The travel and tourism industry is one of the world’s largest and most progressive. Starting and maintaining a travel business requires some serious attention to the latest consumer trends and industry insights. That’s why we did the research for you and put together all the travel statistics you need to know about.
This article shares the latest travel figures from some of the most reliable sources and recent studies. It is mainly exploring the practices and behavioral trends of European tourists. We are covering various aspects that aim to help you see the full picture.
Calling all travel business owners and entrepreneurs, have a read through and get some useful insight into the travel industry. We promise taking it into account will make a difference in your business!
General Travel Statistics
Global Market Forecast
According to a recent study, the global online travel market was worth more than $629 billion in 2017 and is predicted to reach $818bn by 2020.
This confirms the industry growth path that investors and owners are currently predicting. It is definitely a good time for those looking to start a business or expand their existing one.
Don’t forget to take into account all the crucial events and challenges taking place. A good example is the impact of the collapse of Thomas Cook – the oldest travel agency in the world. This is massively affecting business owners in the hotel and leisure sector so make sure you keep yourself updated with the latest news.
The European Market
The majority of Europeans travel outside of their country and prefer to travel across Europe because trips are easier to plan and budget-friendly.
There’s also a tendency towards a concentration as one-third of all bed places in the EU-28 were in France and Italy.
German residents are spending the most on travel in comparison with all other European tourists. They were the biggest EU spenders on international travel in 2017 and also top-ranked for choosing a destination a long way ahead in time.
Recent reports reveal that consumers are more likely to book with travel websites that offer a personalized experience. 90% of travelers worldwide say they expect a personalized experience when they book their travel. Adding digital tour guides or other relevant materials is a great way to make your website stand out from the crowd.
Make sure you provide shorter but relevant content, accompanied by powerful visual imagery. Since modern users are mainly looking for a website that loads quickly and is easy to navigate, you need to keep yours on point in order to increase the average session duration.
When it comes to travel, customer experience goes through various stages from research and planning, though the trip itself, to leaving a review and posting photos on social media. Of course, not all these activities could be completed on a single device. A 2017 study released by Expedia Media Solutions found that desktop/laptop devices were used the most as follows:
- 75% of respondents use laptops for inspiration.
- 82% of respondents use laptops for research.
- 87% of respondents use laptops for making a booking.
Smartphones were the dominant device type used at the time of the trip and tablet was the least popular option during the entire travel experience. The same study reveals that the most common multi-device activities were:
- Looking up maps/directions – 37% of respondents.
- Finding restaurants – 36% of respondents.
- Researching destinations – 36% of respondents.
- Looking for attractions – 35% of respondents.
- Finding hotels – 34% of respondents.
Make sure your website is optimized, in terms of speed and content, for all types of devices. It should allow the same range of activities and functions on each of them to ensure good engagement and avoid a high bounce rate.
According to ADI (Adobe Digital Insights), travel industry market research — 41% of the business and 60% of leisure travel arrangements are nowadays made online.
Above 57% of all reservations in the sphere of traveling are made online. Nowadays we have the opportunity to review a great range of deals on the web. It is interesting that yet 84% of consumers book travel through online travel sites like Expedia.com or Kayak and prefer them to own research.
Booking.com combined insights from over 163 million verified guest reviews with independently conducted research on 21,500 travelers across 29 countries to find that 82% of travel bookings in 2018 were completed via a website or mobile app, without human interaction.
This means you need good booking software that is comprehensive and user-friendly for a smooth customer experience.
Travel Industry Trends
Over 55% of consumers like communicating with chatbots because they respond immediately to most queries. If you are struggling to keep on top of live chat messages or receive tons of inquiries in your out of office hours, chatbots are definitely something that you need. There are a number of chatbot apps, and some even offer a free plan that might suit your requirements.
Interest in eco-friendly hotels has been rising consistently over the past couple of years. Modern travelers are dramatically changing their accommodation choices and are looking to minimize their carbon footprint. Camping and glamping are both becoming popular options for an escape from modern life and switching off from technology, especially among young people.
Booking.com, one of the world’s leading digital travel platforms, checks more than 200 websites every day. To mark Earth Day on 22 April, it has released findings from its annual sustainable travel report. It reveals that 72% of travelers believe that people need to act now and make sustainable travel choices to save the planet for future generations.
Asking for Reviews
Reviews are the first thing potential customers will find with a basic online search. According to an article by Salecycle, 80% of customers who received a request left a review. In comparison, 22% wrote a review without being asked. That’s why you should definitely approach your customers and ask them to share some feedback online. And there’s no better way to ask for and get a review than to do it in person.
The latest Bleisure Traveler Trends research from Expedia Group Media Solutions reveals that 60% of business trips are extended for personal travel. The segment is on the rise, and there’s a significant opportunity to reach and attract this valuable audience.
Knowing all the current trends in the leisure and tourism sector will help you to develop your custom strategy for business growth. Make the most of the market by taking into account what matters most to travelers. Keep on top of competitors by strengthening the areas where they are weaker. Being aware and making use of the numbers that matter is the key to embed innovations in your services. They will make a difference in the future and lead you to progress.
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- 9 Tourism Trends That Will Shape the Travel Industry in 2020 and Beyond
- The Rise of Solo Travel and How to Make the Most of it
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