Online travel agencies based in the United States maintained double-digit year-over-year gains in 2023, passing the $100 billion mark for the first time.
This has to be the best mission statement in history. Not only has it survived to be just as relevant 25 years later, but by sticking to the plan, Google has built a $2 trillion company.
According to Morning Consult research commissioned by the American Hotel and Lodging Association, hotel bookings make up 15 percent of all U.S. e-commerce, with over 500 bookings occurring every minute. This is an extremely lucrative business model and generates billions of dollars for Online Travel Agencies (OTAs) every year.
Tripadvisor Stock Jumps on News of Committee to Consider Deal Proposals
But Almost Half of Its Revenue Now Comes From 1 of the Hottest Growth Platforms in the Entire Travel Industry
According to Phocuswright's research report U.S. Online Travel Agency Market Report 2022-2026, online and offline travel both showed robust growth, but the channel share shifts seen during the pandemic are slowly changing course.
Today the European Commission officially blocked Booking Holdings acquisition of the Etraveli group. The European hotel industry applauds the landmark decision which recognises the negative impact of the merger on various parts of the tourism ecosystem, including the accommodation sector.
Online travel companies do not meet the threshold to be called gatekeepers under the European Digital Markets Act (DMA) - at least for now.
In the Recovery Era, Hotel Bookings Have Tipped Again Toward Online Travel Agencies
Travel firms are going all out to woo vacationers and are taking all possible measures from sprucing up their websites to offering innovative services