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U.S. OTAs pass $100B revenue mark for first time

  • phocuswright.com
  • 1 May 2024
  • 2 minute read
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This article was written by Phocuswright. Click here to read the original article

U.S.-based online travel agencies maintained double-digit year-over-year gains in 2023, passing the $100 billion mark for the first time. According to Phocuswright’s latest research on the segment U.S. Online Travel Agency Market Report 2023-2027, strong travel demand and high prices lifted all segments, especially hotel, OTAs’ bread and butter. It was also a year that the nation’s largest OTA, Expedia, slightly decelerated as it established a new platform to consolidate all its brands. Still, demand was enough to enable Expedia, Booking and their other brands (Travelocity, Hotels.com, Priceline, etc.) to outperform the market and maintain their 21% share of U.S. travel gross bookings.

Phocuswright Chart: US OTA Total Gross Bookings

Here are 4 key takeaways from the research report:

  1. U.S. OTAs experienced another strong year of double-digit growth in 2023, albeit a slower pace than the previous two years as consumer demand begins to soften post-pandemic.
  2. All segments showed strong gains, including air and hotel, which were lifted by high airfares and record ADRs, respectively.
  3. Hotels, OTAs’ “sweet spot,” now represent 58% of OTA gross bookings.
  4. OTAs now account for roughly one fifth of the total travel market and one half of the online market in the U.S.

This report is part of the U.S. Travel Market Report 2023-2027 series, which features an overview of the U.S. travel market, along with detailed data and analysis of five key segments: airline, hotel & lodging, car rental, cruise and packaged travel. A standalone report dedicated to online travel agencies rounds out the coverage. Collectively, the series provides comprehensive market sizing, projections and analysis for the U.S. travel industry from 2021-2027.

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Other reports in the U.S. Travel Market Report 2023-2027 series include: (available now or publishing soon):

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Clients have relied on Phocuswright’s deep industry knowledge for over 25 years to power great decisions, help justify a pitch, build a strategic plan and elevate any presentation through trusted research and data. When companies and executives reference Phocuswright, they gain the trust of an industry keen on data, trends and analytics.

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Plus, we just redesigned Phocal Point, the powerful data visualization tool that now makes it easier to access and interpret Phocuswright data.

It’s all about the data. With an updated navigation interface, new dynamic filtering, additional segment and channel breakouts in select markets and rich detailed views of 35+ markets, Phocal Point allows you to create custom interactive charts and view travel data by segment, channel, device, region and country. Our proprietary travel industry market sizing data allows you to look to the future with projections through 2026, and review historical data as far back as 2009.

Please click here to access the full original article.

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