Young Americans are having the summer of their dreams — just don't ask to see their bank balances.
22.06.2024 - 13:05 / thepointsguy.com / Anthony Capuano / Christopher Nassetta
The summer travel season is here, and most of us are trying to just make it through the chaos of airports and long hotel check-in lines without completely losing our patience.
Ah, yes, and don't forget about all those Americans heading to Europe this summer for Taylor Swift's "The Eras Tour." (I'm guilty as charged here. Twice.)
However, earlier this month, the CEOs of the world's biggest hotel companies convened at the NYU International Hospitality Industry Investment Conference for an annual panel discussion on the industry's state and future.
From the explosion of budget brands to the persistence of high hotel rates, the leaders of Marriott International, Hilton, Hyatt, IHG Hotels & Resorts and Accor had plenty to say on what will impact how we all travel in the months and years ahead.
Related: Top travel tips to keep your summer trip on track and on budget
If you look at the variety of new brands launched or acquired in the hotel orbit over the last two years, it's easy to surmise that the major hotel companies see opportunities in more affordable travel segments. Brands like Hilton's Spark, Marriott's newly announced Project Mid-T, IHG's Garner, Hyatt Studios and Accor's Handwritten Collection all operate in the middle-market and premium economy segment.
What gives for all this midscale love? A booming middle class around the world.
"If you look at this industry for the next 10 or 20 years or the rest of my life, the rest of most of the lives in this room ... it is fundamentally going to be a very good run for travel and tourism," Hilton CEO Christopher Nassetta said during the NYU panel. "Why? The big megatrends in terms of demographic growth [and] the middle classes — that keeps chugging."
Accor CEO Sébastien Bazin added, "The emerging middle class: This is the trend. You have an emerging middle-class population growing: a billion-plus [added] in the last 10 years [and] you will [probably add] 1.3 billion in the next 10 years, probably 25% coming from India but [also] coming from Mexico, South America [and] many other places in Southeast Asia."
The middle-class growth forecast comes as companies like Marriott acquire and sprout brands like City Express in Latin America and Four Points Express in Europe, the Middle East, Africa and Asia.
"There are a number of major markets around the world with this exploding middle class, and they want to explore the world," Marriott CEO Anthony Capuano said.
While hotel giants appear interested in getting into more budget-friendly segments of the travel sector, the economy hotel space has been the one area in recent weeks where travelers can find discounts. But the major hotel CEOs say it's a little premature to rejoice over the idea of widespread discounts
Young Americans are having the summer of their dreams — just don't ask to see their bank balances.
France—with its patchwork landscape of quaint rural villages, glamorous seaside towns, and historical cities—is an easily accessible, year-round destination, drawing visitors from around the world to its smorgasbord of culture, history, and charm. So it's hardly surprising then that a 2023 report from GlobalData, announced it was on track to become the most visited country by 2025, when 93.7 million international travelers are set to visit the country annually.
Singapore Airlines is heralded as one of the most luxurious carriers in the world, earning loyalty for its nice cabins, attentive flight attendants, and reliable operation.
Monaco is the world's most expensive luxury rental market, according to analysis provided to The Wall Street Journal by global real estate agency Knight Frank.
Qatar Airways is known for its excellent service and top-of-its-class business suite, and now those have helped propel the carrier to become the overall best airline in the world.
Hilton Honors members can earn valuable Free Night Reward certificates — worth up to 150,000 points each — through two cobranded credit cards.
The latest addition to New York’s John F. Kennedy Airport? An airport lounge that aims to be un-airport-like.
Sustainable travel, eco-tourism, responsible travel — these are more than snappy slogans or short-lived trends. And while it may not be driving sales, booking this type of trip has become an added incentive for travelers who care about how their travel impacts the destinations they visit.
NATIONAL HARBOR, Md. -- Travel Leaders Network president Roger Block, who will step down from his executive role at the end of this year, is confident he is leaving TLN better than when he found it.
Start your engines—summer has arrived, and with it, all sorts of new hotel options to explore. There’s a major renovation of a Cape Cod classic with an unbeatable beachfront location. Near Yellowstone, design-forward cabins come with their own private wood-fired hot tub. And on the banks of the Kiawah River in South Carolina, a new Auberge Resort offers some serious Lowcountry R&R just minutes from downtown Charleston, yet worlds away from the hustle and bustle. This summer’s most exciting openings aren’t merely places to rest your head—they really help you disconnect from your home life in order to savor the great outdoors. And isn’t that what summer is all about?
Despite economic uncertainty and the rising cost of living, there’s one thing some of us are unwilling to give up: travel. A recent study by American Express in the United Kingdom found that almost half of the population are more interested in taking a major trip this year than previously, while more than half of those surveyed said they are saving up for a bucket list adventure. While our wanderlust hasn’t dampened, the way we travel post-pandemic has changed in many ways, and many travelers are more savvy than ever when securing a jet-set deal.
Back in 2021, a 22-year-old from Arkansas named Trevor Rainbolt shuttered himself in his Los Angeles apartment to memorize the world. For months, he spent his time studying Google Street View from his desk chair. Delivery drivers handed over his meals; a barber came to style his hair. After a while, his memory grew planetary. When you see cabbage-like plants thriving along the sides of a Russian country road, he learned, you’re most likely looking at Sakhalin Island. On a bridge lined with pea-green pavement? You’re above a river in Indonesia’s Central Kalimantan province. If your vista, but for the sweep of golden grasslands, screams South Africa, you’ll be in Eswatini.