Twenty-two years ago, 19 terrorists commandeered four U.S. airliners. They crashed them into the Twin Towers of the World Trade Center, the Pentagon, and an empty field in Pennsylvania. Almost 3,000 Americans were killed.
25.08.2023 - 13:04 / skift.com / Pranavi Agarwal / Varsha Arora
The travel industry faced unprecedented challenges during the pandemic, but its recovery is proving to be remarkable. Travel stands tall as an absolute megatrend, with immense potential for growth despite short-term economic concerns. This was one of the main takeaways of a LinkedIn Live session with the authors of Skift Research’s State of Travel report.
The State of Travel 2023 has everything you need to know about the current state of travel in one slide deck, and it’s free to download here.
The global economy is still on a bumpy road, with economists predicting higher inflation in various regions worldwide. This is likely to impact travel spending to some extent. However, amid these worries, the report highlights a silver lining. Travel remains under-indexed relative to the broader economy, leaving ample room for expansion and opportunity.
Despite rising prices since 2019, U.S. hotel and airline prices have shown restraint, rising less than the overall rate of inflation. Moreover, the travel industry’s recovery has just begun, even as the global GDP experienced significant growth. This indicates considerable untapped potential in travel across all regions.
The report reveals that in 2025, the industry will be around 240 million trips below its full pre-pandemic potential. However, there are positive data points that contribute to the optimistic outlook. In 2022, the U.S. witnessed a surge in passport issuance, making international travel more accessible than ever before. Developing countries like China and India are expected to play a vital role in shaping the future of the travel industry, offering both opportunities and challenges.
There has been a strong recovery in most countries, especially outside of Asia, reaching full recovery relative to 2019. However, international tourism in many regions still has significant room for improvement, with only the Middle East fully recovered, while North America, Europe, and Asia are still lagging.
During the LinkedIn Live session, the Research analysts went over some of the major trends that came out of the report.
Senior Research Analyst Varsha Arora highlighted the rise of remote work arrangements, which accelerated during the pandemic. Remote work has increased shorter trips and extended travel periods, combining business and leisure travel, and boosted the usage of coworking spaces. Hotels have an opportunity to cater to the needs of remote workers and become de facto offices.
Luxury hospitality has experienced a boom, with luxury hotels leading the recovery in the U.S. and Europe. Senior Research Analyst Pranavi Agarwal noted how luxury consumers tend to be recession and inflation immune, often resulting in strong performance even in uncertain
Twenty-two years ago, 19 terrorists commandeered four U.S. airliners. They crashed them into the Twin Towers of the World Trade Center, the Pentagon, and an empty field in Pennsylvania. Almost 3,000 Americans were killed.
In the heart of the Riviera Maya, between the lush nature and turquoise waters of the Mexican Caribbean, hides a treasure you are about to discover. The Fives Oceanfront Hotel & Residences, a luxurious boutique hotel complex located in the picturesque fishing village of Puerto Morelos, invites you to immerse yourself in a world of sensations and emotions that will take your breath away.
Three days of inspirational conversation, meetings, talks, and experiences takes place in Mexico this October
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Mrs. Bain’s objective is to significantly enhance the skill set of the hotel’s staff, thereby propelling Mount Cinnamon to expand its range of service provisions.
Flights operated on Wednesdays and Sundays. Operation starts on June 2, 2024
Twelve minutes. That’s all the time it took for the board of directors of Avianca, the second largest airline in Latin America, to set the fate of the carrier and begin a series of sweeping changes to the airline industry in the region.
One of the best definitions of high-end hospitality I saw this year suggested: “Luxury is when the standard operating procedure isn’t showing.” This hit the nail on the head for the products and experiences that transcend good into great. The guest feels a sense of detail, thoughtful anticipation, and comfort but the gears and machinations to deliver it remains hidden.
Something shifted in the last two weeks on the zeitgeist about the use of artificial intelligence in our daily personal and professional lives.
India is projected to surpass China as the world’s most populous country later this year, as China begins to decline and India’s population growth shows no sign of slowing until 2064. That shift carries huge implications for travel across the globe, and has the potential to rewire the race for attracting global tourists around the world. Skift addressed this in its Megatrends 2023 package in the story India Becoming the New China in the Reordering of Asia Travel.
Skift CEO Rafat Ali and Skift Research senior analysts Varsha Arora and Pranavi Agarwal went live on LinkedIn to discuss the key findings and implications from the latest U.S. Travel Tracker survey conducted in January 2023. Skift Research has been conducting bi-monthly U.S. travel surveys since January 2020 amongst 1,000 U.S. consumers, to examine travel behavior, demands and expectations.
Marriott brand Ritz-Carlton and Patina Hotels & Resorts claim they are together pioneering a new employee training program with the EHL Hospitality Business School in the Maldives.