Travel and Tourism is one of the key sectors that play a pivotal role in any country’s economy and make a significant contribution to the country’s GDP. The growth in travel and tourism activities globally has led to the rise of travel intermediaries which makes them an important part of selling travel products to customers.
The market size of the In-store travel sector in Europe reached a value of $55 billion in 2021. Though there has been a rise in the number of online travel intermediaries, aided by the growth in the number of internet users, in-store travel still has its relevance and has been growing steadily for the past few years as it provides a sense of security, especially for the elderly who are generally skeptical with the usage of online platforms.
The travel industry was one of the worst-hit industries during the COVID-19 pandemic as the world went to a standstill with multiple lockdowns and heavy restrictions placed on travel by the local governments thereby forcing the players in the industry to operate at their minimal capacity.
The in-store travel market in Europe grew at a CAGR of negative 18% during the period 2017-2021. The significant fall in market value was mainly on account of the pandemic in 2020, which lowered consumption amid travel restrictions and a decrease in the disposable income of consumers as many people suffered from job losses, and because of this, the market saw a fall of 60% from 2019. This affected the growth of the in-store travel segment globally.
But, as the restrictions on travel were eased, the market witnessed a recovery in the demand as In-store travel in Europe saw a significant growth of 12% in 2021.
Europe has always been one of the leading business and travel regions, and with the infrastructure it has in place, the travel market in Europe will continue to grow. France, Italy, and the UK rank as the top travel destinations in Europe among the plethora of options the region provides to choose from.
The major companies that have a strong presence in the in-store travel market include TravelPerk, Topdeck Travel Ltd., and Europamundo among others.
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