Live Data: What Are The Key Forces Disrupting The Travel Industry?

Live Data: What Are The Key Forces Disrupting The Travel Industry?
Hotels, Hospitality & Travel

PSFK’s Travel Survey 2018 reveals how shifting consumer mindsets and behaviors are affecting change in the travel industry

PSFK Labs
  • 22 february 2018

The global travel industry is one of the largest and fastest growing sectors in the world. In 2017, gross bookings reached $1.6 trillion, and in the past two decades alone, the number of international travel departures has more than doubled from roughly 600 million to 1.3 billion. In fact, travel and tourism now accounts for a staggering 10.2% of global GDP.

PSFK polled its research panel, the Purple Panel, for insights into the travel industry landscape, along with consumer mindsets and behaviors. Check out some of the key points from the Travel Debrief below, and for the complete results, download the full report.

Optimized Service And Experience Outperform Price

Personalization can help shift the customer’s focus from purely price to real value. Powering the advancement of personalization is technology, which will ultimately bring the traveler and travel provider closer together.

“Personalized experiences and recommendations from one trusted brand will be the future of all travel,” Rafael Parizoto of Redbull said in a survey response.

“The human experience should be the most important aspect the travel industry focuses on in the years to come as more and more consumers demand a personalized, unique travel experience. No longer are consumers scouring for deals. Instead, they are keenly interested in both professional and personal travel experiences that reflect their personal desires and offer something unexpected and ultimately enriching in every aspect of their travel journey,” said Helen Pickerill, Senior Communications Manager at The Walt Disney Company.

Legacy Brands Are No Longer The Experts

New travel brands are coming onto the scene to challenge legacy hotel chains, airlines and booking agencies in the industry to give customers experiences when they travel.

  • Only 1% of consumers trust travel companies the most for travel advice. 2% of consumers trust travel publications the most for travel advice.
  • 95% of travel experts agree that travelers trust online travel reviews, travelers they meet in real life and local communities for advice while on a trip instead of travel publications.

Emerging, Consumer-Focused Brands Are Being Embraced

Travelers today are much less brand loyal and more than willing to test new services and product offerings. Travel companies may be hesitant to acknowledge the scale of disruption.

  • 69% of experts say that travelers are more willing to purchase from newly-launched travel companies today than they have been in the past.

Premium members can find a breakdown of the raw survey data in the Travel Debrief report file download.

About: The PSFK Travel Debrief includes insights collected from the PSFK Travel Survey, conducted in February 2018, in which 247 travel and innovation professionals offered their perspectives on the future state of the industry. These perspectives informed quantitative and directional insights within the report.

The global travel industry is one of the largest and fastest growing sectors in the world. In 2017, gross bookings reached $1.6 trillion, and in the past two decades alone, the number of international travel departures has more than doubled from roughly 600 million to 1.3 billion. In fact, travel and tourism now accounts for a staggering 10.2% of global GDP.

+data
+disney
+hospitality
+hotel
+Innovation
+Luxury
+Market Research
+personalization
+Public
+retail
+technology
+travel
+Travel Debrief 2018

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