《Industry Report - Global Travel Agencies Services.pdf》由会员分享，可在线阅读，更多相关《Industry Report - Global Travel Agencies Services.pdf（33页珍藏版）》请在三一文库上搜索。
1、CONTENTS Error! No text of specified style in document. May 2011 | .au | www.ibisworld.co.uk | IBISWorld Industry Report H4911-GL Global Travel Agencies Services May 2011 About This Industry . 2 Industry Definition . 2 Main Activities . 2 Similar Industries 2 Additional Resources 2 Industry Perfor
2、mance 4 Executive Summary 4 Key External Drivers . 4 Current Performance 5 Industry Outlook 7 Industry Life Cycle 9 Products industry revenue fell two out of the past five years. However, revenue is expected to grow by 3.6% in 2011, to reach $649.4 billion. Despite the volatility, the industry has p
3、erformed relatively well, reporting an annual revenue growth of just 0.8% over the period. In 2010, the industry faced a brighter operating environment and performance prospects, as the global economy began its recovery from the recession. Given this, revenue growth and yields for tourism operators
4、initially lagged the growth in international travel volumes, as travel prices adjusted slowly to the rise in demand. But far stronger industry growth occurred in Asia, the Pacific, the Middle East, North and South Africa (assisted by the FIFA World Cup) and South America. This growth followed two ye
5、ars of declining revenue. In 2009, the industry was influenced by the global recession. The poor economic conditions led to a significant slump in domestic tourism and deep discounts in industry rates and fares. Until mid-2008, the price of fuel greatly affected travel demand and patterns. High fuel
6、 costs directly led to high travel costs, as airlines and other transport companies increased prices to cover the cost of fuel. This resulted in a global slump in international travel, which caused airfares to collapse by as much as 40.0% in 2009. The industry also faced significant competition for
7、its share of household disposable income due to technological change. The industry is expected to perform much more strongly over the next five years. Revenue is forecast to grow by 4.5% per annum, to reach $810.0 billion in 2016. Total tourism numbers are expected to increase as more European count
8、ries emerge from recession. However, growth in tourists from these regions will be subdued as their economies recover slowly. In contrast, tourism from developing markets is expected to surge. Growth will be supported by major events such as the 2012 London Olympics and the 2014 FIFA World Cup in Br
9、azil. Key External Drivers The key sensitivities affecting the performance of the Global Travel Agencies Services industry include: Economic Indicators - Consumer Sentiment Index The level of consumer and business sentiment influences travel demand. Pervasive Technology - Internet Connections Access
10、 by households and businesses to internet and web sites is increasing the number of direct bookings with travel operators - including domestic and international airlines, accommodation, tours etc. - and by- passing travel agents altogether. Tourism - Inbound - Total Trends in inbound tourism by regi
11、on and country has a direct impact on services demanded from retail travel agents and tour wholesalers. Tourism - Short-Term Departures: Total Trends in short-term international visitor departures by individual region and country has a significant impact on services demanded from retail travel agent
12、s and tour wholesalers. Tourism - Visitor Nights: Domestic Trends in domestic visitor nights by individual region and country has a significant impact on services demanded from retail travel agents and tour wholesalers. WWW.IBISWORLD.COM Global Travel Agencies Services May 2011 5 Current Performance
13、 The Global Travel Arrangement and Reservation Services industry has been affected by the decline in domestic and international travel across most major developed countries over the past five years. The decline even spread to developing regions as the global recession took hold. There was some impro
14、vement in travel movements in 2010 but growth was tempered by continuing concerns of unemployment. The improvement is expected to continue through 2011, with industry revenue forecast to increase by 3.6% to $649.4 billion. Overall, industry revenue is expected to grow by an average 0.8% per annum ov
15、er the five years through 2011. The industry is also feeling the adverse effects of reduced commission rates on domestic and international airline ticket sales for retail travel agencies. In addition, households and businesses have flocked to direct online booking, information and payment systems, o
16、nly a few of which are linked to operators in the Global Travel Arrangement and Reservation Services industry. Sluggish global economic growth over the past five years has adversely affected household disposable income, and thus expenditure on travel. According to the UN World Tourism Organization,
17、there was a 4.3% decline in international travel in 2009. International arrivals fell 6.0% in Europe, 5.0% across the Americas, 6.0% in the Middle East and 2.0% in Asia and the Pacific. However, Africa bucked the trend and recorded 5.0% growth. Many regions experienced poor performances in their dom
18、estic tourism markets, as the economic recession deepened. Late in the year, a strong rebound in international demand occurred across the Middle East, Asia and the Pacific, areas that were not as badly affected by the global economic meltdown. Furthermore, according to Deloitte, hotel occupancy rate
19、s began to improve late in the year in some key tourist destinations. Industry revenue growth is affected by the relative price of international travel, which is directly linked to exchange rate movements between countries and regions. The price of travel is also affected by the price of fuel. High
20、fuel prices in 2008 led to high travel costs, as airlines and other transport companies increased prices to cover the cost of fuel. Industry revenue is also influenced by the age of travelers, the time they have available to travel, and their cultural and family links. Other types of leisure and rec
21、reation compete with industry players for a share of household disposable income. In addition, travel agencies face competition from online travel booking systems, due to the cheap products and services available and the convenience of arranging travel bookings from home or the office. To counteract
22、 this, travel agencies must employ experienced staff with good knowledge of travel products. They must also maintain good relations with travel operators and clients, and understand market niches. The story so far Over the five years through 2011, industry employment is expected to increase at the m
23、arginal average annual rate of 0.5% to 2.5 million people. Profit declined in 2008 and 2009, due mainly to increasing competition from online travel agency operations and significant price-based competition on travel packages. Heavy discounting of fares and packages also ate away at profit margins.
24、However, profit improved slightly in 2010. Subdued revenue and profit growth has resulted in industry consolidation. In early 2007, Thomas Cook launched a $5.5 billion bid for fellow European travel services provider MyTravel Group. The new entity was renamed Thomas Cook Group Plc. In March 2007, TU
25、I AG announced a merger with UKs First Choice, to ensure it remained Europes largest travel agency. The two firms formed TUI Travel Plc, based in London, which is 51.0% owned by TUI AG and 49.0% owned by First Choice shareholders. In August 2006, Carlson Companies acquired Navigant International. In
26、 2006, there was significant growth in travel in Eastern Europe, South Asia, China and India. Major industry operators expanded into these areas, as local regulations on foreign travel agency operation were relaxed. These areas provided significant revenue growth opportunities due to the fragmented
27、nature of the industry in these locations. Travel to South America by Western Europeans increased strongly. South WWW.IBISWORLD.COM Global Travel Agencies Services May 2011 6 America emerged as an attractive destination due to an attractive exchange rate of their local currencies against the euro. W
28、WW.IBISWORLD.COM Global Travel Agencies Services May 2011 7 Industry Outlook Industry conditions are expected to improve over the next five years as North American and European economies recover and people begin travelling again. In addition, continued economic growth in developing markets will prov
29、ide a boost in tourist numbers. The improving conditions are forecast to result in industry revenue increasing by 4.5% per annum, to be worth $810.0 billion in 2016. Economic growth in the United States and Europe will remain subdued as these economies continue to wrestle with the adverse effects of
30、 the subprime mortgage crisis and a rigid unemployment rate. The threat of a second credit crunch remains real with several European nations struggling to repay debt. Any default on these loans may result in another financial shock and a second recession. Economic growth will be hindered by austerit
31、y measures that have been introduced, or are proposed to be introduced over the next few years. The subdued economic conditions in most developed countries will result in a slow but steady increase in the number of tourists from these countries. In contrast, demand from developing nations is expecte
32、d to surge as the momentum of their economies results in a dramatic rise in the number of people entering the middle class. This means that hundreds of millions of people from China, India, the Middle East, Brazil and Russia can afford to take holidays and tour the world for perhaps the first time i
33、n their lives. This will result in total global tourist numbers increasing by 4.7% per annum over the next five years. Japan has been a leading market for global tourism but the aftermath of the 2011 earthquake, tsunami and nuclear disaster is likely to lead to poor demand from the market. This will
34、 be partly due to the high cost of rebuilding industry, infrastructure and towns and partly because the community will feel subdued and less inclined to travel when so many are suffering. As such, Japans tourism, which fell dramatically during the global recession, is expected to recover very slowly
35、. The industry is expected to continue to consolidate over the next five years, with the number of enterprises growing slower than the number of establishments. However, there will be stronger growth in the emerging high travel growth countries and regions, particularly as foreign investment and par
36、ticipation regulations are relaxed. IBISWorld expects that there will be an increase in profit and profit margins for online travel agency operations and from industry consolidation pressures. However, significant price- based competition on travel packages will continue. Threats and opportunities T
37、he industry will remain particularly sensitive to any global, regional or major country economic activity, and other factors (including geopolitical instability and actual or threatened terrorism) that affect the level of holiday, pleasure, sport and business travel. The relative price of domestic a
38、nd international travel, which is linked to international exchange rate movements, is also important. The price of fuel is expected to increase over the next five years, which will have an adverse effect on the price of travel. Technology will influence the retail component of the industry as online
39、 travel booking systems continue to grow in popularity. Similarly, the industry will continue to face significant competition for its share of household disposable income from other types of leisure and recreation. The industry is expected to be adversely affected by growth in direct bookings with t
40、our and travel operators that bypass travel agents. Significant price-based competition in the airline travel market will continue to affect this industry, as commission revenue declines. Major operators will acquire global, regional and local websites to improve their revenue and profit growth, and
41、 to capture a larger share of this growing area. The trend toward online bookings and reservations will eventually lead to significant consolidation of the traditional agency operation, with a reduction in locations and staff in Europe, the United Kingdom and the United States. Major agencies with o
42、nline operations will, however, be able to improve their profit margins significantly, due to the lower cost of operations. WWW.IBISWORLD.COM Global Travel Agencies Services May 2011 8 WWW.IBISWORLD.COM Global Travel Agencies Services May 2011 9 Industry Life Cycle This industry is in the mature sta
43、ge of its life cycle. Life Cycle Stage Increasingly consumers are booking direct with operators via the internet The industry has significant price-based competition The industry is undergoing rapid consolidation in mature markets Revenue and profit growth are low in major markets, from increasing d
44、irect internet bookings and reducing commission rates The industry contains a mix of mature, growing and declining markets. Overall, the Global Travel Arrangement and Reservation Services industry is in the mature phase of its life cycle. Some elements of this industry are in decline. Industry opera
45、tion is changing rapidly and moving away from the traditional retail sales outlet, to one that has a significant internet-based booking component. The trend is being customer-led, but has been assisted by the emergence of a number of new websites that provide information and the ability to book, pay
46、 and confirm or change reservations. The internet also gives travelers the ability to search out the best prices. In addition, the removal of commission caps and the reduced commission rates paid by airlines to agents have led to a significant decline in revenue. Commissions typically represent half
47、 the total revenue of most agencies. Furthermore, consumers are moving more towards booking directly with operators and making their own arrangements. Travel operators now provide direct booking facilities, cutting out the commission paid to agents entirely. There is significant price-based competit
48、ion in the industry, due to the well-established and well-defined nature of the industrys products. Operators have been consolidating and are expected to consolidate further over the next five years. However, the industry is growing in some large regions and countries, such as South America, China,
49、India, Asia and Eastern Europe. Most of these areas have a growing travel market. The industry in these countries is fragmented and dominated by many small- to medium-sized industry operators. WWW.IBISWORLD.COM Global Travel Agencies Services May 2011 10 Products Asia/Pacific - 19.8%; Americas - 16.1%; Africa - 4.8%; and Middle East - 4.8%. Within these regions, the greatest share of arrivals were: Western Europe - 17.7%; Southern/Mediterranean Europe - 19.5%; Central/Eastern Europe - 10.8%; North East Asia - 11.1