CLEVELAND, Dec. 2, 2016 /PRNewswire/ -- US travel service industry revenues are forecast to climb 4.9% annually through 2020. Travel service providers will benefit from higher volumes of leisure travel, supported by rising disposable personal income levels both in the US and abroad. Increasing demand from business travelers, underpinned by the expanding number of companies operating over geographically dispersed areas, will further support gains. Even so, the increasing ease with which travelers can book transport or accommodations directly with the providers of such services will restrain faster advances.
These findings are featured in Travel Services: United States, a report recently released by Freedonia Focus Reports, a division of The Freedonia Group.
The report forecasts US travel service revenues in US dollars to 2020. Total revenue is segmented by source in terms of:
- lodging commissions
- event ticket commissions
- airline seat commissions
- cruise commissions
- other commissions such as those from booking tours, other forms of transport, and use of electronic reservation systems
- trip planning
- other travel services such as automobile club fees, travel insurance, and provision of traveler's checks
- other sources such as advertising and sale of products.
For the purpose of the report, commissions refer to remittances made by other travel companies (eg, airlines, hotels, tour operators), such as those made for the referral of customers. Fees paid directly to the travel service provider by the customer for arranging services (eg, accommodations, entertainment, transport) are included in trip planning revenue. US travel service revenues include income from all domestic locations primarily engaged in providing travel services. The revenues of both employer and nonemployer firms are included.
Total revenue is also segmented by market in terms of:
To illustrate historical trends, total revenue and the various segments are provided in annual series from 2005 to 2015.
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About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-travel-service-industry-revenues-to-climb-49-annually-through-2020-300372177.html
SOURCE The Freedonia Group