Trends in Tourism – Report Bundle (5 Reports)
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Trends in Tourism Market Bundle Report Overview
‘With travelers desiring new experiences, the travel sector is constantly transforming. After the pandemic, the sector is now faced with big challenges. With the rise of tourism trends, industry suppliers are to revamp their businesses and experiences as we get into the new normal.’
As a part of this bundle, you will gain access to in-depth insights available in the following reports:
- Thematic Research: Low Cost Evolution
- Thematic Research: Premiumization in Travel & Tourism
- Thematic Research: Niche Tourism
- Thematic Research: Airlines Sector Scorecard
- Thematic Research: Terrorism & Conflict
Report 1: Thematic Research: Low-Cost Evolution
Travel apps have been heavily adopted by tourism-related organizations operating in the low-cost market. Low-cost companies that are not developing and investing in app technology stand to become laggards within their respective sectors. Apps shape travelers’ spending habits by sending push notifications regarding last-minute deals while allowing for personalization. Internally, apps reduce overheads by instantly solving customer queries with ‘frequently asked questions’ sections and allowing companies to create a competitive edge. Many major low-cost transportation and lodging suppliers in the tourism industry continuously generate big data for their dynamic pricing strategies. Pricing within the travel industry is constantly evolving to match the needs of consumers and what they are willing to pay for products and services at different times of the year. Pricing can be adjusted by customer booking patterns, competitor prices, and even macroeconomic and geopolitical factors. For example, in February 2022, Frontier Group Holdings, a company engaged in providing low-cost airline services, agreed to merge with Spirit Airlines, an ultra-low-cost carrier, bound to satisfy customary closing conditions.
Transportation, Lodging, and Intermediaries Sectors Driving the Low-Cost Evolution
Report 2: Thematic Research: Premiumization in Travel & Tourism
It has been well established that the pandemic has transformed many travelers into high-net-worth individuals. This trend will benefit the luxury tourism market while increasing the importance of premiumization and customized travel experiences for more travelers that can now afford to indulge in luxury products and services. Smart cities and destinations will help to create hyper-personalized services and products. The advanced technologies involved in a smart destination work together to gain a deep understanding of travelers’ needs, while optimizing experiences based on their preferences. Growth in the smart cities market will help to enhance personalization even further. For example, high-yielding travelers have flocked to Eastern Uruguay’s coastline in recent years. Beach towns such as José Ignacio, Manantiales, or Miamesque Punta del Este welcome tourists looking for exclusivity. The contribution to economic growth that high-net-worth travelers can provide makes them highly sought after. Affluent travelers can boost local economies while also helping to reduce the risk of overtourism. Popular destinations have realized this and are now placing a greater focus on high-value travelers.
Report 3: Thematic Research: Niche Tourism
Niche tourism is now recognized across the entire industry, with many companies looking to differentiate their brand from others. Niche tourists are constantly searching for engaging and unique experiences that match their interests. In recent years, mainstream holiday providers have identified niche tourism as a potential growth area and, subsequently, niche tourism is no longer confined to small independent companies. Many large conglomerates such as Expedia, TUI, and Booking Holdings have globalized the niche tourism industry through mergers and acquisitions and brand extensions. Over the past 20 years, the industry has seen three disruptors that have changed consumer behavior for good. These developments have led to the rise of online travel aggregators (OTAs), price comparison sites, and travel review sites (such as TripAdvisor), changing the way consumers shop for tourism products. The online travel boom has made holidays more widely available across various suppliers. Hence, many travelers are no longer loyal to a single brand. For this reason, many tourism companies need to find ways to differentiate themselves from one another, resulting in the generation of niche tourism. It enables the tourism company to target a specific market segment and cater to its particular demands and needs.
Report 4: Thematic Research: Airlines Sector Scorecard
The airline industry has become competitive and is expected to become more competitive in a post-COVID world with consolidation expected to occur. Big data has been and will continue to be important for the airline sector. Airlines will seek to leverage data insight to cross-sell additional services as some seek to become total travel providers. As COVID-19 has decimated revenue, these small wins and integrations could create large returns for carriers. Among them, cloud computing will continue to support the transition from an industry operating slow legacy systems into an efficient one. Also, 5G has the potential to allow airlines to save on maintenance costs by supporting proactive maintenance. IoT devices are currently in use on many aircraft to constantly monitor software and predict maintenance. 5G networks will also allow for the quicker processing of this information, reducing costs by planning proactive maintenance.
Report 5: Thematic Research: Terrorism & Conflict
There is very little that travel and tourism companies can do to prepare for the threat of terrorism & conflict other than increasing security. Terrorist attacks often occur with no prior warning and they can have severe consequences for a destination. With global conflicts on the rise, it is often easier to spot the warning signs and put measures in place to reduce the impact than to face the consequences later. Companies have to ensure the safety of their customers is of paramount importance and steps are taken to reduce the possibility of a safety breach. Unfortunately, terrorism & conflict will continue to occur, and some companies may be forced to suspend operations and withdraw from certain markets. Extremists will continue to exploit densely populated areas, which unfortunately means transport terminals, stadiums, hotels, and shopping malls among others. That is why robots are now being increasingly utilized to help organizations and governments act proactively against terrorism threats to ease traveler concerns. Airport security robots are increasingly being deployed across the globe. Powered by artificial intelligence, they can detect threats with the help of embedded facial recognition technology, which could prevent disastrous events from unfolding for both domestic and international travelers.
Report 1: Thematic Research: Low-Cost Evolution (2022)
Report 2: Thematic Research: Premiumization in Travel & Tourism (2022)
Report 3: Thematic Research: Niche Tourism (2022)
Report 4: Thematic Research: Airlines Sector Scorecard 2021
Report 5: Thematic Research: Terrorism & Conflict (2021)
Table of Contents
Frequently asked questions
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Report 1: Thematic Research: Low-Cost Evolution (2022)
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What are the factors taken into consideration for adjusting prices in the low-cost evolution theme within the tourism sector?
Pricing can be adjusted in the low-cost evolution theme within the tourism sector by customer booking patterns, competitor prices, and even macroeconomic and geopolitical factors.
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Report 2: Thematic Research: Premiumization in Travel & Tourism (2022)
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Why popular destinations are now placing a greater focus on high-value travelers?
Affluent travelers can boost local economies while also helping to reduce the risk of overtourism.
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Report 3: Thematic Research: Niche Tourism (2022)
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What are the several disruptors that have changed the way consumers shop for tourism products?
The rise of online travel aggregators (OTAs), price comparison sites, and travel review sites (such as TripAdvisor) has changed the way consumers shop for tourism products.
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Report 4: Thematic Research: Airlines Sector Scorecard 2021
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What are the technological innovations that are being integrated into the airline sector to become more competitive?
Technologies like big data, 5G, and IoT are some of the recent technological advancements that are being integrated into the airline sector to make it more competitive.
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Report 5: Thematic Research: Terrorism & Conflict (2021)
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Why robots are essential to keep airports safe?
Powered by artificial intelligence, robots installed at airports, can detect threats with the help of embedded facial recognition technology, which could prevent disastrous events from unfolding.
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