Travel agents in the UK have fought back against services promoting self-organised holidays, like Airbnb, with a new report showing that travel company insolvencies have fallen by nearly a third since 2013.
Conducted by accountancy firm Moore Stephens, the study found that the number of failed travel agency and tour operator businesses fell from 47 to 33 per annum over the past five years, The Scotsman reported.
Though the travel industry would no doubt prefer to see that number fall further still, the trade’s improved performance should be encouraging.
The report also revealed that companies that had focused on specialised and niche holidays were helping stem the flow of business going the way of DIY travel.
“Travel agencies are performing better than they have been in recent years. New technology platforms and the evolving expectations of travellers have revolutionised the way the sector works,” Moore Stephens restructuring and insolvency partner Chris Marsden said.
“More travellers, especially from the younger generation, increasingly want an ‘experience’ rather than just a holiday – that gives travel agents and tour operators a real opportunity.
“It is harder to piece together those more complex, once-in-a-lifetime holidays from the internet, and that is where travel agents can still compete really well.”
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