Published on Tuesday, August 1, 2006
Last minute summer travelers are offering marketers a juicy bone of $10 billion in business, says Compete Inc.’s new travel study.
“There is still an opportunity for marketers to close the season strongly by focusing promotions on last-minute bookings,” said Gregory Saks, director, Compete Travel Practice.
He said the group’s study found that although one third of internet travel researchers plan more travel this summer, they have not yet made their specific plans.
The study found that travel is the single largest e-commerce industry with more than 50 million consumers planning and researching travel online each month. This year, over $70 billion in online travel purchases are expected, according to Compete.
For its study, Compete analyzed consumer behavior from its panel of two million consumers. Key findings included:
Another study by the Travel Industry Association found that 74% of leisure travelers plan at least one of their getaways within two weeks of taking the trip; another 26% plan all vacations are the last minute.
Said Mr Saks:
“Marketers can have an impact if they act now with urgency messaging and price-focused offers via the internet to travelers that are still undecided about their plans or holding out for the right time to book.”
Report by David Wilkening
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