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Direct from the shop floor on the first day of the 3 day World Travel Market event in London’s Excel, with Global Consumer Trends; Opportunities for the Travel with Paul Davies and Mintel Research. We learn about the 6 key consumer trends affecting the travel industry right now and how brands can adapt and take advantage of these. An exciting start to WTM 2018.
On this episode we cover:
-The six consumer trends having the biggest Impact on the travel industry
-One constant theme – rising demand for experiences – the experience economy. Doing things that are different from the norm
-Young consumers wanting ‘more’ from a trip away -Experience is all – shift from owning goods to owning experiences
-The digital dilemma – loving tech but becoming more aware of the need to escape
-Make it Mine – the rising demands for personalised products and services -50% UK consumers would rather spend money on luxury holidays rather than luxury goods
– The huge rise and demand for experiences compared to product dominant areas which only see single-digit growth -the holiday market continues to prosper -consumers demanding experiences like never had before
– Trying something new, a bit unconventional -Social media – Instagram playing a bigger part in determining the choice of holiday
– People going to quirkier destinations -Brands already tapping into this
– Culture Trip – a travel blogging website launching online travel agency
-Looking to millennials to try more unusual activities -Airbnb and other accommodation tapping into this demand -Encouraging people to book activities via the same platform
-Moving away from museums and cathedrals to more secret locations
-Going against the norm in terms of where they stay – looking for nature lodges, traditional Japanese inns, yurts etc –
Transformative travel – the rise of this
-People looking to go away to discover a new side to themselves, a new connection to nature, to travel more responsibly, to volunteer
-50% of US travels saying they want to travel like a local less touristy landmarks -Fly, flop and shop
– Hotels partnering with local retail and leisure centres
– Consumers prioritising experiences over products
-Brands that offer unconventional activities
-Experience doesn’t have to be too radical – it’s not all yoga and yurts – just getting them out of the hotel for the day
-The digital dilemma -On one hand consumers are attached to their smartphones 24/7 but on the flip side more and more consumers are becoming more aware of the dangers of too much social media
-The positive side of digital – Consumers really recognising the emotional benefits of social
– bring them closer to others
-The rise of gamification in travel use augmented reality to explore cities and destinations
-Travel helping with the more mundane side of travel – apps to guide through airports
-Thomas Cook’s end of towel wars –reserving sunbeds -But also – the rise of the analogue experience.
-People escaping technology altogether.
-Consumers are recognising the desire to disconnect temporarily
-Growing awareness of detrimental of overuse of technology
-Apple screen time launched -58% of UK consumers say they like to get away from technology on holiday
-Live Like a Nomad
-Opportunities for travel brands
-Mobile apps that make travel easier
-Promoting more analogue experiences
-Instead of banning tech – help consumers
-Make it Nice – embracing customisation
-The rise of personalised products and services
-Privacy-conscious – 52% of UK travellers are not confident in knowing what info they’re sharing online but at the same time want personalised products and services
-How the hotel sector is embracing customisation
– Thomas Cook new tailor-made service
– Luxury travel brands play on tailor-made
– Kuoni at the forefront of this