Travel and Hospitality Outlook 2017
Find out how four catalysts of change could impact travel in 2017
The world of travel and hospitality has entered a new era of growth and transformation. Global business travel spending hit a record-breaking 1.2 trillion USD in 2015, up 5% from the previous year. In the United States, renewed consumer confidence, along with a shift in household spending from goods to services and experiences helped leisure travel gross bookings sustain a growth rate well ahead of gross domestic product.
In this year’s Travel and Hospitality Outlook, we reflect on some of these powerful elements of change and how they may impact travel in 2017.
- Economy: healthy consumer spending and a strengthening labor market leave a promising mark on the travel and hospitality industry this year
- Consumer mindsets: consumers want authenticity, personalized experiences, removal of friction, and on-demand functionality
- Enabling technology: augmented reality, virtual reality, and the Internet of Things could transform the travel experience
- Platforms: expect healthy M&A activity and strategic partnerships throughout 2017
A combination of forces, including shifts in the global economy, game-changing innovation, geo-political turmoil, natural disasters, pandemics, and rising consumer demands reshaped the travel landscape in 2016. Expect a similar climate in 2017. Most smart travel leaders have come to accept this frenetic pace of disruption as the norm and must try to remain vigilant, as the winners in 2017 will likely be those most responsive to change.
We hope you find our latest study both timely and valuable. If you have any questions, we would be happy to discuss our insights with you further.