The Travel Network Group is expecting “steady growth” in 2025 as economic pressures ease through a reduction in inflation and an expected further fall in interest rates.
Vim Vithaldas, the group’s chief commercial officer, reported a “buoyant” second half to 2024 for members and predicted that to continue into next year.
“I suspect passenger numbers will continue recovering as we have seen in the past few months,” he said.
“Our members are as well sold for the following year as they have been in previous years and the general expectation is one of steady growth.”
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Vithaldas said there had been a major contrast in the two halves of this year, with the lates market exceeding expectations.
From January to June, members’ combined passenger numbers were up 2% year on year and revenue 5% up, but from June onwards passenger numbers are 7% up and revenue 12% up.
“Peaks went how I expected, solid without setting the world on fire, but lates has been far stronger than predicted,” he said.
“It has been extremely buoyant since the beginning of July, driven by the good old British weather returning with a vengeance and the cost of staycations being quite high.”
Vithaldas also cited “good discounting” from major operators for the spike in sales, saying they had timed it right by “holding their nerve in peaks”.
Cruise has performed “really well”, he went on to say, but long-haul travel has been “more of a struggle”.
“There have been pockets of success [in long-haul sales], for example Thailand, but the US market has been more challenging,” he told attendees, adding: “In the past month or so we’ve seen the pricing become more normalised, which will hopefully drive numbers.”
TTNG’s overall membership currently stands at 1,150 and the consortium does not have a specific target in mind, instead focusing on “organic growth”.
Vithaldas said every membership type – Worldchoice, Travel Trust Association, Independent Travel Experts and The Global Travel Group – had grown in size in 2024, with the biggest growth coming in the managed service options, which are Worldchoice Plus and Global Travel Group.
“Members are increasingly looking for that as a way to move forward as it takes away the stress of managing the back office, paying suppliers and things like that,” he said. “We take care of that and they can focus on what they’re really good at, which is selling holidays.”