How Authentic Experiences Shape the New Tourism Economy
How Authentic Experiences Shape the New Tourism Economy
Skift Take
Report Overview
Multiple studies have shown that experiences are the most influential part of the travel planning process. But experiences as a distinct sector is still relatively new and misunderstood and the consumer dynamics around experiences have continued to shift at a fast pace, particularly in the post-COVID-19 traveler ecosystem and as younger generations (millennials and Gen Z) capture a larger share of traveler spending.
There is also evidence that consumers are increasingly prioritizing their spending on experiences over material possessions and, while this trend predates the pandemic, it is being boosted by pent-up demand and “revenge travel”.
In particular, travelers crave “authentic” experiences. Popular destinations frequently feature the infamous “tourist trap” and recent data have shown that some consumers see these attractions as lacking authenticity, falsely promoting themselves as unique and exclusive, and typically characterized by inflated prices, long lines, and large crowds.
Understanding how to foster a sense of authenticity, immersion, participation, temporary locality, and cultural insight will be a crucial knowledge set for operators and other tourism businesses wanting to stay ahead of the game in the booming experience economy.
What You'll Learn From This Report
- The state of play in the tours and experiences sector, how it has changed, and what the challenges are in the current market
- Generational dynamics with regard to tours and experiences and how preferences and priorities vary between them
- How these dynamics are evolving in the context of booking behaviors, online travel, and digital development
- An understanding of the concepts of “locality” and “authenticity” and how to cater to consumer priorities around this
- How tours and tour guides fit into the evolving experience economy and how they can remain maximally relevant and cater to consumer preferences
- How to maximize opportunities in the experience economy and develop products more effectively and generate more targeted marketing
