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Travel Agents and Overseas Tour Operators Market Report 2001
Key Note Publications Ltd, Jan 2001
Key Note estimates that in 2000, the revenues generated by UK travel agents increased by 10.4%, compared to a 7.5% increase in tour-operator revenues. Travel agents and tour operators have increased their share of the market. Despite the increasing opportunities to plan and book travel arrangements independently, travel agents and tour operators have increased their market share.
Most travel-agent revenues are derived from outbound travel, as are most tour-operator revenues. The driving force increasing travel-agency and tour-operator sales is growth in the outbound holiday market, which in turn is being driven by an increase in disposable income and a fall in the real cost of international travel.
The development of low-cost airlines and the consolidation of integrated travel groups have increased the level of competition in the outbound holiday market. However, the development of a wider range of holiday options and use of new technology has allowed travel agents and tour operators to counteract the threat of independently-organised holidays.
The top four vertically-integrated travel companies (Airtours PLC, First Choice Holidays PLC, The Thomas Cook Group Ltd and Thomson Travel Group PLC) now control three-quarters of air inclusive holidays. The competition authorities are likely to block any further consolidation in the industry at a UK level. Two of the top four UK travel companies - Thomson and Thomas Cook - were taken over by German companies in 2000 and 2001 respectively, while the other two extended their European interests. Consolidation at a European level may deliver further economies of scale and maintain the strong competitive position of travel agents and tour operators in the foreseeable future. However, with longer term development of technology, an increasing proportion of travel-agency and tour-operator revenues will be generated direct.
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