Report: Package holiday market will be worth $632bn by 2023
Despite the fall of Thomas Cook last year, GlobalData’s report points towards growth in the industry
Despite the recent demise of Thomas Cook, data and analyst company GlobalData has said the package holiday market will be worth US$632 billion by 2023, up from the $510 billion value in 2019.
The case study ‘future of the package holiday industry’ explained that dynamic package holidays are projected to grow at nearly double the rate of static packages between 2019 and 2023. The compound annual growth rate (CAGR) for dynamic packages stood at 8.7%, while static was 5%.
GlobalData travel and tourism analyst, Johanna Bonhill-Smith explained: “Recorded growth of the dynamic package holiday reflects changing traveller trends as tourists become more independent within the booking process. Opting to construct their own ideal vacation, travellers now hold more power than ever before.”
She continued: “Looking to the future, operators that keep to the traditional model of the typical ‘all-inclusive’ package operator are likely to be at greater risk. Consistent adaptation to evolving market demand is crucial to remain successful within the current travel industry.”