Except trivago, all companies saw their revenue increase from 2022 to 2023. Year-over-year sales ranged from -42% (Trivago) to +113% (Trip.com). Compared to 2019, only last Minute.com and Trivago recorded lower revenue than before COVID-19. Airbnb's revenue doubled in 2023 compared to 2019.
Among the total revenues of the 10 online travel agencies included in this report, Trip.com's share increased the most from 6.7% in 2022 to 11.4% in 2023, while Expedia's share decreased from 26.4% to 23.3%, and Airbnb's share decreased slightly. decreased. From 19% to 17.9%. Booking.com maintained 38.7%. The remaining six competitors (Tripadvisor, Trivago, eDreams Odigeo, Despegar, MakeMyTrip, and last Minute.com) saw their overall share of total revenue decline in 2023 from 9.3% to 8.8%.
Looking at the world of the “Other” six players, two metasearches (Tripadvisor and Trivago) saw their share decline, while Despegar saw a significant increase from 2020 to 2021.
Looking at the world of the six “other” players, Tripadvisor, Despegar, and MakeMyTrip have increased their share, while the rest have decreased. In particular, Trivago will increase its revenue share from 13.7% of these six players in 2022 to 10.8% in 2023.
All companies except eDreams (0%) and last Minute.com (-2%) increased their marketing spend in 2023. Trip.com more than doubled its marketing (+111%), which, as we saw previously, led to a similar increase in revenue (+113%).
The marketing-to-revenue ratio can indicate the relative effectiveness of your marketing spend. The higher the ratio, the more marketing pressure the company must exert to drive sales, but the characteristics of the product must also be taken into account. Travel companies have cut all non-essential marketing investments in 2020.
eDreams Odigeo still maintains the highest marketing/revenue ratio at 71%, but is lower than 80% in 2022. Last Minute.com also reduced this percentage from 44% in 2022 to 40% in 2023. Airbnb and MakeMyTrip have the lowest. The marketing/revenue ratio indicates a strong brand and low reliance on performance marketing.
All travel agencies saw EBITDA improvement from 2022 to 2023.