Rebuilding trust in travel has been saved
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Rebuilding trust in travel
Travel Weekly Insight Annual Report 2020-21
2020 saw the onset of the pandemic, which sparked anxiety across the world, forcing businesses and people to adapt overnight. However, despite the initial chaos, we witnessed immense resilience. Consumer confidence suffered significantly and the weakened economic backdrop has resulted in uncertainty, yet there remains a strong desire to travel. As for businesses, they banded together to find innovative ways to pivot services and meet new customer needs, while putting the health, safety and wellbeing of their workforce and consumers first.
While the immediate future of travel may be weighed down by both health and financial concerns, the deployment of a testing regime and administration of a vaccine may help trigger a faster and sharper return to normality. It is difficult to gauge the full extent of disruption brought on by the pandemic, but the future looks increasingly promising as consumers look forward to travelling again and business leaders grow more optimistic.
What did we uncover this year? Read the full report or find the key findings below.
Market Outlook
Consumer preferences are evolving. They want more choice, flexibility and control of their travel experiences, particularly in these times of uncertainty, and they are increasingly willing to share personal data in return for safety, efficiency and a seamless journey. Travel companies are listening and rapidly adjusting their approach to offer customers digitally enabled options as well as safe, sustainable and authentic experiences. Looking ahead, how can travel businesses continue to inspire and resonate with its consumers and employees and what does the recovery trajectory across all travel sectors look like?
Learn more about the market outlook and its implications for travel sectors in the interviews.
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Future of Travel
Travel industry players are finding creative ways to stay in business and rebuild consumer trust, while demonstrating resilience. The sector is under pressure, particularly when it comes to leverage and liquidity, improving cash flows, reducing operational costs and refinancing. Technology is at the forefront of this change, racing ahead to address the financial and safety concerns of both consumers and businesses. This chapter explores the opportunities for growth, refinancing and dealing with volatility while ensuring flexibility and safety.
Read more about the future of the travel and what it means for the industry.
Discover moreReimagining resilience
As the pandemic continues to unfold, even with a potential vaccine on the horizon, the path to recovery will be neither swift nor straightforward. Organisations will need to be nimble and resilient as they are likely to face further disruption before reaching a state of normality. Companies will be expected to put sustainability at the heart of their strategy and invest in data-driven innovations that minimize risk, inefficiencies and delays. This chapter discusses how businesses can build back better; how to thrive by being responsible and purpose-led; and how to use data to secure their future while minimizing data security concerns.
Explore the ways that companies can build resilience and prepare for the future.
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Visit the Travel Weekly website to explore the findings and view the recorded launch event.
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