTA loyalty programs lack appeal in contrast to airlines and hotels, suggesting a need for OTA program enhancements.
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Travel networks could be the next wave of commerce media
🏖️ Travel ad spend, 2.6% of digital ads, is set to grow through 2026. Expedia launched its media network in May, followed by United Airlines in June. By February 2024, Marriott's media network was in high demand. These networks offer ad placements across various travel-related platforms.
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The affluent experiences traveler
🏖️ Sep 4, 2024, U.S. affluent travelers (18+ with household income of $150,000+) make up 20% of experiential travelers but contribute to 1/3 of bookings and 46% of total spending on tours, activities, and attractions. 77% of older and 74% of younger affluent travelers prioritize experiences in destination choice. 59% of younger and 27% of older affluent travelers book these experiences over four weeks in advance, surpassing the 22% of middle-income and 28% of lower-income travelers who do the same. More details at TTW and Arival.
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