Key Themes in Travel and Tourism 2024 - Thematic Intelligence
Summary
This report covers the key technology, industry, macroeconomic, and ESG themes that will have a significant impact on travel and tourism in 2024. Whether you are looking to invest, gain competitive intelligence, or just become more familiar with one of these themes, this report provides a comprehensive analysis of each one, while also outlining how these themes interlink, making this report a must-read This report pinpoints the themes that are most likely to impact your financial performance and position in the market. Each theme is given an in-depth description, an explanation as to why it is important in travel and tourism, data-led analysis, and case studies on how it is being used in different tourism sectors.
Key Highlights
The tourism sector will be very different in 2024 from what it was in 2019. Prolonged movement restrictions imposed by the COVID-19 pandemic brought about shifts in business operations and goals, as well as traveler behavior and preferences. During COVID-19, remote working and online conferences became more prevalent, and digital tools began to be used more than before, by both businesses and individuals.
A strong online presence is now vital for travel and tourism companies, and this needs to be bolstered by innovative apps, AI. Travel apps are commonly becoming a one-stop-shop for the whole travel journey. Furthermore, the rise of the web-based marketplace for travel has allowed companies to harness greater consumer data to deliver more personalized offerings.
GlobalData has developed a unique thematic research ecosystem designed to take a holistic view of the big themes that impact companies in the travel and tourism industry. Our 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. These themes will change over time—every few months, some themes will drop out and new ones will be added. It is a living ecosystem, not a static one.
Scope
- This report is part of GlobalData's Thematic Intelligence. These reports provide insight into the key industry, technology, and macroeconomic themes changing the travel and tourism industry in the medium and long term, as well as an insight of the companies driving and being impacted by these changes. This report focus is on the Key Themes in Travel and Tourism for 2024.
- Understand the travel and tourism trends that will escalate in the near future.
- Assess how travel and tourism companies such as tour operators, OTAs and DMOs are utilizing these themes to drive revenues.
- Acknowledge the potential challenges that will be faced by companies involved in these themes by understanding the social, cultural, and environmental effects on the destination.
- Discover recommendations for businesses involved in these themes.
- GlobalData’s 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.
- All across the travel and tourism supply chain, companies now have an opportunity to capitalize on what GlobalData considers to be the most impactful themes on the travel and tourism industry in 2024, and there are notable examples of this. Therefore, all should buy this report to fully understand how this theme will continue to be a key theme in the future travel landscape.
- Executive Summary
- Travel & Tourism Theme Map
- Viewing the world’s data by themes makes it easier to make important decisions
- Technology Themes
- Artificial intelligence
- Travel & tourism challenges
- The impact of AI on travel & tourism
- Case study – Hopper
- Cybersecurity
- Travel & tourism challenges
- Collaboration is vital
- Cyber-ignorance accelerates the need for cybersecurity
- Case study – MGM Resorts
- Industry Themes
- The experience economy
- The experience economy has an impact on every part of the tourism industry
- Young travelers are shaping a new pattern
- Case study – Royal Caribbean International
- Niche tourism
- Travel intermediaries play a vital role
- Holidays are becoming more varied
- Case study – Black Tomato
- Online travel & travel apps
- Technology is having a transformative impact
- Travel and tourism companies need to continue investing in online travel
- Case study – MakeMyTrip
- Case study – TripIt
- Personalization
- Marketing needs to shift towards personalization in the digital era
- Why personalization is important
- Case study - Lonely Planet
- The sharing economy
- There are positive and negative aspects to the sharing economy
- The sharing economy saw an unprecedented rise
- Case study – Spinlister
- Macro Themes
- Geopolitics
- Geopolitical conflicts pose a serious threat to the travel industry
- Trust in a product influences travelers’ product/service purchasing decisions
- Case study – North Korean conflict
- Inflation
- Paths to a harder landing
- The disparity between countries with high inflation and those overly concerned with their financial situations
- Case study – Theme park and attractions sector
- ESG Themes
- ESG 2.0
- ESG 1.0 is over
- ESG 2.0 is mandatory
- Environmental focus
- The anti-ESG movement
- The US leads on government subsidies for clean energy
- Case study – G Adventures
- Sector Scorecards
- Airlines sector scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Airports sector scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Attraction operators sector scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Lodging sector scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Rail and road transport sector scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Travel intermediaries sector scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Glossary
- Further Reading
- GlobalData reports
- Our Thematic Research Methodology
- About GlobalData
- Contact Us
- List of Tables
- Table 1: Glossary
- Table 2: GlobalData reports
- List of Figures
- Figure 1: GlobalData’s theme tree shows the biggest themes currently shaping the travel and tourism industry
- Figure 2: Thematic impact assessment
- Figure 3: Travel and tourism companies have been talking a lot about AI in their filings
- Figure 4: AI technological advancements populated Twitter and Reddit posts in 2022
- Figure 5: When will the following technologies disrupt your industry?
- Figure 6: Cybersecurity software will represent 42.97% of revenue by 2027
- Figure 7: Trends in company filings suggest that cybersecurity is a maturing theme
- Figure 8: The experience economy trend is being driven by a younger generation of travelers
- Figure 9: Mentions of experience economy in company filings have increased drastically between 2016–2022
- Figure 10: The Walt Disney company has had the most company filings that mention experience economy
- Figure 11: The shift away from the mass tourism model has led to a wealth of niche opportunities
- Figure 12: Sentiment toward online travel methods and influences
- Figure 13: Sun and beach remain the most popular holiday type, but niche tourism shows signs of growth
- Figure 14: Online travel market value overtook that of in-store in 2019
- Figure 15: Travel app mentions have caught up to online travel mentions, overtaking the theme in 2021
- Figure 16: Mobile internet subscribers (million) (G7 nations)
- Figure 17: The importance of personalization
- Figure 18: Travel bookings dominated by online platforms
- Figure 19: Location-based personalization delivers the right messages to the right people in a particular place
- Figure 20: Which of the following is most important to you when booking a holiday?
- Figure 21: Mentions of sharing economy in company filings have increased drastically between 2016-2022
- Figure 22: The sharing economy model
- Figure 23: Which of the following features has the greatest influence on your choices of products/services in the current situation?
- Figure 24: Russian international arrivals are expected to recover faster than Ukrainian international arrivals
- Figure 25: Which factors help you decide where to go on holiday?
- Figure 26: Mentions of inflation in company filings have increased drastically between 2016-2022
- Figure 27: There is a stark contrast in global financial sentiment
- Figure 28: There is a strong divergence in the level of consumer price inflation
- Figure 29: Mentions of ESG in company filings have increased drastically between 2016-2022
- Figure 30: Companies need to prepare for a new phase of ESG
- Figure 31: IRA investments will impact many sectors
- Figure 32: Who does what in the airlines space?
- Figure 33: Thematic screen - Airlines sector scorecard
- Figure 34: Valuation screen - Airlines sector scorecard
- Figure 35: Risk screen - Airlines sector scorecard
- Figure 36: Who does what in the airports space?
- Figure 37: Thematic screen - Airports sector scorecard
- Figure 38: Valuation screen - Airports sector scorecard
- Figure 39: Risk screen - Airports sector scorecard
- Figure 40: Who does what in the attraction operators space?
- Figure 41: Thematic screen - Attraction operators sector scorecard
- Figure 42: Valuation screen - Attraction operators sector scorecard
- Figure 43: Risk screen - Attraction operators sector scorecard
- Figure 44: Who does what in the lodging space?
- Figure 45: Thematic screen - Lodging sector scorecard
- Figure 46: Valuation screen - Lodging sector scorecard
- Figure 47: Risk screen - Lodging sector scorecard
- Figure 48: Who does what in the rail and road transport space?
- Figure 49: Thematic screen - Rail and road transport sector scorecard
- Figure 50: Valuation screen - Rail and road transport sector scorecard
- Figure 51: Risk screen - Rail and road transport sector scorecard
- Figure 52: Who does what in the travel intermediaries space?
- Figure 53: Thematic screen - Travel intermediaries sector scorecard
- Figure 54: Valuation screen - Travel intermediaries sector scorecard
- Figure 55: Risk screen - Travel intermediaries sector scorecard
- Figure 56: Our five-step approach for generating a sector scorecard
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