2. WTM 2018 - Global Consumer Trends: Opportunities for Travel

Nov 05, 2018, 03:12 PM

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 bigger part in determining 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 – looing 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 

 - nomadic tourism on the rise 

-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 

 -Hotels using smart technology to top into this personalised trends – Accor pumping different aromas into your room, Virgin Hotels launching ‘The Know’ to personalise minibar and more. 

 -Package holidays looking to do more of this – consumers getting greater say 59% of millennial would prefer package holidays tailored to their tastes 

-Growth forecast for the package market and even stronger growth for personalisation 

-Life hacking trend – computer overwhelmed by information and looking for short cuts 

-Cashing in – the sharing economy but consumers wanting to monetise their time in new ways 

 -Return to the experts – the rise of digital services encouraging people to seek out human advice – the travel agent still playing a dominant role 

 -Growth of luxury specialists