Intermediary companies are among the players hit hardest by the pandemic in Turkey’s travel industry. While travel intermediaries overall are seeing the beginnings of recovery in 2021, they are still having the worst kind of cashflow issues.
On top of travel restrictions, the devaluation of the Turkish lira means that the comparative cost of trips abroad has increased very sharply in 2021. The Turkish lira is among the fastest devaluing currencies globally in 2021 and the currency crisis has been compounded by real wage growth freezes, rising unemployment, high inflation and political instability.
Travel intermediaries is expected to recover fully from the impact of the pandemic, with value sales (in current terms) reaching pre-pandemic levels by 2024. This recovery is expected to come at the expense of smaller operators, with the market consolidating over the forecast period as the recovery will favour larger operators.
Before the outbreak of COVID-19, some two thirds of the total revenue generated by travel intermediaries in 2019 was online. By the end of 2021, it is expected that around three quarters of sales will have shifted online, and by the end of the forecast period, the percentage of total sales expected to be generated online will be even higher.
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This report originates from Passport, our Travel Retail research and analysis database.
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