Travelport Releases 2024 State of Modern Retailing Report
July 25, 2024
Travelport, a global technology company that powers bookings for hundreds of thousands of travel suppliers worldwide, today released its 2024 State of Modern Retailing Report. Combining international independent research, cross-industry comparisons and consumer insights, the headline of 2024’s report asserts that searching and booking travel directly from travel providers has become more time-consuming and complicated than ever. “Despite travel providers favoring direct-to-consumer connections, the sheer volume of options is overwhelming to travelers, making them less confident in their booking choices,” said Jen Catto, Chief Marketing Officer at Travelport. “Our research found that instead of feeling excited after booking a trip, most travelers are left feeling anxious, wondering if they got the best deal. For the travel industry, this signals a growing need and opportunity for travel agencies. Their expertise in comparison shopping aids travelers in confidently booking the best option, based on their personal preferences.” KEY STUDY HIGHLIGHTS: More Choice Leaves Travelers Feeling Overwhelmed • Travelport estimates that air travel options have gone from about 500 economy/ business options available in 2010 to over 10,000 options in 2024 (economy, economy plus, flexifamily, business, first, etc.). That’s a 1,900% increase. • The majority of travelers (58%) feel that the volume of choice is overwhelming. • 56% of travelers say that airline offers are more difficult to understand now than they were 10 years ago. • 61% of travelers also believe there are more penalties now when changing a flight than there were 10 years ago, with 66% citing that there are too many hidden fees. • The majority of travelers (71%) sometimes feel anxious about whether they got the best deal after they’ve booked their trip, with 42% feeling like airline offers have become ‘less suitable’ over time in meeting their personal preferences. DTC (Direct to Consumer) Feels More Like Difficult to Compare • Most travelers (80%) agree that comparing fares from different airlines is very time-consuming, with more than two-thirds (69%) feeling that information is often restricted on some airline booking sites. • When it comes to shopping for all components of their trip, 60% of travelers said they spend an average of one to four hours planning, while more than one-third (36%) spend more than five hours searching and comparing options before booking. • Most respondents (88%) agree they would prefer to see all flight options and fares on one screen, which is likely the reason that more than half (54%) said they frequently use a comparison site to search for information before purchasing their ticket. • The majorityof Millennial (70%) and Gen X (64%) travelers often use online travel agencies (OTAs) to book, citing choice and price transparency as the primary reasons. • Travelers are looking to artificial intelligence (AI) to provide more than just a chatbot, and agencies will increasingly rely on their technology partners to implement AI and ML (machine learning) in creative ways, such as Travelport’s Content Curation Layer....read more
