The Advantage Travel Partnership has observed remarkable growth in both revenue and bookings for the year 2024. The rise underscores a continued appetite for travel among consumers.
This upward trend is built on the successes of the previous year, with significant capacity increases and favourable consumer behaviour contributing to the overall performance.
Increased Revenue and Bookings
Advantage Travel Partnership agents have witnessed a noteworthy increase in both bookings and revenue for 2024. Reports indicate a 6% rise in bookings year-on-year, while revenue has surged by 10%. Such growth follows a robust performance in 2023 and the introduction of significant capacity increases for the current year.
Key destinations that contributed to this growth include Spain, Greece, and Turkey. Tenerife topped the list with a 6% share of business, maintaining its position from the previous year. Additionally, other destinations such as Turkey and Portugal have significantly bolstered overall growth.
Sector-Specific Growth
The cruise, touring, and mass-market sectors have experienced the most substantial revenue growth. These segments now represent 16%, 12%, and 10% of bookings, respectively. This upward trend reflects a growing consumer interest in diverse travel experiences.
There is also a rising preference for long-haul destinations. The share of long-haul bookings has increased to 12%, up from 11% in 2023. Destinations in the east, such as Thailand, Japan, Vietnam, and Australia, have seen a resurgence in popularity.
Interestingly, the trend of combining work with leisure, known as ‘bleisure’, is gaining traction. Other sectors witnessing increased interest include ultra-all-inclusive packages, multi-generational travel, sports and music tourism, and travel to lesser-known destinations.
Consumer Behaviour and Booking Trends
A significant portion of bookings for summer 2024 were made within 12 weeks of departure. This shift towards last-minute bookings is attributed to competitive deals, the variability of UK weather, and budgeting considerations.
For the upcoming October half-term, there is a reported 15% increase in bookings and a 25% rise in revenue. Similarly, festive season travel for Christmas has seen bookings grow by 6% and revenue by 14%, year-on-year.
Looking ahead to 2025, departures are already up by 10%, with revenue showing a 13% increase. Consumers are keen to secure availability and benefit from early booking offers, which include better deals and low deposits.
Survey Insights on Customer Preferences
A recent survey conducted among Advantage Travel Partnership members highlighted several customer preferences. Notably, 79% of respondents reported an increase in new customers, particularly those aged between 35-54, across both leisure and business travel sectors.
Around 27% of customers are showing a preference for lesser-known destinations, while 79% prefer travelling during the shoulder season, driven by cost and weather considerations.
Rising Popularity of Cruise and Luxury Holidays
There is a marked increase in interest for cruise holidays, with 72% of respondents noting higher demand. Luxury holidays are also trending, with 55% of respondents stating an uptick in these bookings.
Furthermore, sectors such as rail travel, solo travel, and the adventure and touring segments are gaining traction among customers. This indicates a broadening of interest in diverse travel experiences.
Positive Outlook for Business Travel
The business travel segment is also experiencing positive growth. Within Advantage’s Global Business Travel division, 69% of respondents reported winning more new business compared to the previous year.
Julia Lo Bue-Said, Advantage’s chief executive, remarked, ‘Given the increase in new customers our travel agency partners are seeing across leisure and business travel, we’re anticipating a really strong year for travel in 2025.’
New Customer Surge
Advantage Travel Partnership has reported a surge in new customers across both leisure and business travel. This trend is indicative of a robust recovery and growing consumer confidence in the market.
In summary, the Advantage Travel Partnership’s impressive growth in revenue and bookings reflects a recovering and confident travel market. With strong performances across various sectors and rising consumer interest, the outlook for 2025 remains optimistic.
As observed, there is a substantial appetite for travel, bolstered by competitive deals and diverse travel interests, ensuring continued growth in the foreseeable future.
