LockTrip Reports New Bookings Record with 421% Growth in Q3 2021!
In the third quarter of 2021, a record 1,694 room-nights were booked through the LockTrip.com marketplace. This represents a 125% increase compared to the previous quarter and 421% year over year.
The total volume of bookings reached a record $216,000 — up 380% compared to the same quarter last year.
From the above chart, it is clearly visible that Corona had a strong impact on the performance, but did not stop LockTrip from effectively growing its user base and improving the platform. The accumulation of this showed in the Q2 and Q3 results, even though the pandemic continues to impact certain areas and countries.
Excitingly, more than 60% of all bookings made this quarter came from accounts that registered in 2021.
The map above shows the geographical distribution of the destinations booked. Popular countries for Summer vacations such as Spain, Italy, and Greece performed strong (accounting for more than 5% of bookings each) and lead the rankings.
A total of 58 countries were booked this quarter, highlighting the competitiveness of the LockTrip.com marketplace around the globe.
Looking at the continental distribution, we can see that Europe has recovered a lot of its losses and is now back to its usual strength (62.2% of total bookings).
Crypto payments accounted for 8.3% of all bookings (despite LOC payments being temporarily disabled due to the marketplace migration from Ethereum to Hydra chain). They contributed 9% in terms of booking volumes, thanks to a higher average value compared to credit card bookings.
Distribution of Booking Values
In the graphic below, each circle represents an individual booking.
The average booking value was $367 for the period of Q3, which is in between the last two quarters. The deviation around this average is large, with the lowest and highest value bookings ranging from $4.50 on the low end up to $7,915 for the booking with the highest value.
Discounts & Pricing
For the past quarter, 73% of bookings made on LockTrip.com offered savings compared to traditional booking sites. The remaining 27% matched publicly available pricing.
On average, LockTrip.com users realized 19% in savings across all bookings — and 26% considering only bookings with a discount.
We are looking forward to the last quarter of the year, with new improvements and features coming to the marketplace — which will further improve the booking experience of our users! Some of them will be shared in the upcoming October update.