Recovery continues in Asian markets and destinations backed by resilient travel demand. Flights between China and other countries are resuming as China has extended visa-free travel to citizens of France, Germany, Italy, the Netherlands, Spain and Malaysia, and has signed a reciprocal visa waiver with Thailand.

Industry trends indicate strong demand for seasonal travel and for special events, with a compound annual growth rate for events rising at 4.3%. There is also an increase in travel for events such as the Australian Open, the Olympics, and the Super Bowl, among others.

Travelers maintain optimism for their future travel plans, taking a range of factors into consideration as they seek to confidently make travel decisions. For travel platforms, it is not enough to just secure a booking - they must ensure their brand is the top choice when travelers decide to start their trip planning process. Yet this may differ based on where the brand and consumer base is located. 

The Americas 

Loyalty leads the way. Roughly 90% of businesses in the United States have some form of loyalty program and 75% of customers prefer companies that offer rewards. Brands can leverage this affinity by expanding upon their loyalty programs and offering more ways for customers to earn or redeem rewards. 

Travel is one way for brands to expand upon their loyalty offerings and has proven to be effective, with customers seeking new ways to earn additional rewards. Nearly 44% of travelers in loyalty programs prioritize earning rewards over finding the lowest costs when traveling, showcasing how much they truly value their favorite loyalty brand. And delivering exclusive perks and benefits to your highest-value customers is a must; according to Antavo, businesses with tiered loyalty programs reported a return on investment 1.8 times higher than those without tiers.   

Europe 

Travel booked by Europeans depends significantly on cost. When analyzing trends, the European Travel Commission shows that Europeans have been booking travel during off-season to reap the benefits of affordable travel. Roughly 22% of Europeans are interested in off-season travel and around 13% consider visiting more affordable destinations or plan to take advantage of early bookings of flights and activities.

Asia Pacific (APAC) 

Travelers in the APAC region are increasingly considering balancing both cost and sustainability. They have an increasing awareness and sense of urgency when it comes to making choices that align with their environmental values. Price is also a determining factor in their travel decisions. 

For brands looking to offer travel solutions, it’s important to find the right price point to generate bookings but highlight hotel offerings that mean the most to the traveler, such as hotels that have a variety of features on-site like a spa, free-breakfast, late-checkout, etc.

According to Phocuswright, online channel share comprised 63% of total gross bookings in the U.S. market. TGM Global’s 2023 Travel Survey showed 67% of respondents preferred to make bookings online. 

Consumer data and booking trends help shape supply offerings, with customers wanting to see robust supply offerings for different travel verticals as they navigate the trip planning process. This presents a strategic opportunity for travel providers to deliver custom rates to high-value audiences globally. 

The Rocket Travel by Agoda supply team is working with travel brands across the globe to target high-value consumers worldwide by offering more sustainable travel options, ancillary products, and customized rates to customers at scale. Suppliers and supply aggregators can work with Rocket Travel by Agoda to display their inventory across travel booking platforms and engage a broader segment of the travel consumer audience. 

Travel brands can also leverage Rocket Travel by Agoda’s supply network to reach high-value customers globally and drive demand. Our team can connect brands with high-value customers that deliver higher average order values, higher incremental spending, and deeper loyalty.

Looking Ahead

Convenience, price, sustainability, and value are at the forefront of the traveler's mind in 2024.  Brands need to determine how to maximize touchpoints and aim for a seamless travel booking experience for their customer while including a personal touch. Additionally, brands need to understand that competitive pricing will drive travel bookings, especially if rewards can be earned or redeemed. 

The future of travel is strong, and savvy brands will be innovating to reach this critical consumer base and achieve their business goals. Global brands can work with Rocket Travel by Agoda to engage the travel customer through a variety of ways. Options range from co-branded travel platforms that leverage the capabilities of Agoda and Booking.com, white label travel portals, or API solutions that allow teams to manage their travel solution in-house. 

Technology, supply offerings, rewards and price point are all considerations when it comes to differentiation, but the success of a travel platform also depends on localization. Curious how the Rocket Travel by Agoda team can help you reach more travelers in 2024? Get in touch.