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Generation Hashtag Impact on Travel and Tourism - Thematic Research

Generation Hashtag Impact on Travel and Tourism - Thematic Research

  • November 2020
  • 44 pages
  • ID: 5987117
  • Format: PDF
  • GlobalData

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Generation Hashtag Impact on Travel and Tourism - Thematic Research

Summary
Generation Hashtag cannot be put in to a box.The characteristics and preferences vary significantly from member to member of this cohort.

The varied nature of Generation Hashtag gives marketing departments a constant headache.Devising campaigns that will be well received by the largest possible portion of Generation Hashtag is becoming increasingly difficult.

However, the fragmented nature of this market also provides opportunity.New tourism companies have the chance to emerge to meet new, evolving traveler characteristics and behaviors created by young consumers.

Additionally, this gives new companies a chance to charge higher prices due to a lack of direct competition that can cater for these new, evolving demands.

This thematic research report takes an in-depth look at Generation Hashtag, the main companies and themes that are experiencing success with this market, as well as the industries and business types that are becoming increasingly out of favor with this highly unique cohort.Specific travel trends that have been shaped by Generation Hashtag are outlined, assessing how these trends have become increasingly important as the significance of Generation Hashtag as a consumer group has evolved in recent years.

Additionally, a generational and geographical analysis is provided, along with company case studies and recommendations for CEOs and senior executives, detailing how to capitalize on this lucrative market. Mergers and acquisitions related to Generation Hashtag are also listed, followed by company profiles, providing information on their competitive position in the Generation Hashtag theme.

Tourism is well-placed to capitalize on a new wave of demands from Generation Hashtag, given its experiential and personable nature.

Key Highlights
- Due to the highly fragmented needs of this cohort, created through their social nature and access to a range of travel ideas through the internet, the types of niche tourism which have emerged in recent years are likely to be broken down even further. This gives opportunities for travel providers to become even more specialist, which allows them to charge a premium due to a lack of competition. Dark tourism could be used as an example. Due to its popularity with Generation Hashtag, dark tourism may start to contain specific categories. Nuclear disaster sites are becoming increasingly popular with dark tourism destinations, with Fukushima and Chernobyl drawing in thousands of visitors every year. The popularity of these sites may grow to a point where this type of tourism gets its own name, such as ‘nuclear disaster tourism’.
- Generation Hashtag will also book spontaneously; this trend may have even been accelerated further due to an increase in traveler uncertainty caused by the pandemic. An increase in spontaneous travel and reduced booking lead times could spell planning disasters for hotel management teams. New data released by IHG (October 2020) has shown a significant rise in spontaneous travel with reduced booking lead times.
- The highly negative economic impact that COVID-19 has created could directly affect the amount of disposable income than Generation Hashtag has available for the coming years as youth unemployment rises across the globe. According to Week 8 COVID-19 Recovery Consumer Survey, how well a product/service aligns with time and money constraints is now highly important for Gen Z and Millennials are ‘often’ or ‘always’ influenced by this factor. These percentages are now likely to increase even further as Generation Hashtag may be more cash-strapped than ever before in the coming years.

Scope
- This report provides an overview of the behaviors and characteristics of Generation Hashtag.
- This report clearly defines and explains what constitutes Generation Hashtag and how its characteristics differ from previous generations.
- This report provides a detailed assessment of the importance of Millennials and Gen Z to the Travel & Tourism sector.
- This report provides examples of what companies in the Travel & Tourism sector are doing to attract Generation Hashtag, along with own recommendations.

Reasons to Buy
- To understand what is meant by Generation Hashtag and assess this cohorts’ unique demands and impact on the tourism sector.
- To assess how Generation Hashtag differs from other important cohorts.
- To become aware of the strategies that companies and DMO’s are adopting to tap into this market, as well as the strategies and business types that have not fared well with this cohort.
- To view real-world case studies and trends from across the Travel & Tourism sector.
- thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors.
- It has a proven track record of identifying the important themes early, enabling companies to make the right investments ahead of the competition, and secure that all-important competitive advantage.

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