Those days have been passed when luxury travel was a privilege reserved to the well-heeled. Today’s customers have access to all these services, thanks to disruptive low-cost airlines and mobile booking sites. Travel agents and agencies are racing to enhance the consumer experience, cover more market and customer loyalty. Here we are going to provide you some highlights of Travel & Hospitality Industry in the current scenario.
Customers’ demand, they are “a-changin”. Such an enormous growth has changed the face of Travel and Hospitality industry. As money is flowing from east to west, as middle class continues its surge, and as the Optimistic generation – which within 10 years will be in its peak earning, spending and travel years – demands faster, personalised services, many service providers have moved toward a model that caters to these changing demographics.
Demand & Supply
Travel and Hospitality industry contributes 9% of global GDP, at the same time industry is the largest employer in the world, provides employment to one in 11. However, as large as the industry is, it has the potential to be a lot bigger. Within the decade, it is anticipated that this industry will create an additional 75 million jobs. Look at the numbers and you’ll see why: the travelers population has doubled in the past 20 years and is expected to be twice again over the next 20.
Technological Innovation: A trend setter
Technical advancement is no more astonishing to the world, in every two second a new technology is being introduced to the world. Where do you stand? As mentioned above, “ Travel and hospitality” industry is making up large portion in global economy. Are you catching up hold on your customers? Your potential customers are planning trips and vacations online rather than calling up to hotels’ reservation desk and booking an accommodation for a trip. Being into travel & hospitality business it is substantial to know what is happening in global market, and what you customers are demanding. Here is some statistics…
Travelers are planning vacations online
Ringing up the hotel reservation desk for booking is no more in trend now. Most of the travelers will prefer instant booking with the smartphones, tablets or through desktops. According to the data gathered from Travel Weekly, tablets, smartphone and computer ownership is surging among people who regularly book travel over the internet and a recent PhoCusWright study suggested that the flow is crafting a growing user base that expects suppliers (and online travel agencies (OTAs) ) to boost both their mobile websites and interact with a comprehensive selection of travel application.
What global travel & hospitality industry states
The travel and hospitality industry is one of the world’s largest industries with a global economic contribution (direct, indirect and persuaded) of nearly Seven Trillion U.S. dollars in 2013. The direct economic influence of the industry, comprising accommodation, transportation, entertainment and attractions, was nearly 2.2 trillion U.S. dollars that year. A number of nations, such as France and the United States, are consistently popular tourism destinations, but other, less well-known countries are swiftly emerging in order to reap the economic benefits of the industry.
Worldwide, the travel & hospitality industry has experienced sound growth almost every year. Global tourist arrivals increased from 528 million back in 2005 to 1.09 billion in 2013. Statistics were anticipated to exceed 1.8 billion by 2030. Each year, Europe obtains the most international tourist arrivals. It also produces the most travelers: with just fewer than 566 million outbound visitors in 2013, the country had more than double that of the second-largest tourist origin, the Asia Pacific region.
(Source: Statista )
In 2013, Global Tourism Revenue touched approximately 1.16 trillion U.S. dollars, having nearly doubled since 2005. That year, China had the largest global tourism spending, followed by the United States and Germany. The leading city in global traveler expenditure was London, where visitors spent more than 19 billion U.S. dollars in 2014.
Technological advancement is pushing the usages of latest Travel & Hospitality technologies such as CRM, ERP, Booking Engines, Mobile Applications, Beacons, IoT, BigData and enterprise industry software. Today, leading travel and hospitality players are focusing & investing more and more on their online presence. If you are into travel & hospitality business, this is the right time start growing digital to get hold on mobile travelers. Choosing a right travel and hospitality technology services & solutions can lead you a way ahead than your competitors. Click here to get in touch with us.