In the world of short-term rentals, there are many ways people can book a stay. Offline bookings continue to make up a significant chunk of the market, albeit a declining one, and there are many niche online booking platforms, as highlighted in our Skift Short-Term Rental 250 map.
The Travel Industry's Immense Potential for Growth
25.08.2023 - 13:05 / skift.com / Skift Research
Skift Research analysts held a LinkedIn Live session earlier this month that dove into the team’s annual State of Travel report. We’ve edited their presentation into a podcast-friendly version. You can watch a video of it here as well.
The travel industry faced unprecedented challenges during the pandemic, but its recovery is proving to be remarkable. The global economy is still on a bumpy road, with economists predicting higher inflation in various regions worldwide.
This is likely to impact travel spending to some extent. However, amid these worries, the report highlights a silver lining. Travel remains under-indexed relative to the broader economy, leaving ample room for expansion and opportunity. Despite rising prices since 2019, U.S. hotel and airline prices have shown restraint, rising less than the overall rate of inflation. Moreover, the travel industry’s recovery has just begun, even as the global GDP experienced significant growth. This indicates considerable untapped potential in travel across all regions¹.
The Skift Travel Health Index continued to point to a full global travel recovery in May 2023. With 14 out of 22 countries having fully recovered and some overtaking pre-pandemic performance, we anticipate the index to soon significantly surpass 2019 levels.
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