As global forces converge to create unprecedented change across all industries, the future of travel and tourism will be shaped by those companies and destinations which provide unique and meaningful experiences, harness the power of networks, provide a personal service to sustainability-minded consumers, and are led by trustworthy and responsible leadership.
These are the findings of a new report, “World, Transformed: Megatrends and their implications for Travel & Tourism,” produced by the World Travel & Tourism Council (WTTC), which represents the global private sector of travel and tourism, and Bloomberg Media Group. Leveraging Bloomberg Media Group’s proprietary intelligence and market-leading analysis and WTTC’s industry perspective, the report examines how powerful global demographic, political, economic and technological forces are impacting the travel and tourism landscape, producing different expectations among consumers, obligations for businesses and policymakers, and opportunities to succeed.
Travel & Tourism is one of the fastest growing sectors, accounting for more than 10% of global GDP. According to the report, sustaining its growth and hitting industry forecasts, such as the 8 billion air travelers predicted by 2037, will require continuous innovation and reinvention across the sector. Leaders will need to manage companies that are able to pivot quickly in response to new customer demands and expectations, the next revolution in data capabilities, and heightened business risks.
Speaking at the launch of the report at the FITUR travel fair in Madrid, Gloria Guevara, President & CEO, WTTC, said “We live in an era of rapidly accelerating change. Powerful, global forces are fundamentally changing the way we live, work and travel at a rate we have never witnessed before. These converging forces – or megatrends – present immense opportunities for those who recognise them and adapt their strategies. The challenge is for destinations and businesses to embrace the opportunities of this changing global landscape and the expectations of tomorrow’s consumers.”