2023 Travel industry outlook has been saved
2023 Travel industry outlook
Recalibration required for this year’s business itinerary
After a period of steady improvement, travel and hospitality growth was slowed by weakening financial confidence in the final months of 2022. However, under-tapped opportunities and pent-up demand still exist. Our 2023 industry outlook examines the latest travel and hospitality trends to help your organization recalibrate its business strategy for the year ahead.
Product, performance, and price: deliver a first-class experience in the basics
Since the vaccine rollout and easing of pandemic travel restrictions, the travel and hospitality industry has experienced a steady rebound in performance. Consumers, pent up from lack of leisure travel, created a wave of demand for hotels and airlines throughout 2021 and most of 2022. While travel businesses should continue to plan for lingering public health uncertainty, many travelers have begun to move past pandemic concerns.
However, other notable challenges are already taking their place—from consumer financial anxiety to climate change quandaries. There’s also a labor shortage that continues to impact all travel segments. So, will travel ever return to prepandemic levels?
To thrive in the year ahead, travel, hospitality and airline leaders should consider these new and complicated realities. By placing a focus on elevating and enhancing the basics—product, performance, and price—companies could reshape themselves for the better on the way out of a once-in-a-generation crisis.
To learn more about the emerging opportunities in the travel and hospitality industry, explore the trends in our report.
Companies rethink when and why employees should travel, with a commitment to workplace flexibility, sustainability and ROI