$169.7 BILLION MARKET BY 2019...
In the last few years, the line between vacation rentals and hotels has thinned in many traveler’s minds. Formerly known as “alternative accommodations”, vacation rentals are the new norm, with research projecting a $169.7 billion market by 2019. Even though vacation rentals have been around forever, it’s just recently that they’re showing up to market themselves in the same grown-up clothes of hotels. And by grown-up clothes, we mean in the branded web pages of major online travel agencies. Originally designed to sell excess inventory in times of slow demand, online travel agencies, or OTAs now drive the majority of bookings around the world.
When looking at the different travel brands for booking and planning online travel, it can feel a bit like Coke and Pepsi,where two companies control the fizzy beverage industry. The two most prominent entities for online travel are Expedia (including brands like Hotels.com, Orbitz, HomeAway, Hotwire, Trivago and more) and Priceline Group (with travel sites like Priceline, booking.com, Kayak, and Open Table). With incredibly popular brands such as Homeaway, guests are booking more vacations than ever. Homeaway is one the world’s leading online marketplace for the vacation rental industry, with sites representing nearly 1.4 million online bookable vacation rental listings in 190 countries.
With over 180 million people visiting online travel agencies each month, consumers are loving this new generation of travel technology, offering consumers a versatile experience like no other. Not only can they show the multitude of travel options, but also offer trusted reviews and accurate local information. OTAs have created their own brands that consumers trust and recognize as thought-leaders. In 2016, OTAs controlled 39% of the U.S. online travel market and their share is expected to reach 41% by 2020. OTAs account for $81.4 million in gross online bookings. Mobile bookings are also increasing, accounting for more than a quarter of OTA gross bookings. That share will rise to 40% by 2020, more than doubling in six years.
As we continue to experience a notable increase in bookings coming from online travel agencies, connecting to these OTAs becomes more important than ever. Our dedicated account management team at Lexicon Travel Tech is on hand to help clients make the most of their experience with Lexicon. Drawing on their deep expertise in online travel distribution, our account managers offer personalized assistance with content distribution and optimization, revenue management, marketing and merchandising strategies, and meeting channel-specific requirements; maximizing your return on investment for online distribution. Our team looks forward to working with you!
#lexicontraveltech #lexicon #jointhemovement #wordstockblog #vacationrentals #onlinetravelagency #traveltechnology #distributiontechnology #hotelbookings #independenthotels #wednesdayblog #wednesdaywordblog #vacationrental #vacationproperties #timeshare #vacationresorts #traveltech #travelblog #traveltechblog #travelblogger #bloggersofinstagram #writersofig #socialmedia #facebook #instagram #twitter #socialtravel #happyhumpday