The WTM Global Trends Report 2013 was just launched during London’s WTM 2013, in association with Euromonitor International and highlights the emerging trends from around the world.
A global overview presents the following key findings:
- The global economy is expected to record 3.1% growth in 2013, a stable performance compared to 2012.
- The IMF predicts global GDP to grow by 3.8% in 2014, thanks to positive growth in the Eurozone, the economy picking up in the US and a further increase in emerging markets.
- The long-term economic potential of the BRICs and other emerging markets remains solid and is expected to drive positive performance of the global economy over 2015-2017.
- Global tourist arrivals and inbound spending are predicted to continue to be vital over the 2012-2017 period, boosted by increasing demand from emerging markets.
- Advanced markets are recovering after the difficulties experienced since the crisis with tourism flows and spending from the US, Japan and Europe returning to growth.
- Online travel agencies are growing in importance, with Expedia and Priceline dominating this space. Players from emerging markets are also gaining ground, like the Chinese online travel agency Ctrip.
- Mobile travel bookings are becoming significant globally, reaching double-digit shares of online sales for some key players in the online travel agency and hotel categories in 2012.
The Global Trends Report 2013 reveals how travel players are differentiating and innovating their products and services, all while embracing social media.
Non-traditional demographic groups are emerging with PANKs ‘Professional Aunt, No Kids,’ a new target market in the US, while child friendly and multi-generational safaris in Africa are growing more popular.
We see that business models are adapting to suit customers’ needs, where low-cost carriers are going upmarket in the Middle East and hotels offer microstays. Peer-to-peer continues to make inroads despite legislative hurdles. The lure of the East grows apace with cruise operators diving into the Chinese market.
Social media channels are important to improving the customer experience, as seen with the emergence of the mobile concierge, while in India, social channels are giving online travel companies’ sales a welcome boost.
Here are the main identified trends per region:
Americas: PANKs – A New Demographic
The travel industry is starting to cater to the ‘Professional Aunt, No Kids’ demographic.
UK: Travel Happiness Index
Routehappy.com provides a unique measurement of customer satisfaction via its happiness scores for airlines.
Europe: Next Generation Peer-to-Peer Travel
Peer-to-peer travel services are recording strong growth in Europe, offering authentic experiences at affordable prices.
Middle East: Low-Cost Goes Upmarket
Middle Eastern consumers have a penchant for luxury, which has led LCCs to introduce business class-style services.
Africa: The Big Five with Your Little One
Child-focused safaris in Africa are becoming more popular, driven by demand for multi-generational holidays.
Asia: Fight for Cruise Control in China
China is set to become a key market for cruise companies as this new type of holiday rises in popularity.
India: The Travel Social Shake-Up
Indian online travel players are using social media more effectively to target young urban consumers.
Global Village: Vacancy on Demand – Chasing the 24-hour Traveller
Microstays have emerged as an attractive means of boosting hotel revenues, by targeting business travellers on the move.
Travel Technology: Mobile Concierge
Travel companies are increasingly using mobile channels to satisfy customers’ needs before, during and after the trip.
You can find the Full WTM Global Trends 2013 report here