TripZillaSoutheast Asia’s online travel spend is expected to reach $76 billion by 2025 and Google feels that’s one of the best areas for opportunity and investment in the region.
The region’s consumers will spend $200 billion online by 2025 and online travel spend will account for about about 38 percent of that amount, according to a report on e-commerce in Southeast Asia by Google and Singapore-based investment company Temasek Holdings.
Southeast Asian consumers increasingly value traveling as median incomes increase and airlift improves. Skift’s Manifesto on the Future of Travel in 2020 also holds Southeast Asia as the region where the future of travel will be tested. The region’s percentage of online travel transactions as it relates to all online transactions is only slightly less than that of the U.S., where online hotel and airline bookings account for about 42 percent, or $340 billion, of $808 billion in online purchases, according to U.S. Travel.
Google points out that more than 70 percent of Southeast Asia’s population is younger than age 40 and more technologically adept than their parents’ generation. China, in particular, has a population with 57 percent of people younger than age 40.
Winnie Tan, founder and CEO of TripZilla, a Singapore-based travel planning and media company founded six years ago, said faster Internet speeds and greater Internet penetration are also enabling growth in online travel bookings.
Read the full article at Skift
