According to the report, the global traditional travel agency market size was valued at $143.9 billion in 2022, and is projected to reach $212.9 billion by 2032, growing at a CAGR of 3.7% from 2023 to 2032.
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Despite the sharp increase, the market size of tourism worldwide remained below pre-pandemic levels, totaling around two trillion U.S. dollars in 2022. As forecast, this figure is expected to rise to nearly 2.29 trillion U.S. dollars in 2023, surpassing the peak reported in 2019.
1. Booking Holdings. Booking Holdings, which is inclusive of brands such as Booking.com, Priceline, Agoda, Rentalcars.com, Kayak and OpenTable, held steady at number one this year, with 2022 sales topping $121 billion, up significantly from $76.6 billion in 2021.
Tourism is one of the biggest industries contributing to the world economy with its fast-paced growth. On August 23, Bloomberg cited a report by the World Travel and Tourism Council which shows that the travel industry is poised to become a major economic powerhouse in the coming decade.
Revenue in the Travel & Tourism market is projected to reach US$854.70bn in 2023. Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 4.42%, resulting in a projected market volume of US$1,016.00bn by 2027.
Revenue in the Travel & Tourism market is projected to reach US$854.70bn in 2023. Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 4.42%, resulting in a projected market volume of US$1,016.00bn by 2027.
The commission percentage agencies earn depends on numerous factors, the most important one being which private contracts you have access to. Here's a general rule of thumb on the airline ticket commission range you can expect as a travel advisor: Domestic: 0-5%International: 10-22%
A significant reduction in the number of travel agents. According to the U.S. Bureau of Labor Statistics, full-time agents declined from a peak of 124,000 in 2000 to 82,000 in 2019. From 1997 to 2013, retail travel agency headcount fell by 59 percent—from 22,938 to 9,387, said Skift, a travel media and events company.
The global business travel market size reached US$ 1.0 Trillion in 2022. Looking forward, the market is set to reach US$ 1.5 Trillion by 2028, exhibiting a growth rate (CAGR) of 7.6% during 2023-2028.
People still choose a travel agent to help them book their travel experience, whether it is for business or pleasure. A travel agent helps travelers navigate any issues that may arise. They can even help save travelers money because they know what kinds of discounts and packages are out there.
As of 2023, there are over 400,000 people employed in the Travel Agencies industry in the US. The industry is forecast to grow by 7.1% throughout 2023, clearly demonstrating that demand for travel agents remains strong.
Job OutlookEmployment of travel agents is projected to grow 3 percent from 2022 to 2032, about as fast as the average for all occupations. About 8,600 openings for travel agents are projected each year, on average, over the decade.
Key takeaways: Global leisure travel remains robust, up roughly 31% in March 2023 compared to the same period in 2019, representing an impressive 25% year-over-year-to-date change from 2022 to 2023.
The Demand for Business Travel is BackBusiness travel is expected to reach pre-pandemic levels by 2024 as more and more companies resume in-person meetings and events. According to GBTA's Business Travel Index Outlook report, business travel spending will reach $1.4 trillion in 2024 and nearly $1.8 trillion by 2027.
Thomas Cook's collapse on Monday sparked the UK's largest repatriation in peacetime history. About 600,000 people were left stranded abroad — 150,000 of whom are UK residents.