The UK travel market experienced strong growth in 2023, with total bookings increasing by 19%, driven by online bookings, mobile transactions, and strong expansion in key sectors such as airlines and car rental.
According to Phocuswright's research report 'UK Travel Market Report 2023-2027', online bookings continued to surge, highlighting the further shift towards digital platforms and the UK's high online penetration rate.
The aviation sector performed particularly well, contributing significantly to the overall market performance. While challenges such as inflation continue to impact on the health of the market, the industry remains on a positive trajectory, with moderate growth forecast and technological advances shaping the future of UK travel by 2027. Shape.
Here are five things to know about the UK travel market in 2024 and beyond.
- With further double-digit booking growth expected in 2024, mobile booking revenue plays a key role in the UK online travel market.
- Airlines are expected to maintain their dominant position until 2027, with the UK aviation sector accounting for 56% of total bookings for all suppliers in 2023.
- Net zero starts with jet zero: The Net Zero Strategy outlines the steps needed to enable the UK to meet its target of net-zero carbon emissions by 2050. A key pillar of the strategy is for the UK to become a world leader in development. Sustainable aviation fuel production and use.
- The UK Government has ambitious plans to modernize its railways, including both the electrification of routes and the digitalization of ticket sales. Railways also play a key role in the government's net zero initiative to reduce carbon emissions to zero by 2050.
- Traditional travel agencies in the UK have proven resilient, with many brick-and-mortar agencies reopening and putting behind pandemic-related losses to digital distribution.
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This report provides a comprehensive view of the UK travel market, including detailed market size and forecasts, distribution trends, analysis of key travel segments, key trends, and more.
