Meaningful experiences, sharing practices, respect of privacy and environmentally-friendly products and services are set to be this year’s key areas of focus in tourism and travel for the increasingly aware traveler, according to the latest report released by the World Travel & Tourism Council (WTTC) and Bloomberg Media Group.
Titled “World, Transformed: Megatrends and Their Implications for Travel & Tourism”, the report’s analysts note that continuous innovation and reinvention will be key if companies active in travel and tourism want to be ahead of the demand, and particularly in view of forecasts for 8 billion air travelers predicted by 2037.
More specifically, stakeholders active in tourism and travel should bear in mind that:
- Travelers are seeking meaning, self-improvement and stronger connections,
- Millennials and Generation Z are more likely to rely on personal networks than experts,
- Over-automation not necessarily an advantage,
- Privacy, shared values, and authenticity a consumer priority,
- Ethical practices key to attracting sustainably-minded travelers and protecting the destinations being promoted.
“The challenge is for destinations and businesses to embrace the opportunities of this changing global landscape and the expectations of tomorrow’s consumers,” said Gloria Guevara, President & CEO, WTTC, speaking at the FITUR travel fair in Madrid.
- Sharing and connectivity,
- Experiences with emphasis on wellness are set to be at the center of travel with over 8.2 trillion dollars in global expenditure forecast for the experience economy,
- Travel is set to become a lifestyle, with increased mobility and sharing economy practices increasing across all areas
new technologies will open new ground but businesses must be careful not to jeopardize consumers’ need for privacy and transparency,
- New centers of social and economic influence are expected to emerge in the East and South, travel and tourism organizations will need to boost their presence and insight of new markets; and businesses will be required to diversify offering sharable moments and globally relevant products,
- Sustainable business practices will matter more than ever, with protection of the environment and contribution to the community a top requirement.
“As these implications converge, organizations in the travel and tourism industry will need to make investments to take advantage of the new realities,” said Andrew Benett, CEO, Bloomberg Media Group.