The travel industry is one of the most innovative industries, always pushing boundaries to find new ways to keep consumers interested. From first class luxury resorts to low-cost budget airline tickets, the innovations are endless. How will this industry continue its success in moving forward?
The “tourism” is a field that has seen many changes over the years. The industry looks to innovative future as people are becoming more interested in travel.
According to Euromonitor’s new analysis on the global travel industry, the industry is “rebounding” from its “rock bottom.”
In 2020, tourism expenditure will have decreased by 75%. Travel was one of the first industries to shut and one of the last to reopen, and it continues to be limited in many parts of the globe.
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The immunizations have made it simpler to open up and have reduced the dread of traveling for pleasure or work. According to Euromonitor research, most of the business saw the pandemic as an opportunity to rethink and rewire for a new era of travel.
The newest white paper, “Travel Rewired: Innovation Strategies for a Resilient Recovery,” revealed that the pandemic’s stress prompted firms to innovate, adapt, and reinvent their operations, goods, and services.
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Digital, Sustainable, Safe, and People-centric are four “Innovation Pillars” for a rewired travel sector, according to the research.
According to Euromonitor, adhering to these pillars gives an opportunity for an industry reset. Despite pent-up demand, worldwide tourism is unlikely to exceed 2019 levels for many years.
Inbound tourist spending in the Americas is expected to rebound to pre-crisis levels by 2024, with domestic spending leading the way in the near term. However, the sector is experiencing enormous problems as a result of the climate catastrophe, technological advancements, and the consequences of the pandemic, where corporate activities and customer desires are misaligned.
Companies are taking advantage of the current era of sluggish growth to change how they approach the travel sector, making technology advancements as well as improvements in sustainability and health.
According to Euromonitor’s study, 60% of travel businesses are dedicated to using artificial intelligence to improve user experience, search, and customer support questions. This year, 39% of travel firms will be implementing new technology.
Domestic tourism is driving the recovery in the Americas, as it is in other areas, in the near term. According to Euromonitor, domestic air passenger traffic was almost back to 2019 levels in August 2021, using IATA (International Air Transport Association) statistics.
In contrast to Europe, Euromonitor found that the absence of a public health database drove vaccination passports into the private sector, with businesses like IATA Travel Pass and CommonPass providing the preferred technology.
The hotel sector in the United States has also placed a strong emphasis on cutting-edge technology to improve health and safety. Yotel’s ultra-violet robot (dubbed Vi-Yo-Let) in Boston, as well as Marriott and Hilton’s dependence on their branded air quality solutions like PureRoom, were cited by Euromonitor.
The United States is approaching its recovery in a people-centered manner. According to Euromonitor research, 63 percent of respondents believe that enhancing the customer experience is a top concern. Almost 54% want to become more person-centered. A lot of people want to improve their smartphone experience.
While there is a willingness to provide mobile services, Euromonitor points out that there is a gap. Although over 67 percent of respondents believe mobile check-in is vital for their clients, only 30.5 percent provide a mobile app.
Companies are making significant progress in these areas, as well as in diversity and inclusion. Wheel the World and Sisterwave for Safe Travel are two organizations making advances in the digital area, according to Euromonitor.
Wheel the Globe is an accessible travel booking website that allows persons with impairments to tour the world in the same way that everyone else does. The company offers lodging, excursions, and activities, collaborating with partners to meet customers’ individual requirements via individualized customer service.
Sisterwave is analogous to a “Women’s Airbnb.” It is aimed towards transgender and cisgender women, and it creates a network that encourages safe solo travel. Inclusion, equality, coexistence, and connection are all boosted.
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