There is no doubt that these are some of the toughest times for the hotel industry. Hit hard by the COVID-19 pandemic, the industry is on its knees. Recovery will come, but when and in what shape is wholly uncertain. Understanding the current situation, and what a recovery might look like, will help the industry to prepare for when that day comes.
We are keeping track of if and how the U.S. population is traveling month by month and hope to detect signs of a rebound in the not too distant future.
There are so many technologies that can and will impact the travel industry, but it is hard to poke through all the hype and see what will fundamentally change the future of travel. Here are four technology buckets with the largest potential.
Families headed by Millennial parents are taking an ever larger share of the family travel market. To win them over, the industry needs to know what sets them apart from their generational peers.
Travel agents still exist; tour operators are the last sector to be moved to digital; online travel platforms are scrambling to keep the growth rate high. We are expecting to see more changes shaping up the travel arrangement and reservation services sector in the next few years.
Legacy PMS vendors have for too long reaped the rewards without truly pushing the boundaries of what they could offer hoteliers. Now technology has passed them by, and they are playing catch-up. Cloud computing, open APIs, marketplaces, and middleware layers are shaking up this stale corner of hotel tech, and it’s crazy exciting.
Ad tech has revolutionized the advertising space. Yet challenges abound in its promise to help cut ad waste and drive sales. A focus on results is key in vetting ad tech stack for travel companies.
Outbound travel from the Middle East hasn’t garnered the attention of some other outbound markets, but given the high travel expenditure and growth of the region, we think this is one that’s worth paying attention to.
We head into 2020 with more question marks than any year of this cycle. Risks are rising and the global economy is slowing. But, crucially, we are still growing and our base case forecast travel growth to continue next year.
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