The online travel industry encompasses the various online reservation and booking services available to consumers to plan their trips via the internet, rather than using an agency or middle man. The online travel industry is composed of a variety of companies that offer differing rates, costs, and locations for accommodations, transportation, and even tour packages. The online travel industry offers general consumers a convenient, quick and easy way to book their traveling needs and wants. Often, the online travel industry is also able to locate deals for consumers if they “bundle” a trip; for example, reserving their hotel accommodations and their airfare from the same online source at the same time.
Those planning a trip need resources that give them access to information about where they are going, what they need or want to do on the trip, where they can stay, and how they will travel, amongst various other factors. The online travel industry provides travelers with this access. Traveling is increasingly viewed as an investment (of mind and money), and is not something that can be replaced if plans go awry. As travel is intangible and cannot be tested or inspected before it is embarked upon, travelers rely upon the information they can find via online travel services to give them the certainty and peace of mind they need to make their travel purchases.
Demand in the online travel industry is driven by the general consumer’s income, which is often reliant upon the state of the economy. Competition exists between the various online travel services; each service must market their services effectively to garner usage and consumers, and thus overturn revenue.
Those planning a trip need resources that give them access to information about where they are going, what they need or want to do on the trip, where they can stay, and how they will travel, amongst various other factors. The online travel industry provides travelers with this access. Traveling is increasingly viewed as an investment (of mind and money), and is not something that can be replaced if plans go awry. As travel is intangible and cannot be tested or inspected before it is embarked upon, travelers rely upon the information they can find via online travel services to give them the certainty and peace of mind they need to make their travel purchases.
Demand in the online travel industry is driven by the general consumer’s income, which is often reliant upon the state of the economy. Competition exists between the various online travel services; each service must market their services effectively to garner usage and consumers, and thus overturn revenue.
