Close Menu
  • Home
  • Bahrain
  • Business
  • Economic
  • Labour
  • Market
  • Tech
  • Travel
  • World

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

What's Hot

Israel | Implementation of new Electronic Travel Authorization System delayed

July 30, 2024

Stock market today: Live updates

July 30, 2024

AI business growth slows more than expected, causing stock prices to plummet

July 30, 2024
Facebook X (Twitter) Instagram
Pro Glow
Facebook X (Twitter) Instagram
  • Home
  • Bahrain
  • Business
  • Economic
  • Labour
  • Market
  • Tech
  • Travel
  • World
Pro Glow
Home ยป Travel industry booking boom may taper off this year: Travel Weekly
Travel

Travel industry booking boom may taper off this year: Travel Weekly

adminBy adminJuly 29, 2024No Comments4 Mins Read0 Views
Facebook Twitter Pinterest Telegram LinkedIn Tumblr Copy Link Email
Follow Us
Google News Flipboard
Share
Facebook Twitter LinkedIn Pinterest Email Copy Link


From the “new normal” to “unprecedented times,” the pandemic has given rise to many catchphrases. Now, four years later, as travel industry sales trends begin to resemble those of pre-COVID times, a new word is becoming popular: “normalcy.”

According to a survey by Travel Experts, a Raleigh, North Carolina-based host agency (No. 27 on Travel Weekly’s Power List), 16.8% of advisors said their sales for the first half of 2024 were lower than the same period in 2023. Nearly half, 49.2%, reported that their sales have increased this year, while another 34% said their sales are the same as last year.

While more than half of advisors reported stagnant or declining sales compared to last year, citing factors such as the presidential election and travel costs, 2023 has been a record-breaking year for Travel Experts and many other travel agencies and agent networks.

Travel Leaders Network is one of them, said president Roger Block, who expects this year to be better than 2023. 2024 is on track to be another strong year for the network, but Block said bookings are “trending flat, not declining.”

Similarly, Kevin O’Brien, senior vice president at Travel Edge Network, said his company is also seeing strong year-over-year growth.

Kevin O’Brien

“Are we seeing slower growth than we saw in ’22-’23? Yes,” O’Brien said. “Are we seeing flat or stagnant growth? No.”

Signature Travel Network CEO Alex Sharp said he expects 2024 revenue to be 20% higher than 2023. But that’s due to higher rates, and in terms of volume, Signature is “on par with 2023,” Sharp said.

The normalization of demand at travel agencies is in line with what many in the travel industry are reporting. “We expect demand to reach more normal levels by the end of the year,” Hilton CEO Chris Nassetta said on an earnings call in February. Similarly, Marriott CEO Anthony Capuano said on an earnings call in May that “demand has normalized” in the U.S. and Canada.

It’s a trend U.S. Travel is also seeing: In an interview in May, CEO Geoff Freeman said domestic leisure travel is “returning to normal, albeit at a significantly higher rate than pre-pandemic.”

“We’re a little drunk on the leisure travel industry, and all good parties have to come to an end,” Freeman said. “So that may be what’s happening right now.”

The future looks bright

Although travel demand has yet to reach the peak it achieved in 2023, the industry remains bullish on the future.

“I think consumers are still really looking for experiences, and they’ve realized that travel creates memories that last a lifetime,” Block says. “The world is so diverse, and you can’t learn about it just by reading books, so people are really willing to spend money on that, so I think the market will continue to grow.”

He pointed to suppliers investing heavily in new products such as hotels, resorts, ships and new itineraries as evidence of that growth.

Block also noted that the economy and stock market are “doing extremely well.”

Ensemble President Michael Johnson also said consumer sentiment regarding travel remains strong.

“Changes in consumer spending post-pandemic continue to show that travel remains a priority, leading to sustained interest and activity in the travel industry,” he said. “While growth may slow as a result of a variety of factors, including elections, inflation and geopolitical events, we expect demand to remain robust.”

The election seems to be on everyone’s mind. Historically, election years have proven to be slower travel years, with some advisors surveyed by Travel Expert citing the election as a factor in declining sales this year.

Block said the Travel Leaders Network hasn’t seen the typical presidential election downturn so far, and while that could happen in the future, “when we talk to travel agents, booking patterns are still strong,” he said.

LUXURY DURABILITY

One area that appears to be largely unaffected is luxury travel sales.

“Luxury travel, by its nature, is a little more resilient,” said Travel Edge Network’s O’Brien.

Of the 49.2% of Travel Expert advisors who said their sales this year were higher than last year, many attributed this to an increased focus on luxury sales, in addition to new clients and referrals.

That has led some travel companies to refocus on customers who are more likely to book suites, first-class tickets or even private air travel, said Claire Canady, Travel Expert’s North Carolina division president.

“The time it takes to book mass-market travel is similar to that of luxury travel, but the ultimate commission revenue is very different,” Canady said. “So that gives you a business position that makes it clear where to focus.”

Johanna Janechill contributed to this story.



Source link

Follow on Google News Follow on Flipboard
Share. Facebook Twitter Pinterest LinkedIn Telegram Email Copy Link
admin
  • Website

Related Posts

Israel | Implementation of new Electronic Travel Authorization System delayed

By adminJuly 30, 2024

Spirit Airlines Unveils New Travel Options and Guest Experiences

By adminJuly 30, 2024

Q&A: This concludes William’s journey from Vancouver to Tijuana on public transport

By adminJuly 30, 2024

Huge discounts on the best headphones for summer travel at Best Buy

By adminJuly 30, 2024

Transform your business travel with a $100 lifetime OneAir Elite plan

By adminJuly 30, 2024

Traveling Wisconsin: Outdoor Art

By adminJuly 30, 2024
Add A Comment
Leave A Reply Cancel Reply

2020 Fashion PU Belt Metal Magnetic Buckle Adjustable Belts For Men Business Black Elastic Belts High Quality
Top Posts

Bahrain’s tourism industry booms with visa-free access to 87 countries including Thailand, UK, UAE

July 27, 20245 Views

Bahrain appeals spyware case involving UK-based dissident

July 30, 20242 Views

Bahrain kicks off Paris 2024 Olympics with swimming events

July 28, 20242 Views

Bahrain: Spotlight on Repression Ahead of 56th UN Human Rights Council Session

May 31, 20242 Views

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

2pcs Tour De France Bicycle Sticker Road Bike Mountain Bike Sticker AG2R BORA Bahrain Victorious Team Vinyl Frame Helmet Decals
About Us
About Us

Welcome to ProGlow.fun!

At ProGlow.fun, we are dedicated to providing our readers with the latest and most insightful information across a wide range of topics. Our mission is to keep you informed, engaged, and enlightened about the ever-changing world around us.

Facebook X (Twitter) Pinterest YouTube WhatsApp
Our Picks

2024 World Junior Summer Showcase: Three things we learned on Day 5

July 30, 2024

At least 109 killed in landslide in India’s Kerala state

July 30, 2024

Analysis: World rankings don’t necessarily help at LIV, they help at Olympic qualifying

July 30, 2024
Most Popular

For a Better Life: Migrant Worker Abuse in Bahrain and the Government Reform Agenda

September 30, 20120 Views

Top 20 Companies in Bahrain for Salary 2018

April 22, 20180 Views

Bahrain reaches first stage in US State Department’s Trafficking in Persons Report

June 29, 20180 Views
  • Home
  • About Us
  • Advertise With Us
  • Contact us
  • DMCA Policy
  • Privacy Policy
  • Terms and Conditions
© 2025 ThemeSphere. Designed by ThemeSphere.

Type above and press Enter to search. Press Esc to cancel.