SAN FRANCISCO and VALLETTA, Malta, Aug. 29, 2023 /PRNewswire/ — Trevolution Group, the global market leader operating Asaptickets Skyluxtravel, Dreamport and other travel products has announced commercial results for the first half of 2023 showing record performance in airfare sales. During the past six months, the Group’s total gross bookings reached 623.57 million USD exceeding the same period last year by 43% and resulting in over 435,210 sold tickets across its travel brands. This indicates almost 92% growth in number of tickets sold compared to the pre-pandemic period for Trevolution Group, which continues its market expansion and now also offers direct ticketing to customers across the Philippines and the UK since the beginning of this year.
Gross travel bookings, which refers to the total dollar value, generally inclusive of taxes and fees, amounted to 623.57 million USD, indicate an increase of 43% from the prior year 1H;
- The number of unique tickets issued reached 435,210, increasing by 43% vs. H1 in 2022
- Premium economy class has shown a significant increase going up in demand by 130%;
- The share of one-way tickets amounted to 23% of all tickets sold;
- The number of auxiliary products and services increased by nearly 30% vs 1H2022.
Trevolution Group has been a global expert market leader for almost two decades and has developed extensive expertise in the Visiting Friends and Relatives (VFR) segment. The VFR form of travel is also strongly indicated by its most popular travel destinations, with the Philippines, India, Italy, the United Kingdom, and the United States being the top five most visited countries so far in 2023. Compared to the previous year, ticket sales to Italy have grown by over 40% and to the United Kingdom by 36%, while India has shown a 39% growth and the Philippines – a close to 13% increase. Thailand and Indonesia have surfaced as emerging travel destinations, leading to a significant increase in the count of Trevolution Group customers traveling to these sought-after vacation destinations, more than doubling the previous figures.
Because of the worldwide economic context, ticket prices have risen on average compared to the first six months of last year: economy class by 4%, premium economy by 19%, business class by 22% and first class by a substantial 30+%. The highest price increase is observed in first class, where consumers are less sensitive to airfare fluctuations and can promptly adjust to ongoing inflation.
|
Airfare ticket type |
Price change 1H2023 vs 1H2022, % |
|
Economy |
4 % |
|
Premium economy |
19 % |
|
Business class |
22 % |
|
First class |
More than 30% |
Meanwhile, the share of one-way tickets stayed at nearly the same level and amounted to 23%, compared to 20% in 2022, which has more than doubled from 11% in 2019.
According to the latest sales data, the average advance purchase period continues to be lower than in the pre-pandemic period when people would plan their travel longer ahead. Thus, in the first half of 2023, 19% of airline passengers booked their flights up to 10 days in advance, while 11% chose to do it 11-20 days ahead and 9% bought their airfare tickets up to a month in advance. While only one fifth of all passengers bought airline tickets over three months in advance back in 2022, this year almost 30% of passengers chose to secure their flights 90 and more days ahead. That is directly linked to the ongoing recovery of post-pandemic travel – a longer booking window indicates greater travel confidence and the desire to compensate for all the trips that were once cancelled because of travel restrictions.
|
Booking window % of air tickets sold, 1H2022 |
% of air tickets sold, 1H2023 |
|
< 10 days 22% |
19 % |
|
11-20 days 12% |
11 % |
|
21-30 days 10% |
9 % |
Similarly, to last year, most passengers chose to fly business class, and one in every ten travelers in 2023 flew business class. In addition, the premium economy class has shown a significant increase going up in demand by 130% compared to 2022 which indicates the travelers’ growing desire for comfort and more affordable flight upgrades. As a result, the number of auxiliary products and services has also increased by almost 30% in 2023 versus 2022 and by 108% compared to 2021, again indicating the increased interest in additional travel products being available all at once when placing a booking.
“While 2022 was a very strong and dynamic year for us, we are excited to have yet again exceeded our growth during the first half of this year. With travel volumes being back to pre-pandemic levels, we are actively catering to our customer demand by expanding our operations, offering more innovative travel products and entering new markets. So far in 2023 we have launched direct ticketing services across two of our leading markets in Europe and Asia, making affordable travel even more accessible to people around the globe. The first six months of the year have already allowed us to reach our goals that were set last year, and we are maximizing our performance to ensure even better travel experience and reach new heights by the end of this year,” Peter Vazan, EVP of Industry Relations at Trevolution Group commented.
Trevolution Group incorporates the travel businesses of the Dyninno Group of companies, which provides products and services in the finance, travel, and entertainment sectors. Trevolution Group has established itself as the market leader in the travel business, specializing in the visiting friends and relatives’ segment. Over 730,000 airline tickets and vacation packages were sold by Trevolution Group in 2022, which makes it the fifth-largest travel consolidator in the US.
For further details, please contact [email protected].
SOURCE Trevolution Group
