WTTC presents the latest consumer trends in travel & Tourism

Introduction

To date, booking trends have showcased a domestic rediscovery, with ongoing restrictions compelling consumers in search of travel experiences to explore within the borders of the destinations they call home. The concept of a staycation has taken on new meaning in this era, as consumers create workcations and increasingly stay longer in destinations, given the normalisation of remote work. In the short-term however, even with the flexibility to work from anywhere, consumers are weary to book too far in advance, for fear of travel restrictions causing cancellations.

The Global & Regional Recovery

However, WTTC’s latest October 2021 projections not only show promising growth opportunities in the domestic market for 2021; but a rise in international travel which will further accelerate in 2022 and beyond. Following a 49.1% decline in 2020 and a loss of almost US$ 4.5 trillion, Travel & Tourism GDP is projected to rise by 30.7% in 2021 and 31.7% in 2022.

Regionally, the Americas lead the recovery with a 36.8% projected growth of T&T GDP, followed closely by Asia-Pacific with an expected T&T GDP growth of 36.3%. Africa (27.7%), the Middle East (27.1%), and Europe (23.9%) follow. Within the Americas, the Caribbean is the frontrunner with a projected T&T GDP growth of 47.3% followed by North America (37.9%) and Latin America (26%).

Conclusion

While travellers are still concerned about COVID-19 transmission, their growing confidence is enabled by the public and private sectors whose overt virus management measures are present throughout their travel journey. Indeed, consumers are more conscientious than ever; as they increasingly pay attention to how travel organisations are protecting their health and that of the staff that help make their travel possible. Traveller booking habits show continued concerns around rapidly changing restrictions, amplifying demand for easy and free cancellations. However, this has not hampered consumers’ desire to travel with a rise in domestic travel in the short term and with lengthening stays.

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