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Chase Travel Looks to Become a Household Name With $15 Billion in Sales by 2025
25.08.2023 - 13:33 / skift.com / Dennis Schaal / Chase Travel / Morgan Chase
Is it the right place and moment for Chase Travel, which says it generated $8 billion dollars in sales in 2022?
In an investor update Monday, JPMorganChase said its travel arm is pursuing the “premier leisure traveler,” and argued that Chase Travel’s addressable market is $140 billion in spending on Chase cards.
All of this comes at a time when airlines, hotels and car rental companies are targeting big-spending leisure travelers, or people taking combo business and leisure trips, because business travel is still considerably below pre-pandemic norms.
That means Chase will have plenty of competition, as well as partners among airlines, hotels and car rental companies. In Chase’s favor are loyalty schemes that often get high marks, and a huge captive user base among cardholders, many of whom have a hard-to-satisfy wanderlust. As shown in the accompanying graphic, Chase claims that 25 percent of leisure travel dollars in the U.S. go through people tapping or swiping Chase credit cards.
Among those rooting for Chase Travel’s success will be Expedia Group, which powers its hotels and some vacation rental inventory.
In an update, Chase said its strategy entails “reaching new customers through premium servicing and content.” Chase Travel is on track to generate $10 billion in sales in 2023, the company said, and forecasts $15 billion by 2025. Chase sees upgraded dining and shopping verticals, as well as travel, as complementary services.
Chase Travel’s growth in travel has come partially through acquisitions. It acquired luxury and corporate travel agency Frosch in 2022, after buying travel and loyalty company CX Loyalty Group a year earlier. Their numbers are included in the sales numbers.
Chase Travel’s reporting of its sales volumes in 2022, and forecasts for 2023 and 2025 were in line with the outlook it presented last year. At the time, an official said Chase Travel expected to an achieve a 5 percent net margin in 2022.
The website maxtravelz.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
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