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 South and Central America reached a value of $47 billion in 2021. South and Central America contribute to 16% of global in-store travel. 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 South and Central America grew at a CAGR of negative 13% 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 South and Central American in-store travel market saw the biggest fall globally, with a negative growth of 71% in 2020.
But, as the restrictions on travel were eased, the market witnessed the biggest recovery as well in demand as in-store travel in South and Central America saw a growth of 126% in 2021, almost thrice as big as the next best market.
Key travel destinations among consumers in the South and Central American region include Rio de Janeiro, Machu Picchu, and Buenos Aires among others.
The major companies that have a strong presence in the in-store travel market in South and Central America include Latin Discoveries, South American Vacations, and Chimu Adventures among others.
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