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The tailor-made travel market underwent significant changes due to the Covid-19 pandemic, which caused a dramatic decrease in tourism. Globally, the market was valued at $312 billion in 2023 and is projected to grow to $527.8 billion by 2030, at a CAGR of 7.8%. In Italy, a prime tourism destination, the market faced a severe setback with revenues from travel agencies and tour operators dropping to €9.3 billion in 2022 from €12.7 billion, and a loss of about 1,300 employees. Post-pandemic, a recovery is expected with an estimated sector turnover of €10.5 billion in 2023, a 12% increase over 2022.
Consumer demand for travel agencies saw a peak before the summer season with an average index of 81.5 in March '23. Factors such as the increased use of the internet for bookings, influence of social media, and a shift towards sustainable and unique travel experiences are shaping the market. The tourism industry in Italy reflected a drop in active businesses by 47%. Italians traveling within the pandemic period in 2020 decreased significantly with a 67.9% reduction in business travel and 44.8%.
The Resilience and Evolution of the Italian Tailor-Made Travel Market
In the wake of the global pandemic, Italy’s tailor-made travel market witnessed a substantial shift in consumer behavior and industry operations, presenting a unique blend of challenges and emerging trends within the tourism sector. Prior to the disruptions caused by Covid-19, Italy’s travel market was on an upward trajectory with a noteworthy increase in revenue, particularly in the tailor-made travel segment. However, the pandemic-induced stalemate led to a significant decline, with travel agencies and tour operators seeing a drop in revenue to just over 9 billion euros in 2022. Despite these downturns, 2023 beckons a period of recovery. This revival is intricately tied to the evolving nature of consumer demand, where digital influence and societal changes have redefined the market structure.
Notably, the increase in internet usage has encouraged consumers to craft their travels independently, prompting travel specialists to expand their service offerings for competitive allure. Meanwhile, social media’s pervasive impact has led to travel influencers reshaping the way unique travel experiences are sourced and shared, thus fueling the desire for personalized exploration among travelers. In terms of demand characteristics, searches related to travel agencies surge preceding the summer season, with peak interest in March 2023. Activities mainly gravitate towards vacations that afford relaxation, with substantial growth of nearly 20 percent in this preference. Moreover, there is noticeable appreciation for discovering natural beauty, accounting for more than 10 percent of travel choices. The motives propelling travel decisions range widely, with long-term vacations and short breaks both being popular amongst consumers, although the former often involves direct bookings or use of private accommodations, eschewing agency services. However, for brief vacations, travel agency booking stands at nearly 40 percent. It’s telling that there exists a sizable portion of the populace, particularly among young adults and individuals over 65, who forgo vacations due to varied reasons like financial constraints or simply being unaccustomed to traveling. The geographical distribution of demand for travel agency services is somewhat concentrated, with Campania topping the interest searches, indicating a potential hotspot for consumer engagement. Furthermore, new trends such as the burgeoning ‘Anywhere Travel’ among Millennials, sustainable travel, and the blend of business with leisure (bleisure)—which alone accounted for revenues upwards.
Major Players in the Italian Tailor-Made Travel Market
The tailor-made travel industry in Italy is a blend of traditional allure and contemporary innovation, where established companies and emerging entities work tirelessly to cater to the ever-evolving demands of the discerning traveler. The following are some of the notable players in the Italian market, each with their unique brand of hospitality and travel expertise.
- HotelTurist S.p.A. HotelTurist stands as a venerable entity in the Italian travel sector, known for offering a wide range of travel services that cater to both leisure and corporate clients. The company has built its reputation on providing high-quality accommodations and bespoke travel experiences, ensuring that each client's journey is nothing short of extraordinary.
- Idee Per Viaggiare S.r.l. Idee Per Viaggiare has carved a niche in creating personalized travel itineraries that resonate with individual preferences and styles. The company is renowned for its innovative travel packages and exceptional customer service, designed to deliver unique and memorable travel experiences.
- Gattinoni Travel Network S.r.l. With a robust network and a plethora of travel options, Gattinoni Travel Network has established itself as a trusted partner for travelers seeking both traditional and off-the-beaten-path experiences. Their commitment to providing comprehensive travel services has secured them a loyal customer base and a respected position in the market.
- Italcamel S.p.A. Italcamel is another key contender in the industry, recognized for its extensive selection of travel services and strong partnerships with domestic and international suppliers. The company prides itself on its ability to facilitate seamless travel experiences, from accommodations to tours, for a diverse clientele.
- BCD Travel Italy S.p.A. BCD Travel Italy is a global player with a strong presence in the Italian market. Specializing in corporate travel management, BCD Travel offers innovative solutions that cater to the complex needs of businesses and their travelers. Their expertise in streamlining travel processes and optimizing travel spends has made them a go-to choice for corporate clients.
- Turning to tour operators: Alpitour S.p.A. Alpitour is an industry powerhouse, offering a comprehensive array of travel services, from package tours to hotel bookings and flights. Their extensive portfolio and experience make them a preferred choice for travelers looking for all-inclusive travel solutions.
- 6 Tour S.r.l. As a tour operator specializing in diversified travel experiences, 6 Tour focuses on delivering tailor-made vacations that exceed client expectations.
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- Pagine : 30 pags
- Formato : Versione PDF e digitale
- Ultimo aggiornamento : 15/11/2023
Riepilogo ed estratti
1 Market Overview
1.1 Definition and presentation
Tailor-made travel consists of the provision by travel agencies and specialized operators of customized services and products in terms of transportation, accommodation and experiences, to travelers and tourists based on their individual characteristics, behaviors, preferences and needs.
The global market for tailor-made travel has been estimated at312 billion dollars in 2023and is expected to reach527.8 billion in 2030, with aCAGRof7,8%.
The tailor-made travel market in Italy had excellent growth prospects before the arrival of the Covid-19 pandemic, since Italy has always been one of the most popular tourist destinations worldwide and since Italians are a fairly travel-prone people.
Despite the long period of stalemate due to the pandemic, there are numerous opportunities for recovery. First and foremost, it should be acknowledged that the population's increased propensity to use the Internet has led to a strong shift by many industry players toward the use of digitally oriented business models: an increasing number of agencies and operators in fact prefer to operate exclusively online(OTA-online travel agency). While the increasing use of the Internet has had positive implications for this market, there is also no shortage of negative consequences such as the fact that travelers are increasingly able to build their own tailor-made trips without turning to specialized operators who are forced to expand their range of services in order to be more attractive.
Also very important is the positive impact of social media on this market. The latter, in fact, have become a kind of "travel agency," thanks to an increasing number of influencers ("travel bloggers") who propose sought-after destinations, dispense travel tips and showcase breathtaking experiences. This phenomenon makes the possibilities for personalization increasingly varied and numerous, with the result that travelers are increasingly seeking special destinations and unique experiences.
1.2 The global market
The customized travel market represents a strongly growing economic segment. Globally, this market was valued at $*** billion in **** and is expected to reach $***.* billion in ****, with a CAGR of *.*%. The expansion of the tailor-made travel market is attributed to the growing demand for distinctive and personalized travel experiences.
Global bespoke travel ...
1.3 General overview of the local market
The size of the Italian travel agency and tour operator market has changed significantly in recent years, particularly influenced by closures related to the Covid-** pandemic and the start of hostilities between Russia and Ukraine.
Prior to the onset of the pandemic, **** was considered the most crucial year in the growth ...
1.4 The impact of the Covid-19 pandemic on tourism
In **** , tourism accounted for ** percent of global GDP, worth nearly $* trillion, so that the sector was almost three times larger than agriculture. However, the value chain of tourism suppliers and intermediaries (***) that make up much of the sector. Governments have generally played a limited role in the sector, with partial oversight ...
1.5 The impact of the Russian-Ukrainian conflict on the tourism industry
Russia's military offensive in Ukraine, in addition to being a global issue from the standpoint of loss of life, has resulted in the emergence of negative risks for international tourism; by exacerbating already high oil prices and transportation costs, it has increased uncertainty, causing travel to Eastern Europe to be disrupted. ...
2 Demand analysis
2.1 Demand characteristics
Consumer demand for travel agencies is strongly influenced by the summer period and the approaching holidays, a period when people take time off from work and vacation from places of knowledge. For these reasons, an overview of online search interest for the keyword "travel agency" is proposed. The values below represent ...
2.2 Factors influencing demand
There are a variety of motivations that can drive an individual to take a trip, and these are a key driver of the growth or decline in demand to travel agencies and tour operators. In ****, about ** million inviduals took a vacation trip; **.* million Italians , on the other hand, took a long ...
2.3 Geographical distribution of demand
The geographic distribution broken down by interest by online search for the keyword "travel agency" is shown below; the values shown, are calculated on a scale of * to ***, where *** indicates the location with the highest frequency of searches as a proportion of total searches for that location, and the value ** indicates ...
2.4 New demand trends
Globally, the strong recovery after the previously mentioned pandemic period is being confirmed; in this sense, travel agencies present a preponderant role, dominating ** percent of bookings globally. It is predominantly tourists who rely on agencies to explore different cultures, learn about local history and culture, and discover hidden and less-traveled destinations. ...
3 Market structure
3.1 Market structure and dynamics
The travel agency sector has tended to be very stable. As reported below, there was steady growth until **** , with an increase since **** of **.* percent. Subsequently, due to the effects caused by the pandemic and restrictions, the sector went through a downturn, experiencing a decline in the number of active enterprises by ...
3.2 Value Chain
The value chain in the travel agency market can be divided into several main stages:
research and development: includes the identification of new tourism destinations, travel trends and innovative services. Agencies export and evaluate new market opportunities. resource acquisition and management: covers the negotiation and purchase of services from suppliers such ...
3.3 Distribution chain of tourism services
Travel agents play a central role in the distribution of tourism services;
Wholesalers: wholesalers operate upstream in the distribution chain of tourism services. Specifically, they purchase large quantities of tourism products, such as travel packages from tour operators, and resell them to retailing agencies. This modus operandi allows the retailing agencies ...
3.4 Main actors
In Italy, some notable companies for both continental and intercontinental travel are included among the top travel agencies and tour operators for ****.
Islands Travel: specializes in travel to Italian and Mediterranean islands, offering experiences in smaller islands such as Lipari and Vulcano, as well as Sicily and Sardinia; OTA travel: has ...
4 Supply analysis
4.1 Type of Offering
Travel and tourism agencies are businesses that perform different activities:
travelarrangements : choosing the destination, attempting to provide the best advice to the consumer; intermediation: agencies perform the task of intermediation between consumers and the main facilities where reservations are to be made; booking and selling tickets: for travel and stays.
The ...
4.2 Prices
Travel agency prices are highly changeable depending on the type of service offered. Some travel agencies deal only with booking, others with complete travel packages. Where reservations are made in advance, some agencies may offer discounts. In general, a very wide price range is expected, ranging from €*** to even more than ...
4.3 New supply trends: travel bloggers
Travel bloggers represent increasingly influential players in the tourism industry and online consumer community. Thanks to their ability to offer advice and stories, they combine their firsthand experiences with knowledge of different cultures, offering virtual guides and transporting their followers to the places they have experienced, inspiring them to explore the ...
5 Regulations
5.1 Rules and regulations
Italy has a very thriving regulation of travel agencies, governed by various laws and legislative decrees, which have evolved over time;
Framework Law ***/****: With this legislation, specific provisions for travel agencies and tour operators were ncluded, helping to define the regulatory framework of the sector. Although it was repealed by Law ...
5.2 Travel agency and tour operator bonuses
Following the economic effects that occurred due to the Covid-** pandemic, the Italian Ministry of Tourism has initiated financial livelihood measures designed to compensate for losses incurred during the emergency. The deadline for submitting applications has been extended into ****. The bonus is accessible for businesses registered under Ateco codes **.*, **.** or **.**.
Defined ...
6 Positioning of actors
6.1 Segmentation
Activities of travel agencies
Tour operator activities
- Idee Per Viaggiare
- Gattinoni Travel Network
- Italcamel
- BCD Travel
- Alpitour
- 6Tour
- Musement
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