Marsh & McLennan (MMC) Survey Stresses AI Role in Travel Booking

Core Insights - The report by Oliver Wyman emphasizes the transformative impact of generative AI on leisure travel planning, indicating a growing reliance on AI tools among travelers [1][2] Industry Trends - The use of AI for itinerary planning and trip inspiration has risen to 41% among Canadians and Americans, up from 34% in August 2023, showcasing a significant trend towards AI integration in travel [2] - Online travel agencies (OTAs) have a potential opportunity to increase their booking share by up to 17 percentage points by 2029 if they invest in AI capabilities, which could lead to over $2 billion in commission revenues from suppliers [2] Company Performance - Oliver Wyman's revenues reached $789 million, reflecting a 13% increase on an underlying basis in Q1 2024, indicating strong performance and growth potential [3] - The report may facilitate partnerships with travel companies, enhancing Oliver Wyman's advisory business and attracting new clients [3] Consumer Behavior - A significant 82% of travelers using AI tools are expected to continue using them in the future, highlighting the growing acceptance and reliance on AI in travel planning [5] - The survey revealed that 59% of travelers under 45 and 31% of those over 45 are utilizing AI tools for travel planning, indicating a broad demographic engagement with AI [6] - Over 90% of travelers use AI for booking travel plans, with 44% booking activities and 43% using AI for dining suggestions, demonstrating the extensive application of AI in various aspects of travel [6]