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European Online Travel Market Will Grow By 46% in 2002

European Online Travel Market Will Grow By 46% in 2002

According to data released by the Centre For Regional Tourism (CRT), an increase of about 46% is expected in the European online travel market during 2002. Revenue for the year is forecast to be around E6.5 billion, up from E4.4 billion in 2001 and a share of around 2.9% of the whole market.

The UK and Germany are the largest online travel markets in Europe respectively constituting 34% and 24% of the total online travel market in 2001.
Online Travel Market: Breakdown By Sector (% of total market) 
  2001 2002
Air travel 59 59
Rail 9 10
Rental cars 4 4
Hotels 12 11
Package tours 13 12
Other services 3 3
Source: CRT, March 2002

Air travel increased its share from 56 to 59% during 2001, but the CRT believes that it will remain at that level during 2002 and onwards claiming “several major no-frills airlines are reaching a ceiling with more than 90% of their seats being sold online from early 2002.”

According to eMarketer’s February 2002 Travel Market Worldwide Report the online leisure travel market will generate $31.9 billion in 2003.

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