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May 28, 2024

What The Travel & Hospitality Vertical Can Expect In 2024

CJ Junction, a division of the partnership-based performance marketing company CJ, released its 2024 Travel Intelligence Report, offering a detailed analysis of travel patterns from 2020 to 2023, and what to expect in 2024. This comprehensive report sheds light on various facets of the travel and hospitality industry, revealing significant trends and shifts in traveler behavior since the 2020 COVID pandemic disrupted the industry. Let’s dive into a few of the critical insights from the report and what they indicate for the Travel & Hospitality Vertical this year. 

Key Market Shifts and Trends

In 2023, the overall booking value across major travel sectors—air, car, and hotel—declined slightly by 1% year-over-year (YOY). This subtle decrease highlights a stabilizing market after the fluctuations caused by the pandemic.

Mobile vs. Desktop Bookings

One notable trend is the consistent preference for desktop over mobile when booking higher-value trips. In 2023, airfare bookings made on desktops were 40% higher in value than those made on mobile devices, with overall booking values on desktops remaining 15% higher than mobile. This suggests that travelers may feel more secure making significant purchases on a larger screen.

Although in 2023, a significant portion of hotel bookings with short lead times (less than 7 days before the travel date) were made via mobile devices. Specifically, 32% of these bookings on mobile had short lead times, compared to 28% on desktops. This suggests that travelers making spontaneous decisions are more likely to use their mobile devices.

Travel Duration and Advance Bookings

The average travel duration increased by 7% in 2023, driven predominantly by air travel, which saw a 25% YOY increase to an average of 3 days. This indicates a shift towards longer trips.

Peak Seasons

July has consistently been a peak month for hotel bookings, with YOY growth since 2020, making it a prime time for launching hotel booking campaigns and promotions. Meanwhile, peak travel seasons remain steady, with June, July, and August being the most popular months, while January and February see the lowest booking volumes.

Popular Destinations and International Travel

The top five travel destinations in 2023 were the US, UK, France, Germany, and Spain, with Japan emerging as a rising star in travel popularity. International travel surged, with airfare bookings increasing by 93% YOY. This growth indicates a strong rebound in international travel.

The Role of Partnership Marketing

Social media continues to play a crucial role in travel discovery, with viral trends and trusted creators significantly influencing traveler inspiration, from locations to what to pack. However, the travel industry still struggles to accurately measure the ROI of influencer marketing campaigns. To bridge this gap, travel brands need to move beyond simple social media engagement metrics and analyze a creator’s influence across all marketing channels.

The affiliate marketing channel offers a unique advantage by providing comprehensive tracking across all channels and throughout the customer journey, merging social data with performance metrics. This holistic approach can help brands understand the complete impact of influencer marketing on travel bookings.

Advertise Purple’s experienced team of professionals is always up-to-date with the latest developments in affiliate marketing and industry trends. We can help you to set up a brand-new affiliate program or manage an existing campaign to maximize results. Contact us to learn more.

Conclusion

The 2024 Travel Intelligence Report by CJ Junction paints a picture of an evolving travel landscape. With longer trips, increased advance bookings, and the resurgence of international travel, the industry is poised for continued growth. Understanding these trends and leveraging tools like affiliate marketing can help travel brands navigate the changing tides and capitalize on emerging opportunities.

Are you getting started in affiliate marketing or looking to improve your current program?

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