Voice of the Industry: Travel After Coronavirus

August 2020

Euromonitor International’s Voice of Industry Survey – Travel showcases the unprecedented impact of Coronavirus on travel and tourism businesses, with high levels of pessimism. Focus areas for recovery include big data, analytics and AI to drive operational efficiencies and consumer interactions. Sustainability is a critical driver of recovery, as travel businesses transition to a sustainable tourism model, yet there is still much work to be done before the travel industry acts with purpose.

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Key Findings

This report highlights the results of Euromonitor’s Voice of the Industry: Travel and Tourism survey, alongside commentary and context from Euromonitor experts

Top findings from Voice of the Industry: Travel and Tourism survey include:

65% of travel industry respondents have a pessimistic view of the travel industry in the next 12 months, compared to 74% having a more optimistic view in the long term;

Big data and analytics, along with artificial intelligence will be key investment areas for the travel industry’s digital transformation, respectively accounting for 65% and 55% of future technologies to have an impact over the next five years;

In June 2020, 76% of travel professionals expected their customers to be more concerned with sustainability after Coronavirus (COVID-19), compared with 69% of professionals across all industries;

The travel industry is trailing behind other industries in terms of transitioning to sustainability with purpose, with 36.7% of respondents saying that their company was purpose-driven, compared to an industry average of 51%.

Travel snapshot
State of the travel industry in the short to long term
Travel faces unprecedented shutdown due to COVID-19
High levels of forward bookings and cancellations
State of the travel industry in the next five years
Most important attributes for travellers
Continued appeal of big data, AI and analytics for biggest change
Pivot to AR/VR in the short term for virtual experiences
Artificial intelligence to shift from customer service to voice
Biometrics shift to integrated ID management for seamless travel
Mobile travel apps: real time customer service key
Personalised experiences most influential for digital commerce
Improved customer journey and digital transformation lead short term
Consumers in the driving seat for interest in sustainability
Consumers put social impact above everything
What does sustainability mean to the travel industry?
Travel convinced about the value, but unsure how to go about it
Travel is behind the curve compared to other industries
Travel shows high engagement with the SDGs as a bright spot
Travel industry trailing in terms of conviction
COVID-19 changes focus to the welfare of employees
COVID-19 puts the breaks on sustainable NPD innovation
Communication could be better targeted
Innovative new travel product or travel service
Sustainability driven innovation: NEST
COVID-19-led innovation: The Indoor Lab
Climate-friendly experiences: Brim Explorer
Cultural immersion: Borneo à la Carte
Climate positive strategy: Intrepid Travel
Immersive experiences: The Faroe Islands
People-centric service: Prontopia
Making business travel fun: Santifly.com
Carbon tracking: long way before adopted by the mainstream
Future innovation to watch: My Carbon Action
About Euromonitor’s Voice of the Industry survey series
Focus within travel industry of Voice of the Industry respondents
Job title of Voice of the Travel Industry respondents
Geographic focus of Voice of the Industry respondents

Travel

Travel encompasses several categories including tourism flows, lodging, travel modes, in-destination spending and booking.

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