Millennial-dominated Chinese market to grow digital travel by 20.5% this year
Digital travel sales in China will total $133.90 billion in 2018, a 20.5% increase over 2017.
Maturing online travel agencies and mobile payment apps around the world are changing the travel industry. Consumers are increasingly booking online thanks to improved mobile app experiences and low prices. This year digital travel sales worldwide will increase 10.4% to $694.41 billion.
Nowhere is the shift from offline to online booking more pronounced than in China. Digital travel sales in China will total $133.90 billion in 2018, a 20.5% increase over 2017.
"Between 2017 and 2022, China’s growth rate will more than triple that of the US each year. The US will still grow steadily and generate more than $200 billion in annual sales through the end of the forecast period. However, growth is slowing due to the maturity of the digital travel market," he said.
India is another major market that will see digital travel sales grow by at least 20.0%. Like China, India benefits from a large number of millennials with a desire to travel. Improving mobile internet connections and adoption of digital payment services like Paytm have helped more of India's consumers access travel opportunities. These developments also enable secure online booking for travelers in India.
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