Mapping the $158 Billion Impact of Online Travel Agencies
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OTAs like Booking.com provide $158 billion in consumer savings from 2019-2021 across 27 countries according to a report by Oxford Economics. The US saw the most savings at $49.8 billion.
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OTAs put downward pressure on accommodation prices by increasing competition - a more knowledgeable consumer forces providers to compete.
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The COVID-19 pandemic weakened the impact of OTAs. Global savings fell from $81 billion in 2019 to $31 billion in 2020 before recovering to $45 billion in 2021.
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OTAs contributed significantly to GDP and job creation in the analyzed countries, especially in Europe and Asia Pacific.
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Oxford Economics estimated OTAs created nearly 1 million jobs in 2019 in just 8 Asian countries studied.