Travel and tourism are experiencing a resurgence

The global tourism industry is experiencing a resurgence, with opportunities for investors to capitalize on the growing demand for travel experiences, according to industry expert Jeremy Liddle.

In 2023, the global travel and tourism sector saw a significant jump of 23.2 percent from the previous year, accounting for 9.1 percent of global GDP. This growth is driven by a shift in consumer preferences towards spending on experiences rather than material possessions.

To capture the increasing demand, online and app booking experiences have become the preferred choice for modern travelers, with a 142 percent increase in mobile bookings between 2022 and 2023.

The global online travel agency market is also expanding rapidly, with a projected size of $79.258 billion by 2028, up from $53.534 billion in 2022. This growth has outperformed traditionally “safe” stocks like utilities and banks, making it an attractive investment opportunity.

Two key players in the travel technology sector to watch out for in 2024 are Helloworld Travel (ASX:HLO) and Traveloka. Helloworld Travel, an Australian and New Zealand travel distribution company, has seen significant profit growth and efficiency improvements, making it a promising investment option.

Traveloka, an online travel booking unicorn, has demonstrated impressive growth in the Southeast Asian region and is leveraging machine learning and automation for a competitive advantage. The company is also focused on making social, environmental, and economic contributions to the regions it serves, positioning itself as a sustainable technology company in Southeast Asia.

Overall, the recovery and growth opportunities in the global travel and tourism sector present a lucrative opportunity for investors to get in on the action and benefit from the booming industry.