How Millennials and New Technologies are Impacting Travel and Tourism
The Travel and Tourism Sector has changed drastically in the past few decades. The introduction of new technologies such as online booking apps, instagram and smartphone keys are shifting the industry.
Millennials are also shaping and influencing the travel and tourism market which must now cater to changing consumer behaviour in order to attract younger generations and stay afloat.
The hospitality industry comprises lodging and dining services. It also refers to businesses that provide customers with lodging, prepared meals, snacks or beverages for immediate consumption. It includes both accommodation and food service establishments as the two are often combined.
The largest geographic markets by consumption in the hospitality sector are Asia and the Americas. Asia is the largest region in the hospitality market, accounting for nearly 38% market share. The Americas is the second largest region accounting for 37% market share.
The hospitality industry is constantly evolving, driven by new technologies, for example, major hotel brands are employing digital hotel room keys for their guests’ convenience. Smart room access systems allow guests to unlock their doors by simply swiping their phones across a keyless pad on the door.
Using a smartphone key eliminates problems in the event of key loss or demagnetization of the plastic key card. For example, Starwood Hotels and Resorts introduced a bluetooth-enabled room unlocking app that allows guests to access their hotel rooms through their smartphone.
For more details, please visit: Hospitality Market Global Briefing
Millennials are the demographic group born between 1981 and 1999. They are tech-oriented, creative thinkers who tend to follow innovative trends and smart buyers. They are considered as a strategic segment for travel and tourism businesses since this generation is about to reach its peak earning and spending power in the next 10 years which will boost the sector’s revenue.
Surveys show that 86% of millennial travelers are willing to pay extra for the expediency of flight schedule, regardless of flight cost. Also, 80% of millennial travelers said they would rather explore international locations over domestic destinations. Moreover, Millennial business travelers often chose to extend their business travels for leisure purposes.
Travel companies need to change by taking into account the behavioural trends of millennials in order to attract a younger demographic. For example, this new generation is more keen to explore exotic or unfamiliar locations than previous generations while planning their holidays. Moreover, the so called “Instagram Tourism” is on the rise and companies like ‘Leica’ are capitalizing on this opportunity by launching holiday packages for millennials seeking for the perfect “gram-worthy” destination.
For more details, please visit: Trends in Global Millennial Travel: An insight into the key trends, behaviours and issues of millennial travellers
The global recreational boat market is predicted to generate revenues of more than USD 50 billion by 2023, increasing at a CAGR of approximately 4% during 2017-2023.
Travel and Tourism are growing exponentially across the European region, this will have a positive impact on the development of the global boat market which seemed to be stagnating in past years. In comparison, the fast economic development and the growing demand for charter services in Southeast Asia will boost the demand for new types of services and products in the market.
In general, growth in the Asia Pacific, Latin American, European and Russian region is positively influencing the recreational boat market. The steady economic growth, the proliferation of high-net-worth-individuals, and the rising popularity of Southeast Asian tourist beach and marine destinations are predicted to increase revenues in this industry.
For more details, please visit: Recreational Boat Market – Global Outlook and Forecast 2018-2023