PhoCusWright, a leading market research firm recently reported on the top five online travel markets in Europe. These markets include the U.K., Italy, France, Germany and Spain. Undertaking country-by-country research, PhoCusWright demonstrates how individual markets can take a variety of paths when developing ecommerce economies.
Highlights include:
Italian Online Travel Market Projected to Near 3.4 Billion EUR in 2008
Online penetration in Italy was just 8% in 2006, trailing the European average (19% in 2006, expected to reach 28% by 2008). By 2008, Italian online travel gross bookings will still comprise just 12% of all Italian travel bookings. Yet the Italian travel market has seen explosive growth in the online channel over the past three years and remains red hot. The online travel market will continue its strong growth, led by online travel agencies and low-cost carriers (LCCs), and online travel revenues will show a fivefold increase between 2004 and 2008.
U.K. Online Travel Market Projected to Near 20.1 Billion EUR in 2008
According to the report, the U.K. online travel market surpassed 13.6 billion EUR in 2006. By 2008, the online channel is expected to comprise 48% of the overall market, but growth rates are projected to settle into the 20% range. Overall, the U.K. online travel market has been strengthened by market developments on the supply side, which are fueling an ongoing demand-side boom for travel products and services that will continue into the long term.
Spanish Online Travel Market Projected to Near 5.8 Billion EUR in 2008
According to the report, the Spanish online travel market is evolving rapidly, approaching 3 billion EUR in 2006 and projected to reach 5.8 billion EUR by 2008. In 2006, Spain had the highest online travel growth rate, 62%, among the top five travel markets in Europe, and the online channel will continue its powerful growth through 2008.
German Online Travel Market Projected to Near 12 Billion EUR in 2008
According to the report, online revenues as a percentage of the total German travel market reached 20% in 2006. By 2008, nearly one out of every four euros spent on travel in Germany will be for online leisure/unmanaged business travel and the growth rate in this relatively mature online market will be a solid 23%.
French Online Travel Market Projected to Near 10 Billion EUR in 2008
According to the report, online revenues as a percentage of the total French travel market reached 16% in 2006. By 2007, one out of every five euros spent on travel in France will be for online leisure/unmanaged business travel. Yet an online travel market projected to be nearly 10 billion EUR in 2008 still represents tens of billions of euros awaiting online conversion.
For a more detailed report summary, please visit the article written by HotelMarketing.com titled Top five online travel markets in Europe
