LockTrip Reports Record Bookings with 754% Growth in Q1 2022!
We are excited to report another record quarter!
In the first quarter of 2022, a record 1,794 room nights were booked through the LockTrip.com marketplace. This represents a 754% increase year over year and 3% compared to the last quarter.
The total volume of bookings reached $238,000 — up 795% compared to the same quarter of 2021.
When putting things into perspective regarding Covid-19, we get a clearer understanding of what these numbers actually mean. Without a doubt, the growth rates are impacted by the base effect inherited from Q1 2021.
However, the industry continues to be significantly impacted by the Omicron wave, canceling out some of these effects. In order to represent this impact visually, we have marked the last two quarters in orange.
To quantify the level of impact, you can refer to the first-quarter performance of popular OTAs, which are still down ~20% compared to pre-pandemic levels.
The map above shows the geographical distribution of the destinations booked. Due to the Winter season, we can see that Southern Europe has a lighter presence in the mix, which should reverse in Q2 and Q3.
Looking at the continental distribution, we have seen a very dominant position in Europe, capturing 79.7% of all room nights booked (up from 73.5% in the previous quarter)!
South America, Oceania, and Africa each managed to double their shares compared to the previous quarter (albeit from a small base).
Crypto payments accounted for 2.0% of all bookings. However, they contributed 3.5% in terms of 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 $403 for the period of Q1, which is a slight drop compared to the previous quarter. The deviation around this average is large, with the lowest and highest value bookings ranging from $1.75 on the low end up to $5,926 for the booking with the highest value.
Discounts & Pricing
For the past quarter, 76% of bookings made on LockTrip.com offered savings compared to traditional booking sites. The remaining 24% matched publicly available pricing.
On average, LockTrip.com users realized 21% in savings across all bookings — and 28% considering only bookings with a discount.
We are looking with great excitement to the coming quarters, as new improvements and features are coming to the marketplace and the LockTrip Affiliate League is set to start in June. Be sure to participate, to win a share of the $24,000 Prize Pool!
LockTrip is a blockchain-based travel marketplace that allows users to save up to 60% on their bookings by cutting out middlemen. Every booking burns LOC proportionally to its booking value, continuously reducing its total supply.