Online Travel Growth to Slow to Single Digits by 2013
US travel market tops USD300 billion as fiscal cliff looms
SHERMAN, Connecticut, USA - The US travel market remains strong despite a murky economic outlook for 2013. Aided by rising prices and corporate travel demand, the industry will grow 8% in 2012 to reach a record US$303 billion, according to travel industry research authority PhoCusWright, in the new report PhoCusWright's US Online Travel Overview Twelfth Edition. PhoCusWright projects sustained but slowing growth through 2014.
"With uncertainty surrounding the fiscal cliff, European debt crisis, and a slowing China economy, the travel industry outlook for the coming year is guarded," said Lorraine Sileo, Vice President of Research, "But after recovering from the recessionary losses of 2009 in less than 2 years, the US travel market continues to show remarkable resilience."
Led by air and hotel, the online leisure/unmanaged business travel market is growing faster than the industry as a whole, jumping 11% in 2012. However, online growth is expected to slow to 7% annually for 2013 and 2014. Supplier websites are growing faster than online travel agencies in every segment, with total online supplier bookings jumping 14% in 2012, versus 6% growth for OTAs. By 2014, two-thirds of online bookings will be made via supplier websites.
PhoCusWright's US Online Travel Overview Twelfth Edition is a comprehensive analysis of the US travel industry, providing market sizing and growth forecasts through 2014. The report focuses on the US online leisure/unmanaged business travel marketplace, highlighting marketing and distribution trends for all travel segments including air, hotel, car rental, vacation packaging, rail, and cruise. It tracks distribution shifts among supplier websites and online travel agencies, as well as major offline channels. For the first time, the report also includes mobile market sizing and forecasts. This comprehensive research provides a detailed overview of travel distribution in the US, with rich insight into trends in market share, technological innovation, and consumer behavior.
- Size of the US total and online travel markets
- Market sizing and forecasts through 2014, including breakouts for air, car, hotel, tour, rail, and OTAs
- Mobile travel sizing and forecasts for the first time
- Distribution patterns by segment and channel
- In-depth analysis of air, hotel, car rental, vacation packaging, rail, and cruise segments
- Consumer and technology trends influencing travel marketing and distribution
- Impact of macroeconomic changes
PhoCusWright has followed the evolution of online travel purchasing from its inception. PhoCusWright's US Online Travel Overview Twelfth Edition is the industry standard for sizing and forecasting, providing actionable insights into the US travel market.