Rising Volumes of Leisure Travel Will Boost Increases
CLEVELAND, May 10, 2019 /PRNewswire/ — US travel service industry revenues are forecast to advance 7.2% annually in nominal dollars through 2023, according to Travel Services: United States , a report recently released by Freedonia Focus Reports. Travel service providers will benefit from higher volumes of leisure travel, supported by rising disposable personal income (DPI) levels both in the US and abroad. Growing demand from business travelers, supported by the expanding number of companies operating over geographically dispersed areas, will further support gains. Even so, the increasing ease with which travelers can book transport or accommodations directly with the providers of such services and through alternative services, such as Airbnb, will restrain faster advances.
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Travel service revenue attributable to commissions is forecast to advance 8.9% annually through 2023, the fastest rate of any major segment. Service providers will benefit from increased levels of leisure travel as DPI continues to grow. In addition, globalization will drive higher volumes of business travel, further supporting gains. Even so, rising competition from direct bookings by travelers will restrain growth.
These and other key insights are featured in Travel Services: United States . This report forecasts to 2023 US travel services revenue in nominal US dollars. Total revenues are segmented by service in terms of:
- trip planning
- other travel services such as insurance, travel documents, and currency exchange
- other sources such as advertising and sales of goods
Commission revenues are further segmented by source as follows:
- event tickets
- airline seats
- other commission such as fees from the booking of guided tours, miscellaneous forms of transport, and from allowing other companies to utilize the travel service provider’s electronic reservation systems
Total revenue is also segmented by market as follows:
To illustrate historical trends, total revenue and the various segments are provided in annual series from 2008 to 2018.
For the purpose of this report, commissions refer to remittances made by other travel companies (e.g., airlines, hotels, tour operators), such as those made for the referral of customers. Fees paid directly to the travel service provider by the customer for arranging services (e.g., accommodations, entertainment, transport) are included in trip planning revenue. US travel service revenues include income from all domestic locations primarily engaged in providing travel services. The revenues of both employer and nonemployer firms are included.
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Services & Industries reports can be purchased at Freedonia Focus Reports or MarketResearch.com.
Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study
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SOURCE The Freedonia Group