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The Independent
25-04-2025
- Business
- The Independent
Thousands of Brits have their holidays cancelled as major holiday company abruptly closes
Thousands of British travellers have had their holidays cancelled after a major travel provider abruptly closed on Thursday. As of 24 April, operations by Balkan Holidays shut in the UK, with 'all forward holiday bookings' cancelled after almost 60 years of trading. The travel provider started operations in 1966 with summer holidays to Bulgaria, Croatia, Montenegro, Slovenia, Malta and northern Cyprus, as well as winter ski trips, on offer to travellers. Holidays by the brand departed from 17 British airports and served over 130,000 travellers in one year at the height of operations. Before its closure, the travel operator held an Atol licence to protect just 27,817 passenger trips until the end of March 2026. Although travellers currently on holiday will be unaffected by the closure, any upcoming bookings have been cancelled. Balkan Holidays said in an online statement: 'We regret to inform you that Balkan Holidays Ltd. has as of 24th of April 2025, closed for business in the UK. Clients currently on holiday will be unaffected. 'The company remains solvent, but has ceased trading, however all forward holiday bookings have been cancelled. All clients will be notified and refunded in full. May we kindly ask for patience as we process the refunds and appreciate your understanding. 'Thank you for your past business and please accept our most sincere apologies for the disappointment and inconvenience.' Holidaymakers who have bookings with Balkan were told to contact them directly or request a refund from their travel agent. The former travel provider added that it will 'work as fast as we can' and 'prioritise refunds in departure date order'. Travellers due to take off this year shared their shock at the news on social media. One X/Twitter user replied: 'Absolutely devastated we WERE going in 36 days time! How are we meant to book anywhere now at this notice.' 'This is a disgrace we were flying with you in 6 weeks so unless you refund in the next week we can't afford to book anywhere else. Terrible way to treat people scum!', wrote another. Balkan Holidays UK managing director Alexander Stoyanov said that it has become 'increasingly difficult to be competitive and profitable' in the UK. He added that 'nobody will be left out of pocket' following the closure.
Yahoo
08-02-2025
- Business
- Yahoo
Travel Market to Grow by USD 2.86 Trillion from 2024-2028, Fueled by Experiential Travel Demand, with a Report on How AI is Driving Market Transformation
NEW YORK, Feb. 7, 2025 /PRNewswire/ -- Report with the AI impact on market trends - The global travel market size is estimated to grow by USD 2.86 trillion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 11.1% during the forecast period. Growing popularity of experiential travel is driving market growth, with a trend towards increasing international tourist footfall. However, threat from growing terrorism poses a challenge. Key market players include Accor S.A., American Express Global Business Travel GBT, Balkan Holidays Ltd., BCD Travel Services BV, Booking Holdings Inc., Carlson Inc., Corporate Travel Management Ltd., Expedia Group Inc., Fareportal Inc., Flight Centre Travel Group Ltd., G Adventures, JPMorgan Chase and Co., JTB Corp., MakeMyTrip Ltd., Marriott International Inc., Omega World Travel Inc., PT Global Digital Niaga, Traveloka, The Scott Travel Group Ltd., Travel Leaders Group Holdings LLC, World Travel Holdings, and World Travel Inc.. AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF Forecast period 2024-2028 Base Year 2023 Historic Data 2018 - 2022 Segment Covered Sector (Transportation, Hotel, and Travel activities), Type (Leisure and Business), Geography (APAC, Europe, North America, South America, and Middle East and Africa), Tour (Customized & Private Vacations, Safari & Adventure, Cruises, Yachting & Small Ship Expeditions, \Celebration Journeys, Culinary Travel & Shopping, and Luxury Trains), and Age (21 – 30 Years, 31 – 40 Years, 41 – 60 Years, and 60 And Above) Region Covered APAC, Europe, North America, South America, and Middle East and Africa Key companies profiled Accor S.A., American Express Global Business Travel GBT, Balkan Holidays Ltd., BCD Travel Services BV, Booking Holdings Inc., Carlson Inc., Corporate Travel Management Ltd., Expedia Group Inc., Fareportal Inc., Flight Centre Travel Group Ltd., G Adventures, JPMorgan Chase and Co., JTB Corp., MakeMyTrip Ltd., Marriott International Inc., Omega World Travel Inc., PT Global Digital Niaga, Traveloka, The Scott Travel Group Ltd., Travel Leaders Group Holdings LLC, World Travel Holdings, and World Travel Inc. Key Market Trends Fueling Growth The online travel market is booming, with a significant increase in bookings during the pandemic. Domestic tourism is on the rise as people opt for micro trips and new experiences. Mobile apps and online travel agents are making holiday planning easier, offering customized tours, private tours, and luxury travel packages. Car rentals and accommodation facilities are also adopting digital transformation, providing reliable transport and personalized services. Acquisition opportunities exist in the luxury travel market for elite travelers seeking unexplored destinations. International cities are popular choices, but there's growing interest in lesser-known locations. The adoption of IoT in airlines, cruise liners, and hotels and resorts is enhancing the travel experience. Business, sports, and cultural events are driving overseas travel, while governmental support and infrastructural development are boosting domestic travel. The middle class population's growing purchasing power is fueling demand for affordable travel options. Political stability, stringent immigration policies, and health and security concerns are influencing travel decisions. Influencer marketing, travel blogs, and user-generated content are shaping travel trends. The tourist industry is embracing digital resources, offering promotional activities and trip planning services. Despite challenges like political instability, natural disasters, and stringent immigration policies, the tourism sector continues to thrive in the interconnected world, driven by rapid globalization and economic stability. Inbound tourism has experienced significant growth worldwide, leading to an increase in the number of tourists and demand for travel activities. Business travel, including international and domestic trips for corporations, contributes significantly to this trend. The presence of numerous multinational corporations drives business visits, boosting the industry. Online travel platforms cater to the rising demand for travel activities from both business and leisure travelers. Government initiatives to promote tourism further fuel this growth. Overall, the tourist industry is thriving due to these factors. Insights on how AI is driving innovation, efficiency, and market growth- Request Sample! Market Challenges The Online Travel Market faces numerous challenges in the current business landscape. The pandemic has significantly impacted bookings, leading to a shift towards domestic tourism and micro trips. Mobile apps and online travel agents are essential for reaching customers, but competition is fierce. New experiences and unexplored destinations are in demand, especially among elite travelers and baby boomers. Political instability, natural disasters, and stringent immigration policies pose risks. The luxury travel market, including luxury tents, airlines, and cruise liners, offers acquisition opportunities. Holiday packages, car rentals, and accommodation facilities are crucial for providing reliable transport and personalized services. Domestic and overseas travel, short and long distance, require governmental support and infrastructural development. Technical integration, digital transformation, and online resources are essential for business success. Rapid globalization and an interconnected world create opportunities for trade and cultural exchange. Social media networks and influencer marketing influence travel decisions. Economic stability, health concerns, and security are key considerations for travelers. The tourist industry must adapt to digital trends, including the adoption of IoT and online booking platforms. Promotional activities and customized tours, including private tours through platforms like Travelive, cater to various demographics, including Gen X and millennials. Business, sports, and leisure activities are integral to vacations and trip planning. Terrorism has significantly affected the travel industry since its rise globally, particularly after 2016. The primary objective of terrorist acts is to instill fear among people, altering their travel plans. For instance, an explosion occurred on January 1, 2023, at a checkpoint near Kabul International Airport in Afghanistan, resulting in injuries and fatalities. This incident, situated just 200 meters from the commercial airport, directly impacted industries like hotels and travel activities. Additionally, border clearance procedures have become more stringent and time-consuming due to heightened security measures, making travel a tiresome process. Insights into how AI is reshaping industries and driving growth- Download a Sample Report Segment Overview This travel market report extensively covers market segmentation by Sector Type Geography Tour Age 1.1 Transportation- The global travel market has experienced significant growth due to the improving economy and increased tourism. This growth has led to increased revenue for airlines and associated taxes, contributing to economic development. Tourists now have the ability to customize their travel experiences through tourism packages and collaborations between tourism firms, resorts, and helicopter companies. Traditionally, tourists selected standard options, but with the rise of the Internet and social media, they can research and customize their travel needs. This trend encourages exploration of off-beat locations and influences tourism companies to adapt. Attractive offers and discounted prices for customized transportation packages are driving growth in the transportation segment of the global travel market. Business travel is also leveraging this segment, with competition between legacy and low-cost carriers leading to anticipated price reductions. These factors are expected to continue driving growth in the transportation segment of the global travel market. Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 - 2022) Research Analysis The online travel market has experienced significant growth during the pandemic, with an increase in domestic tourism and bookings for New Year holidays. Mobile apps have become essential tools for travelers, offering convenience and access to holiday packages, car rentals, and more. International cities remain popular destinations for elite travelers seeking new experiences, but unexplored domestic locations are also gaining popularity. The adoption of IoT in the tourism sector offers personalized services and enhances the overall travel experience. However, political instability, natural disasters, and stringent immigration policies pose challenges for businesses. Acquisition opportunities abound in the sector, particularly in niche areas like luxury travel and sports tourism. Micro trips and business travel are also on the rise, making the online travel market a dynamic and resilient industry. Market Research Overview The online travel market has seen a significant during the pandemic as people look for acquisition opportunities in the tourism sector. Domestic tourism is on the rise with new year holidays and holiday packages becoming increasingly popular. Mobile apps and online travel agents offer convenience for booking car rentals and customized tours, including private tours and luxury tents. International cities are also attracting elite travelers seeking new experiences in unexplored destinations. The luxury travel market is adopting IoT for personalized services and reliable transport, while political stability and professional interaction remain crucial for business and sports travel. Middle class populations and security concerns continue to drive demand for accommodation facilities and public transportation. Digital transformation and online resources have made flight tickets, hotels, and trip planning more accessible than ever. Rapid globalization and an interconnected world have opened up opportunities for trade and cultural exchange through social media networks and travel blogs. However, political instability, natural disasters, and stringent immigration policies pose challenges for the tourist industry. Economic stability and leisure activities are essential for vacations and promotional activities to attract tourists to various tourist destinations. Table of Contents: 1 Executive Summary2 Market Landscape3 Market Sizing4 Historic Market Size5 Five Forces Analysis6 Market Segmentation Sector Type Geography Tour Age 7 Customer Landscape8 Geographic Landscape9 Drivers, Challenges, and Trends10 Company Landscape11 Company Analysis12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: media@ View original content to download multimedia: SOURCE Technavio Sign in to access your portfolio
Yahoo
27-01-2025
- Business
- Yahoo
Travel Market to Grow by USD 2.86 Trillion (2024-2028), Driven by Rising Demand for Experiential Travel, Report Highlights AI Impact on Trends
NEW YORK, Jan. 27, 2025 /PRNewswire/ -- Report on how AI is redefining market landscape - The global travel market size is estimated to grow by USD 2.86 trillion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 11.1% during the forecast period. Growing popularity of experiential travel is driving market growth, with a trend towards increasing international tourist footfall. However, threat from growing terrorism poses a challenge. Key market players include Accor S.A., American Express Global Business Travel GBT, Balkan Holidays Ltd., BCD Travel Services BV, Booking Holdings Inc., Carlson Inc., Corporate Travel Management Ltd., Expedia Group Inc., Fareportal Inc., Flight Centre Travel Group Ltd., G Adventures, JPMorgan Chase and Co., JTB Corp., MakeMyTrip Ltd., Marriott International Inc., Omega World Travel Inc., PT Global Digital Niaga, Traveloka, The Scott Travel Group Ltd., Travel Leaders Group Holdings LLC, World Travel Holdings, and World Travel Inc.. Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF Travel Market Scope Report Coverage Details Base year 2023 Historic period 2018 - 2022 Forecast period 2024-2028 Growth momentum & CAGR Accelerate at a CAGR of 11.1% Market growth 2024-2028 USD 2860.2 billion Market structure Fragmented YoY growth 2022-2023 (%) 10.2 Regional analysis APAC, Europe, North America, South America, and Middle East and Africa Performing market contribution APAC at 39% Key countries US, China, France, Japan, and UK Key companies profiled Accor S.A., American Express Global Business Travel GBT, Balkan Holidays Ltd., BCD Travel Services BV, Booking Holdings Inc., Carlson Inc., Corporate Travel Management Ltd., Expedia Group Inc., Fareportal Inc., Flight Centre Travel Group Ltd., G Adventures, JPMorgan Chase and Co., JTB Corp., MakeMyTrip Ltd., Marriott International Inc., Omega World Travel Inc., PT Global Digital Niaga, Traveloka, The Scott Travel Group Ltd., Travel Leaders Group Holdings LLC, World Travel Holdings, and World Travel Inc. Market Driver The online travel market is booming, with domestic tourism due to the pandemic. Acquisition opportunities abound as more people book holidays through mobile apps and online travel agents. New experiences and unexplored destinations are in high demand, especially among elite travelers. Micro trips and short distance travel are popular, but business and overseas travel are also picking up. Political stability and reliable transport are key considerations for travelers. Customized tours, private tours, and luxury tents are attracting baby boomers, Gen X, and millennials. Airlines, cruise liners, hotels, and resorts are adopting IoT for personalized services. The tourism sector is undergoing digital transformation, with governmental support and infrastructural development driving technical integration. Online booking platforms and travel websites are essential resources for planning vacations and leisure activities. Rapid globalization and an interconnected world have increased trade and cultural exchange, while social media networks and influencer marketing influence travel decisions. However, concerns over security, health, and stringent immigration policies remain challenges for the industry. Inbound tourism has experienced significant growth worldwide, leading to an increase in the number of tourists and the demand for travel activities. Business travel, both international and domestic, has contributed significantly to this trend. The presence of numerous multinational corporations has boosted the number of corporate visits. Online travel platforms have become increasingly popular as more travelers book trips. Additionally, government initiatives to promote tourism have attracted a larger tourist population. Overall, the travel market is thriving due to these factors. Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution! Market Challenges The online travel market faces challenges due to the pandemic, leading to a shift towards domestic tourism and micro trips. Acquisition opportunities arise as online travel agents adapt to the new normal, offering personalized services and reliable transport. New experiences in unexplored destinations and luxury travel markets cater to elite travelers. Mobile apps and holiday packages for car rentals, airlines, and cruise liners are popular. Political stability and customized tours in international cities are in demand. Baby boomers, Gen X, and millennials seek new experiences through luxury tents and accommodation facilities. Rapid globalization and technical integration drive the adoption of IoT in travel. Governmental support and infrastructural development are crucial for economic stability. Online booking platforms, travel websites, and influencer marketing boost business. Digital transformation and online resources simplify trip planning, while health and security concerns remain a priority. Foreign tour operators and online platforms adapt to stringent immigration policies and natural disasters. The tourist industry continues to evolve with the interconnected world, trade, and social media networks. Terrorist activities have globally since 2016, with the primary goal being to instill fear among the population. For instance, a bombing occurred on January 1, 2023, at a checkpoint near Kabul International Airport in Afghanistan, resulting in injuries and fatalities. This incident, situated just 200 meters from the commercial airport, directly affects industries such as hotels and travel activities. Additionally, heightened border clearance procedures with delays and rigorous inspections add to the travel inconvenience. These occurrences create uncertainty and apprehension, potentially hindering business growth in the travel market. Discover how AI is revolutionizing market trends- Get your access now! Segment Overview This travel market report extensively covers market segmentation by Sector 1.1 Transportation 1.2 Hotel 1.3 Travel activities Type 2.1 Leisure 2.2 Business Geography 3.1 APAC 3.2 Europe 3.3 North America 3.4 South America 3.5 Middle East and Africa TourAge 1.1 Transportation- The global economy's recovery has led in airline travel, generating increased revenue and taxes for various countries. Tourists now have the freedom to choose preferred destinations and resorts through tourism packages. Collaborations between tourism firms, resorts, and helicopter companies offer customized services. Traditionally, tourists relied on standard offerings from tourism companies. However, with the Internet's widespread use and social media, tourists can research and customize their travel needs, including resort selection and transportation. This trend encourages exploration of off-beat locations and forces tourism companies to adapt. Competition between airlines, especially on popular routes, is driving down prices. These factors are expected to fuel the growth of the transportation segment in the global travel market during the forecast period. Business travelers also leverage transportation for their needs. Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics Research Analysis The online travel market has experienced a significant shift during the pandemic, with an increase in domestic tourism and micro trips. New Year holidays in bookings, and mobile apps have become essential tools for travel planning and booking holiday packages, car rentals, and international city breaks. The acquisition opportunity in the tourism sector is ripe for tech companies, with the adoption of IoT and personalized services becoming key differentiators. Elite travelers continue to seek new experiences in unexplored destinations, despite political instability, natural disasters, and stringent immigration policies. Business and sports travel remain important segments, with flexibility and convenience being key factors for travelers. Overall, the online travel market is evolving to meet the changing needs of travelers, offering new opportunities for growth and innovation. Market Research Overview The online travel market has experienced significant growth during the pandemic, with an increase in domestic tourism and micro trips. New Year holidays in bookings through mobile apps and online travel agents. Holiday packages, car rentals, and luxury travel market for elite travelers have also gained popularity. International cities continue to attract tourists, but unexplored destinations and new experiences are becoming increasingly popular. The tourism sector is undergoing digital transformation with the adoption of IoT, technical integration, and online booking platforms. Political stability, reliable transport, and professional interaction are crucial factors for travelers. Customized tours, private tours, and personalized services are in demand. Travelive, baby boomers, Gen X, and millennials all have unique travel preferences. Luxury tents, airlines, cruise liners, hotels and resorts, and accommodation facilities cater to various travel needs. Governmental support, infrastructural development, and economic stability are essential for the growth of the tourist industry. Rapid globalization and the interconnected world have led to an increase in trade, cultural exchange, and social media networks influencing travel decisions. Travel websites, influencer marketing, travel blogs, and user-generated content are essential online resources for travel planning. However, concerns over security, health, political instability, natural disasters, and stringent immigration policies can impact travel decisions. Business, sports, and leisure activities are popular reasons for both domestic and overseas travel. Short and long-distance travel continue to be popular, with flight tickets and trip planning being crucial elements of the travel experience. Table of Contents: 1 Executive Summary2 Market Landscape3 Market Sizing4 Historic Market Size5 Five Forces Analysis6 Market Segmentation Sector Type Geography Tour Age 7 Customer Landscape8 Geographic Landscape9 Drivers, Challenges, and Trends10 Company Landscape11 Company Analysis12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: media@ View original content to download multimedia: SOURCE Technavio Sign in to access your portfolio
