The global travel agency services market is projected to reach a valuation of US$ 407.7 Bn in 2022. Sales are projected to increase at 11.5% CAGR, with the market size reaching US$ 510.0 Bn by 2032.
Social media platforms are being used to advertise more and more about global travel agency services after the covid-19 pandemic.
The financial stability of the customers, eagerness to learn and educate themselves is helping the market to grow. Millennials love to explore new places and learn about that places exclusive cuisine, transport facilities, etc.
According to Future Market Insights, personalization of trips for individuals, providing accommodation, local cuisines, transportation services, etc. are some of the features that are helping to boost the global travel agency services market globally.
The digital presence of the companies is helping travel agency services to grow globally. This also helps the companies to provide customers with offers and group discounts.
An FMI analyst says,“The global travel agency services market is expanding because of the rising digital presence of the companies, “
Key Takeaways:
Full-service global arrangements are the most preferred service provided by the global travel agency services market. It is because this service covers hotels travel etc.
The most used booking channel is the online travel agents/online platforms. It is due to the increased digital presence of the agencies.
Tour groups are mostly the major customers. This is due to the fact that they get group discounts and offers.
The age group of 26-35 years are the primary customers of this industry. This group is more interested in traveling and exploring the market.
Impact of COVID-19 on the Global travel agency services Market
Many travel agency services shut down globally and experienced losses due to the covid-19 pandemic. But companies also gained a lot of customers after the lockdown was lifted.
The reliance on travel agents has made a comeback following the outbreak of COVID-19 amid a need for personalization and real-time connectivity. People also tend to spend more for higher offers and experiences. Such is the buoyancy approximately post-pandemic tour call for that many marketers who had close save for worry of a fall apart of the worldwide tour enterprise are actually returning to the fold.
Agents who carried out their enterprise offline are actually adopting new technology and turning into tour planners, even sporting out advertising and marketing sports on social media.