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Home arrow Market Research Findings arrow Travel And Tourism arrow Travel Report Finds New Trends Despite Gloom
Travel Report Finds New Trends Despite Gloom PDF Print E-mail
Written by Euromonitor   
12 Nov 2008

November 10th 2008 - Date published  

Author: Lauren Beth

Under 30's couch-surf in Europe as older generations flock to Asia
The 2008 WTM Global Trends report was launched today at World Travel Market 2008 at the height of the biggest financial turmoil the travel industry has faced for some time. The report by global intelligence firm Euromonitor International highlights key trends in the travel and tourism industry worldwide. These seven trends of the future provide insight into how the industry can entice the next generation of travellers, despite the current economic uncertainty

Commenting on the report's findings, Caroline Bremner, Head of Travel and Tourism Research at Euromonitor International said, “The current trends resonating with travellers across all regions include the desire for environmental responsibility, social interaction, authentic travel experiences and fair trade practices. In the current economic climate, those companies that adapt and integrate such business practices into their offering will be best placed for survival”.

The report focuses on seven regions highlighting the key trends in each:
Asia: Europeans settle for a good second life
Latin America: Going long haul
Middle East: Expatriate travel
Europe: Travel networking


Asia: Europeans settle for a good second life
Asian tourism is benefiting from Europeans vacationing and subsequently settling in the region for a good second life. In fact, the relatively cheaper medical treatments have made medical tourism a big earner for Asian nations. National tourism boards are actively pursuing the retiree market with offers of tax free savings and flexible entry visas.                                                        

Latin America: Going long haul
Latin Americans are now going long haul to Europe and Asia Pacific thanks to growing disposable income and aggressive promotions. As travel grows as a social status indicator, more Latin Americans will take long haul vacations, providing additional tourists for well-developed country destinations, such as France and the United Kingdom. Due to the cultural differences, especially in Asia, it highlights a need for well-educated travel agents and tour operators to meet their needs    

Middle East: Expatriate travel
There has been a continued large increase in the number of expatriates from Europe and Asia moving to and working in the Middle East. There is an ever expanding expatriate network vacationing in the region due to the boom in the Middle East economy – driven by oil, construction, hospitality as well as banking.                                                                                                        

UK: Free is the new F word
In the UK, 'Free' is the new f-word as innovative pricing models such as 'name your own price', and 'core free goods' emerge. Generation Y is a key target market for innovative pricing models. This group is between the ages of 18 and 26, are highly web-savvy who use social networking sites and are used to exchanging goods and services for free, especially for travel purposes.  

Europe: Travel networking
Free hospitality is part of the driving force behind the Travel 2.0 trend seen widely in Europe with the rapid development of innovative forms of travel, such as hospitality tourism and home exchanges, transforming these trends from niche with limited appeal into the mainstream.                                                                                                                                                                            

North America: Philanthropic Travel
Conspicuous consumption is now 'conscientious' consumption for North American tourists. This consumer group are increasingly seeking to 'give back' while on holiday. There is potential for philanthropic travel to move into the mass market as US consumers are more likely to choose industry suppliers that support local communities by paying market wages or by donating a portion of their profits.                                                                                                                                                                 

Africa: Fairtrade tourism
The demand for philanthropic travel can now be met by certified fairtrade holidays available in South Africa with potential to develop across Sub-Saharan Africa. Fairtrade branded holidays to Africa could be a powerful tool to promote tourism to Africa amongst ethical and eco-friendly travellers worldwide.

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Last Updated ( 21 Jan 2009 )
 
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