Millennials driving online travel market growth
The Online Travel Market is estimated to garner $1,091 billion by 2022, registering a CAGR of 11.1% during the forecast period 2016‐2022, according to a report published by Allied Market Research. The online travel market is driven by technology, which provides quick and convenient flight and hotel bookings, online payments, and ability to compare various available travel options. In the modern travel market players are offering travel services through mobile websites and apps, as it is one of the most preferred mediums of travel bookings, particularly among the young professionals demographic.
The age group between 22 – 31 is comprised of the young population, which are the early starters in their professional careers. The report indicates the crucial role this age group plays in shaping the market. These travelers are more inclined to spend on travel and explore new destination, as compared to the travelers in the higher age-group category, and spend approximately $200 billion on travel every year. These travelers have revolutionized the online travel industry by the extensive use of technology. Smartphones and other mobile devices are largely preferred to make travel arrangements.
Source: Financial Buzz press release March 2017