For those who prioritize luxury and convenience, business class fares have surged by 22%. And for the most discerning travelers, first-class tickets have experienced an impressive 30% or more price hike, promising an opulent and exclusive flying experience.
Trevolution Group, the prominent global leader in the travel industry operating such brands as Asaptickets, Skyluxtravel, Dreamport, and others, has released its commercial performance report for the first half of 2023. The results reveal an exceptional achievement in airfare sales, with the Group’s total gross bookings hitting an impressive $623.57 million over the past six months.
This figure represents a remarkable 43% increase compared to the same period last year and has resulted in the sale of more than 435,210 tickets across its portfolio of travel brands.
Key Highlights:
- 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;
- Premium economy class has shown a significant increase going up indemand 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.
Based on the most recent sales data, it’s evident that the average lead time for purchasing airline tickets remains shorter than it was before the pandemic, indicating that people are making more last-minute travel plans. In the first half of 2023, 19% of airline passengers booked their flights within a 10-day window, with 11% opting for a booking window of 11 to 20 days in advance, and 9% securing their airfare tickets up to a month before their travel date.
For those who prioritize luxury and convenience, business class fares have surged by 22%. And for the most discerning travelers, first-class tickets have experienced an impressive 30% or more price hike, promising an opulent and exclusive flying experience.
These trends underscore the evolving landscape of air travel, with passengers showing a strong inclination towards premium economy offerings and flexible one-way ticket options. As airfare prices adjust to meet changing demands, travelers can expect a dynamic and evolving travel experience in the coming months.
“In 2022, we witnessed strong growth, and in the first half of this year, we’re thrilled to surpass that growth once again. The first half of this year has already seen us achieve our 2022 goals, and we’re committed to optimizing our performance to enhance the travel experience and achieve new heights by year-end,” commented Peter Vazan, EVP of Industry Relations at Trevolution Group.
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.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
