The past two months have seen a busy publication schedule with the release of ten reports or data sheets from the Phocuswright research team.
We published reports on the six biggest trends in innovation and tech for 2024 as well as insights beyond climate change and into the cultural and economic sustainability challenges in travel. One report focused on travelers’ awareness of and attitudes toward GenAI and other emerging technologies. And another was a look at what's new in fintech for travel.
Read on to discover the ten reports that should be on your radar.
Each year, Phocuswright's expert analysts identify the technology and innovation trends that will significantly influence travel distribution and the wider industry in the coming year and beyond. In 2024, of course we’re giving generative AI the attention it deserves. But we’re also bubbling up underappreciated technologies, preparing for a future of digital identities and currencies, and keeping the focus on sustainability.
The term “sustainability” has become synonymous with climate change. While the importance of caring for the environment should not be understated, travelers can neglect cultural and economic sustainability in the face of more pressing climate considerations. Seemingly, a lack of reliable, accessible information poses huge challenges. Meanwhile, many travelers are none the wiser. While exhibiting positive intentions, the majority need more information and incentives to take actionable steps towards economic and cultural awareness and preservation.
Since ChatGPT made its grand debut in late 2022, endless discussion (and some anxiety) about generative AI’s (GenAI's) potential uses, drawbacks and dangers, has naturally followed. Moving quickly, the travel industry has embraced it in full force. Many companies have recognized the technology’s potential in multiple arenas of business, including with consumer-facing interactions.
After two and a half years of remarkable pandemic-fueled expansion, growth of global short-term rental (STR) bookings is slowing as significant volume shifts back to hotels. Travelers have experienced the peaks and valleys of the STR segment, and overall find themselves in a more discerning place. With certain markets maturing (U.S., Europe) and others still developing (Asia, Middle East, Africa), the global market is varied and uneven, though overall slower growth is anticipated through the forecast period.
Overtourism taxes travelers, destinations and locals alike. Often overlooked as a key sustainability facet, crowd management and visitor volume control has become vital in the current conservation and green development conversations. In its milder form, overtourism is a nuisance. At its extremes, it can threaten access to critical or even life-saving resources. Consumers may express a desire to support sustainable travel, but like with other green-focused measures, there is limited follow-through, and particularly so regarding overtourism. While many destinations aim to employ innovative solutions, too many are playing catch up against tidal waves of eager visitors. With ever-increasing numbers of tourists and renewed confidence in international trips, the need to rein in overtourism proactively is more essential now than ever.
The reopening of Northeast Asia’s major travel markets led to 78% year-over-year growth in 2022, and projected 122% growth in 2023. Notable as the first full year of travel post-COVID, 2023 saw the return of international visitors that have largely driven the recovery. While 2023 bookings are projected to fall slightly short of pre-pandemic numbers, 2024 revenue is expected to easily eclipse that mark.
Fintech is changing the way travel is purchased and settled. While in and of itself, fintech touches nearly every industry, there are unique pain points surrounding travel, including accepting multiple forms of payment and providing flexibility to travelers. As fintech’s role in the entire travel process continues expanding, new methods of simplifying payments will continue to emerge, easing consumers’ frustrations and enabling greater flexibility and efficiencies.
Strong demand characterized Southeast Asia’s exceptional market recovery in 2023. Marked as the first full year of travel post-COVID, gross bookings totaled $31.3 billion. Driven by a largely mobile-first market, online gross bookings have grown more quickly than the market overall and will continue to do so looking forward. While still lagging 2019 totals, 2024 should deliver a full recovery for most markets and segments. Relative to 2023, however, more moderate growth is expected for the rest of the forecast period.
Consumers in the U.K., France, Germany, Italy and Spain consistently rank travel as their highest-priority discretionary spending area, across a range of possible categories for spending their discretionary income. However, there are key differences in travel behavior across these markets. Italian and Spanish travelers are most likely to take domestic trips, while those from Germany and the U.K. are more inclined to go abroad.
Access Phocal Point to compare the most recent data on the global short-term rental market across major regions and channels. Data is presented in a visually interactive, customizable format, and can be exported on demand. This interactive charting tool allows you to:
- Chart and visually benchmark STR market sizing data in gross bookings
- Compare historical STR market data and projections
- Segment STR data across major regions (Asia Pacific, Europe, Latin America, Middle East & Africa, North America) and channels (online and offline)
- View STR gross bookings in U.S. Dollars (US$), Euros (€), British Pounds (£), Chinese Yuan (C¥), Japanese Yen (J¥), Australian Dollars (A$) or Canadian Dollars (C$)
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