Technological changes are disrupting travellers’ consumer behaviour, with travel companies required to provide personalised travel experiences and mobile assistance to meet consumers’ expectations in the data economy. Travel companies need to place technological innovation at the core of their business models to stop overdependence on, and commoditisation by, technology companies.
The travel industry recorded another strong performance in 2015, with 9% value growth. Online and mobile sales are expected to fuel a 4% CAGR increase in travel sales overall over 2015-2020, respectively growing at 8% and 21% CAGRs in constant value terms. The rise of online travel agencies continues, with Expedia, Priceline and Ctrip leading travel intermediaries in terms of value sales in 2015. In particular, the Chinese player Ctrip recorded a sharp 58% increase in value sales in 2015, as the Chinese are increasingly feeding their growing appetite for travel.