
Key Themes in Travel and Tourism for 2023 - Thematic Intelligence
Description
Key Themes in Travel and Tourism for 2023 - Thematic Intelligence
Summary
This report covers the key technology, macroeconomic, and industry themes that will have a significant impact on travel and tourism in 2023. Whether you are looking to invest, gain competitive intelligence, or just become more familiar with one of these themes, this report provides comprehensive analysis on each one, while also outlining how these themes interlink, making this report highly unique.
This multi-theme thematic report covers the leading companies and organizations within the key themes in the travel and tourism industry, giving readers a strong sense of how different elements within the industry fit together and how conflicting themes might interact with one another. This report pinpoints the themes that are most likely to impact a company’s financial performance and position in the market. Written by an experienced travel and tourism analyst, each theme covered in this report is given: an in-depth description, an explanation as to why it is important in travel and tourism, data-led analysis, and case studies on how it is being used in different tourism sectors.
“The travel and tourism industry will be very different in 2023 to what it was in 2019. Prolonged movement restrictions imposed by COVID-19 pandemic brought about shifts in business operations and goals as well as traveler behavior and preferences. COVID-19 has undoubtedly brought challenges for the sector, but also opportunities to encourage innovation, drive new business models, explore new niches and markets, open up new destinations, and move to more sustainable and resilient tourism development models.
Nevertheless, even as global tourism continues along its recovery phase, the unprecedented shock to the tourism economy caused by COVID-19 has been compounded by the evolving geopolitical situation in Ukraine. This is having very tangible economic and social consequences for many people, places and businesses, and the wider economy. There are also major uncertainties regarding the outlook of China, which was once the world’s largest and one of the most valuable outbound source markets.
In these uncertain times, a strong online presence is vital for travel and tourism companies, and this needs to be bolstered by innovative apps and personalized offerings. Digital adoption has accelerated during COVID-19 which has prompted the adoption of more advanced technologies by leaders in the travel and tourism industry. Better understanding and utilization of artificial intelligence, cloud computing and cybersecurity are now key to staying ahead.
Key Highlights
Summary
This report covers the key technology, macroeconomic, and industry themes that will have a significant impact on travel and tourism in 2023. Whether you are looking to invest, gain competitive intelligence, or just become more familiar with one of these themes, this report provides comprehensive analysis on each one, while also outlining how these themes interlink, making this report highly unique.
This multi-theme thematic report covers the leading companies and organizations within the key themes in the travel and tourism industry, giving readers a strong sense of how different elements within the industry fit together and how conflicting themes might interact with one another. This report pinpoints the themes that are most likely to impact a company’s financial performance and position in the market. Written by an experienced travel and tourism analyst, each theme covered in this report is given: an in-depth description, an explanation as to why it is important in travel and tourism, data-led analysis, and case studies on how it is being used in different tourism sectors.
“The travel and tourism industry will be very different in 2023 to what it was in 2019. Prolonged movement restrictions imposed by COVID-19 pandemic brought about shifts in business operations and goals as well as traveler behavior and preferences. COVID-19 has undoubtedly brought challenges for the sector, but also opportunities to encourage innovation, drive new business models, explore new niches and markets, open up new destinations, and move to more sustainable and resilient tourism development models.
Nevertheless, even as global tourism continues along its recovery phase, the unprecedented shock to the tourism economy caused by COVID-19 has been compounded by the evolving geopolitical situation in Ukraine. This is having very tangible economic and social consequences for many people, places and businesses, and the wider economy. There are also major uncertainties regarding the outlook of China, which was once the world’s largest and one of the most valuable outbound source markets.
In these uncertain times, a strong online presence is vital for travel and tourism companies, and this needs to be bolstered by innovative apps and personalized offerings. Digital adoption has accelerated during COVID-19 which has prompted the adoption of more advanced technologies by leaders in the travel and tourism industry. Better understanding and utilization of artificial intelligence, cloud computing and cybersecurity are now key to staying ahead.
Key Highlights
- The prolonged war in Ukraine and additional travel restrictions for Russian tourists across Europe will impact key markets and slow tourism recovery. Russia and Ukraine account for a relatively large share of outbound tourism trips and expenditure. The absence of both of these markets, amid COVID-19 recovery could be detrimental for some countries, especially as the loss of these source markets is likely to be protracted. Greater challenges are apparent as a by-product of the conflict. The outlook for global growth continues to deteriorate as inflation continues to creep upwards, despite some easing in commodity and oil prices in recent months. Against this backdrop, consumers are exhibiting significant apprehension about their personal finances and specific concerns about rising levels of inflation, all of which will impact shopping habits and spending confidence. According to a GlobalData Survey, xx% of global respondents are extremely concerned about the impact of inflation on their household budget. A further xx% of respondents reported being quite concerned, while x% reported being slightly concerned.
- Travel and tourism are intrinsically linked to the environment, biodiversity and nature. It is important to accept that ESG (environmental, social, governance) is here to stay. Key players in the global tourism sector have already embarked on the journey to adjust strategy, business and operating models accordingly. Indicative of this, ESG was the most mentioned theme in travel and tourism company filings in 2021, with 101,062 mentions, following a 29% YoY growth in ESG mentions from 78,293 in 2020. Of the ESG pillars, environmental was the most mentioned pillar in 2021, having overtaken governance with 40,461 environmental mentions, according to GlobalData’s Company Filing Analytics. Further, growing consumer awareness on the impact of travel on nature and communities will increasingly influence travelers’ decision making when deciding how, where and when to travel. According to a GlobalData Consumer Survey, xx% of global respondents consider ‘sustainable/environmentally friendly features’ as essential or nice to have when making a purchase. Therefore, businesses and governments in tourism need to be aware of the chances and opportunities ESG policies offer to eventually cater to shifting consumer demands and help ensure long term success.
- Prior to the COVID-19 pandemic, online travel retail sales were growing at a phenomenal rate driven by both consumers and companies migrating to online platforms. In the decade from 2009 to 2019, global online travel sales increased by xx% from $xx billion in 2009 to $xx trillion in 2019. By 2025, online travel retail sales are forecast to reach $xx trillion. As tourists more heavily rely on online channels to make their travel decisions and purchases, this has given travel and tourism companies greater customer data to collect, process and analyze in order to deliver personalized products and services. With more travelers using online resources and channels to make their travel decisions, this will continue the expansion of personalization as a major theme within the travel and tourism sector.
- This report provides an overview of the key themes in travel and tourism for 2023.
- This report clearly defines and explains what the key technology, macroeconomic and industry themes are in travel and tourism and how they often interlink.
- This report outlines the importance of specific themes within tourism and why it is vital that companies invest in the ones which are relevant to them.
- This report provides examples of what companies and organizations in the travel and tourism industry are doing in response to specific key themes, along with the outcome of these reactions.
- We highlight travel and tourism companies that are leading in these themes, such as Trip.com, Airbnb, Fraport Airport, American Airlines, Choice Hotels, Melia Hotels, Intrepid Travel and Marriott International.
- To understand the key themes in travel and tourism and their current and future impact on the industry.
- To recognize how the key themes in travel and tourism are often interlinked.
- To assess companies' level of engagement with the themes.
- To become aware of the strategies that tourism companies and organizations have adopted to tap into key themes, as well as the success of these strategies.
- GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying the important themes early, enabling companies to make the right investments ahead of the competition, and secure that all-important competitive advantage.
Table of Contents
98 Pages
- Executive Summary
- Travel and Tourism’s Theme Map
- Viewing the world’s data by themes makes it easier to make important decisions
- Technology Themes
- Artificial intelligence
- AI in travel and tourism
- AI in the travel intermediaries sector
- AI in lodging
- AI in airports
- Cloud computing
- Cloud computing in travel and tourism
- Cloud computing in the airlines sector
- Cloud computing in lodging
- Cybersecurity
- Cybersecurity in travel and tourism
- Cybersecurity in the airlines sector
- Cybersecurity in the cruise sector
- Macroeconomic Themes
- China outlook
- China outlook in travel and tourism
- China outlook in the lodging sector
- China outlook in destinations
- China outlook in airlines
- COVID-19
- COVID-19 in travel and tourism
- COVID-19 in the lodging sector
- ESG
- ESG in travel and tourism
- ESG in the lodging sector
- ESG in the travel intermediaries sector
- Geopolitics
- Geopolitics in travel and tourism
- Geopolitics in aviation
- Geopolitics in the lodging sector
- Industry Themes
- Experience economy
- Experience economy in travel and tourism
- Experience economy in tour operators
- Experience economy in cruise operators
- Online travel
- Online travel
- Online travel in destination marketing organizations (DMOs)
- Online travel in the lodging sector
- Personalization
- Personalization in travel and tourism
- Personalization in attraction operators
- Personalization in cruise operators
- Sector Scorecards
- Airport sector scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Airline sector scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Attraction operator sector scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Lodging sector scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Rail and road transport sector scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Travel intermediaries sector scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Glossary
- Further Reading
- GlobalData reports
- Our thematic research methodology
- About GlobalData
- Contact Us
- List of Tables
- Table 1: Glossary
- Table 2: GlobalData reports
- List of Figures
- Figure 1:GlobalData’s theme tree shows the biggest themes currently shaping the travel and tourism industry
- Figure 2:AI has several potential use cases in the travel and tourism industry
- Figure 3:In the three years since November 2019, hiring pertaining to AI has increased by nearly 300%
- Figure 4:Walt Disney, Expedia Group and Booking Holdings are top employers in the theme of AI
- Figure 5:Cloud computing is hailed as the most likely technology to live up to its promises
- Figure 6:Cloud computing is relatively well understood in the tourism sector
- Figure 7:Cloud-related job vacancies increased by 301% between November 2019 and November 2022
- Figure 8:Cybersecurity and cloud are the key technologies already disrupting industries
- Figure 9:Mentions of cybersecurity in company filings have increased by 256% since 2016
- Figure 10:Active job postings for cybersecurity have increased by 104% since 2016
- Figure 11:Hiring in the theme of cybersecurity can be seen across the travel and tourism ecosystem
- Figure 12:Given the size of China’s population, the country has been at the forefront of tourism strategies
- Figure 13:Rising domestic tourism in China has made it an attractive investment destination for travel players & The number of hotel establishments in China as increased year on year
- Figure 14:Mentions of China in company filings have increased significantly since 2020 & The filer companies with most mentions of ‘China’ are largely China-based
- Figure 15:In 2019, China accounted for 30% of international arrivals to Thailand & By 2021, China accounted for just 3% of arrivals to Thailand, while Europe and APAC dominate
- Figure 16:GlobalData’s three largest state-owned airlines have suffered massive losses amid COVID-19
- Figure 17:Global international departures forecast to recover to 2019 levels by 2025
- Figure 18:Declining concern for COVID-19 amid rising vaccination rates and greater ease of travel
- Figure 19:Mentions of COVID-19 in company filings have declined significantly
- Figure 20:Total ESG mentions in company filings reached more than 100,000 in 2021
- Figure 21:Range of sectors constitute the top 10 companies mentioning ESG in 2021
- Figure 22:Consumers are increasingly aware of ESG issues and are willing to vote with their wallets
- Figure 23:GlobalData’s Q2 2022 risk index
- Figure 24:Outbound travel from Ukraine and Russia unlikely to recover to 2019 levels by 2025
- Figure 25:Mentions of geopolitics in company filings peaked in March and April 2022
- Figure 26:Developing countries are currently the most concerned about inflation
- Figure 27:In 2021, mentions of the experience economy increased by 28% in tourism company filings & Attraction operators are heavily involved in the experience economy trend
- Figure 28:The experience economy trend is being driven by a younger generation of travelers
- Figure 29:The value of the online travel market exceeded that of the in-store market in 2019
- Figure 30:Online travel agents (OTA) are the most popular method for booking holidays
- Figure 31:Online travel and travel apps have been mentioned consistently in company filings
- Figure 32:70% of global respondents reported being influenced by how digitally advanced a product is
- Figure 33:Online travel retail sales projected to reach $1.8 trillion by 2025
- Figure 34:Travel bookings dominated by online platforms
- Figure 35:Younger generations have the greatest expectations for personalization
- Figure 36:Hiring activity pertaining to personalization accelerated in 2021
- Figure 37:Travel and tourism companies are increasingly hiring big data and cloud professionals
- Figure 38:Personalization mentions have risen almost consistently since 2016
- Figure 39:Who does what in the airport space?
- Figure 40:Thematic screen - Airport sector scorecard
- Figure 41:Valuation screen - Airport sector scorecard
- Figure 42:Risk screen - Airport sector scorecard
- Figure 43:Who does what in the airline space?
- Figure 44:Thematic screen - Airline sector scorecard
- Figure 45:Valuation screen - Airline sector scorecard
- Figure 46:Risk screen - Airline sector scorecard
- Figure 47:Who does what in the attraction operator space?
- Figure 48:Thematic screen - Attraction operator sector scorecard
- Figure 49:Valuation screen - Attraction operator sector scorecard
- Figure 50:Risk screen - Attraction operator sector scorecard
- Figure 51:Who does what in the lodging space?
- Figure 52:Thematic screen - Lodging sector scorecard
- Figure 53:Valuation screen - Lodging sector scorecard
- Figure 54:Risk screen - Lodging sector scorecard
- Figure 55:Who does what in the rail and road transport space?
- Figure 56:Thematic screen - Rail and road transport sector scorecard
- Figure 57:Valuation screen - Rail and road transport sector scorecard
- Figure 58:Risk screen - Rail and road transport sector scorecard
- Figure 59:Who does what in the travel intermediaries’ space?
- Figure 60:Thematic screen - Travel intermediaries sector scorecard
- Figure 61:Valuation screen - Travel intermediaries sector scorecard
- Figure 62:Risk screen - Travel intermediaries sector scorecard
- Figure 63: Our five-step approach for generating a sector scorecard
Pricing
Currency Rates
Questions or Comments?
Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.