Lorraine Sileo
The US travel market remains strong despite a murky economic outlook for 2013. Aided by rising prices and corporate travel demand, the industry will grow 8% in 2012 to reach a record US$303 billion, travel industry research authority PhoCusWright has indicated.
In its new report: ?US Online Travel Overview Twelfth Edition?, PhoCusWright projects sustained but slowing growth through 2014.
?With uncertainty surrounding the fiscal cliff, European debt crisis, and a slowing China economy, the travel industry outlook for the coming year is guarded,? said Lorraine Sileo, Vice President of Research.
?But after recovering from the recessionary losses of 2009 in less than 2 years, the US travel market continues to show remarkable resilience.?
Led by air and hotel, the online leisure/unmanaged business travel market is growing faster than the industry as a whole, jumping 11% in 2012. However, online growth is expected to slow to 7% annually for 2013 and 2014. Supplier websites are growing faster than online travel agencies in every segment, with total online supplier bookings jumping 14% in 2012, versus 6% growth for OTAs. By 2014, two-thirds of online bookings will be made via supplier websites.
PhoCusWright?s US Online Travel Overview Twelfth Edition is a comprehensive analysis of the US travel industry, providing market sizing and growth forecasts through 2014.
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