Digital Travel Sales Forecast To Surpass $300B In 2024, Search A Major Ad Contributor
The travel sector leads the charge in digital advertising expenditure, influenced by robust consumer spending patterns.
Wednesday's data release projected U.S. digital travel sales to break the $300 billion mark in 2024. Driving this growth is the travel industry's increased focus on digital advertising. Insider Intelligence's recent statistics reveal a predicted 20.0% surge in digital travel sales, reaching $296.77 billion. This is a significant leap from 2019's $208.44 billion, with projections indicating figures could exceed $350 billion by the end of 2027.
The sector's growth in digital spending has been a catalyst for the pronounced rise in digital advertising. Even though the U.S. travel industry scaled back its advertising efforts during the pandemic, it now stands as the most rapidly expanding sector for digital ads, even eclipsing the overall category's growth.
In 2023, the U.S. will witness a 7.8% growth in total digital ad spending. Remarkably, the travel sector's growth will surpass even retail, which has historically been the main driver of online advertising expansion. However, growth rates will vary among different sub-segments within the industry.
