Last Updated on: 23rd August 2024, 09:24 am
Holidaymakers are losing thousands of pounds on travel each year, due to having inadequate insurance or being unable to travel. To help combat this, TransferTravel.com is aiming to transform the secondary travel ticket market.
The company was established in 2016 and prides itself on helping travellers get money back on un-wanted, pre-booked travel plans that would usually go to waste, while creating last-minute travel deals, cheaper than anywhere else.
Dubbed as the ‘eBay for holidays’, travellers are given the option of listing their travel plans for sale on Transfer Travel, who then advertise the item to thousands of eager buyers looking for last-minute travel bargains. Buyers get the chance to find some last-minute deals up to 80% off the original price.
Without this service, thousands of people risk losing their pre-paid holidays – and their money – completely.
A study by investment banking and capital markets firm, Jeffries, found that the secondary ticketing market is forecasted to be worth approximately $130 billion by the end of 2024, with substantial contributions from both the event and travel industries.
Transfer Travel have explained some of the possible causes for so much wastage. A spokesperson said: “Airlines overbooking flights is a common practice that is intended to compensate for no-shows. However, when all passengers do show up, excess passengers are bumped, leading to wasted tickets and accommodations.”
Another cause stems from the lack of insurance travellers purchase, one third of travellers have the incorrect level of protection and over 60% of travellers do not purchase insurance at all, according to a Forbes Advisor Poll.
The spokesperson added: “When travellers do get insurance, it often doesn’t cover their specific needs for the trip, leading to gaps in coverage regarding cancellations. For example, travellers with pre-existing medical conditions may find themselves unprotected if such conditions are not covered in their insurance policies; resulting in them not receiving the compensation they may be entitled to. Subsequently, travellers frequently end up listing their travel plans for sale when unexpected changes arise.”
However, Transfer Travel states that the most prevalent cause of the wastage is inflexible booking policies which render most tickets non-refundable. Consequently, last-minute cancellations and no-shows increase, often due to unforeseen circumstances, placing the burden of loss unfairly on travellers. This leads to billions of travel plans being wasted each year, in fact, the Guardian reported that from 2019 over 35,000 commercial flights have operated with less than 10% of seats filled.
To help combat the huge losses incurred by thousands of holidaymakers, Transfer Travel provides a solution by taking the necessary steps to revolutionise the secondary ticketing market. It is an online, peer-to-peer, secondary marketplace that assists in the resale of non-refundable travel plans. This includes various forms of travel, such as package holidays, accommodation, flights, vouchers, and more. In the past year, it has assisted over 98,000 customers with this issue and are consistently improving services to further this support.
Transfer Travel allows registered sellers to list their travel plans for sale. A study by Forbes showed that 80% of travel bookings are transferable. With legislation enforcing this, under the s9 EU Travel Directive (2015), package holidays are transferable as long as a 7-day notice is provided to the travel provider.
However, it must be noted that transferability will also be dependent upon individual travel provider’s provider terms. As each provider has different rules and requirements, we would always encourage you to check this before utilising any resale sites.
In most cases, travel plans are transferable but are subject to further fees – such as a name change and admin fees. For example, Jet2 allows the transfer of their holidays however an admin fee of £35.00 per person, per one-way flight is required.
By facilitating the resale and exchange of pre-loved travel tickets, the lifecycle of such plans is extended, minimising waste. As sustainability becomes increasingly important to the average consumer, with 65% prioritising companies that practise environmental responsibility, the secondary travel market aligns with these values by reducing the waste associated with unused travel bookings.
A Transfer Travel spokesperson said: “Prospective buyers are given increased access to travel options that might not be available or affordable through their primary channels, whilst subsequently allowing sellers to recoup any losses they otherwise would not have had the opportunity to do.
“This helps bridge the gap of disparity surrounding affordability across the travel industry, particularly important in a growing cost of living crisis. This provides all travellers with an opportunity to attain great travel opportunities and experiences flexible to their budget, whilst ensuring that others do not remain out of pocket.
“Despite challenges through rigid booking policies and non-refundable tickets, platforms like Transfer Travel provide valuable solutions by providing travellers with a safe space for resale – giving your travel plans a second chance.”
To find out more, or to browse its current holiday offerings, visit TransferTravel.com.
