Phocuswright News
Social media’s evolving role in travel: More than just inspiration, it’s driving bookings
A new study by Phocuswright, a leading travel industry research firm, reveals that social media has evolved beyond a mere source of travel inspiration. It’s now a powerful force driving actual bookings and influencing key decisions throughout the traveler’s journey. The report, titled “F Is for Funnel: Social Media and the Path to Travel Purchase,” uncovers how travelers are increasingly turning to social platforms to not only dream about their next trip but also to plan and book it.
Growth in top travel markets expected to grow between 6-10% per year through 2026
According to new research from Phocuswright, the global travel market is forecasted to grow between 6-10% per year through 2026. The industry has now exceeded pre-pandemic levels, recording a 24% jump in gross bookings in 2023, and a total spend of $1.5 trillion. Phocuswright’s Global Travel Market Report 2024 highlights the growing dominance of online travel, projected to expand at almost 10% between 2023 and 2026. This digital shift is driven by evolving consumer behavior, improved digital infrastructure, and technological advancements. By 2026, online bookings are expected to account for 65% of all travel bookings globally, up from 61% in 2023.
Global Startup Pitch announces 10 winners for 2024 competition
The Global Startup Pitch, a joint initiative by Web in Travel (WiT) and Phocuswright, has unveiled the 10 winners hailed the most promising travel tech startups. These winners were selected from a pool of nearly 200 applicants, representing the best and brightest in travel innovation across four regions: APAC, Europe, North America, and Emerging Markets.
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Gen-AI in travel in 2024: game-changer or hype?
Speculation about the transformative powers of generative AI for our travel industry were everywhere you looked in 2023, but real-world working examples were few and far between.
Phocuswright reveals six biggest trends in travel innovation and technology
Phocuswright, the leading travel industry research and events authority, has revealed its top six tech trends to impact the travel industry in 2024. This comes ahead of The Phocuswright Europe Conference 2024, which will be themed around what recent powerful advances in technology could mean for the future of the industry – and how travel businesses must adapt to remain relevant.
SAUDI UNLOCKS OPPORTUNITIES FOR PARTNERS IN USA AT PHOCUSWRIGHT CONFERENCE
For the first time, a Saudi delegation attended the Phocuswright Conference – one of the industry’s leading travel and technology forums in Florida, to showcase Saudi’s tourism offering and the scale of opportunities for US partners.
Phocuswright 2023: Gap in sustainability ambitions revealed by new research
A new sustainability report presented at the Phocuswright Conference has revealed a considerable gap between what people say and what they do when it comes to green travel.
Phocuswright 2023: AI takes centre stage in Florida
With the Phocuswright Conference underway, five of the Center Stage speakers have given their advice to start-ups looking to secure funding. The update comes during an event which is themed around the massive possibilities of artificial intelligence in travel.
Phocuswright 2023: Tech start-ups come under spotlight with Innovation: Launch
As the Phocuswright Conference kicks off this week, Phocuswright has revealed which companies are about to unveil their ground-breaking tech innovations at its Innovation: Launch competition.
Phocuswright 2023: Phocuswright warns PMS must be redefined to survive new era of travel
Phocuswright, the leading global travel industry research authority and producer of the annual Phocuswright Conference, has urged the hospitality industry to rethink the traditional property management systems.
Phocuswright 2023: Phocuswright predicts $1.4 trillion in travel bookings for 2023
Phocuswright research projects $1.4 trillion in global travel gross bookings in 2023, just four per cent below 2019 levels. The United States travel market grew to $422 billion in 2022, becoming the first major travel market globally to surpass its 2019 size.
