Top Travel Business News of the Month: Latest Trends and Insights
Travel and tourism industry is seeing a resurgence after a long period of dormancy. With vaccination programs widespread and travel restrictions easing up, people are now more willing to travel than ever before. As the industry tries to cope with the pent-up demand, there are some interesting trends and insights emerging that travel businesses should pay attention to. Here’s a roundup of the top travel business news for the month of August.
1. Domestic Travel Continues to Dominate
With international travel still subject to various restrictions, domestic travel continues to be the driving force behind the industry’s recovery. According to a survey by Skift, 69% of people who have traveled in the last six months have done so within their own country. This presents a significant opportunity for domestic travel businesses to capitalize on the trend by tailoring their offerings to the needs and preferences of local travelers.
2. Business Travel Shows Signs of Recovery
Business travel has taken a back seat during the pandemic, with virtual meetings becoming the norm. However, there are encouraging signs that this trend is shifting. A survey by TripActions revealed that around 61% of business travelers are willing to travel by the end of 2021. Furthermore, a recent report by McKinsey predicts a full recovery of the business travel segment by 2024. It’s important for travel businesses to cater to the needs of business travelers, as they tend to spend more per trip than leisure travelers.
3. Sustainable and Slow Travel on the Rise
Sustainable and slow travel, which emphasizes responsible tourism practices and immersive experiences, is gaining popularity among travelers. A survey by Booking.com found that 53% of travelers want to make sustainable travel choices in 2021. Furthermore, slow travel, which involves taking the time to appreciate a destination’s local culture, is becoming more sought after than quick, bucket-list trips. Travel businesses that prioritize sustainability and authenticity will have a competitive advantage in attracting travelers who value these principles.
4. Health and Safety Remain Top Priorities
Even as travel restrictions ease up, health and safety concerns remain paramount for travelers. According to a survey by Allied Market Research, 80% of travelers are willing to pay more for accommodations that prioritize health and safety. Travel businesses that implement enhanced cleaning protocols and offer flexible cancellation policies will be more successful in attracting bookings from cautious travelers.
Conclusion
The travel industry is on the road to recovery, albeit at a slow pace. Domestic travel is driving the industry’s resurgence while business travel is showing signs of recovery. Sustainable and slow travel is on the rise, and travelers continue to prioritize health and safety at their destinations. Travel businesses that adapt to these emerging trends will be better positioned to weather the current storm and thrive in a post-pandemic world.
