Deloitte on facing travel's future

The company’s Future of Consumer forecasts that the changes of the past 20 years “will pale in comparison to the paradigm shift we are about to see in the coming decade”

The travel industry is in a transformative era, shaped by demographic shifts, evolving technologies, and the pressing need for sustainability. As the baton passes from boomers to younger generations, travel providers should adapt to their digital-savvy, value-driven behavior.

Key takeaways

• The demands of younger, tech-savvy and conspicuously conscious generations will steadily become more prominent than those of boomers, a lucrative segment that is beginning to age out of frequent travel;
• At the same time, India is joining China as a rising source of visitors. And across geographies, starker lines of affordability could tempt travel providers and investors to put all their chips on luxury, potentially causing them to miss opportunities presented by the mass market;
• The travel industry’s attention to sustainability has grown substantially in recent years. Over the coming decade, even greater investment and innovation is needed as suppliers likely face climate-related pressures;
• Travel providers stand to unlock significant savings and improve the trip experience by applying artificial intelligence (AI) to operational efficiencies across their organizations. And more transformational innovations are on the horizon.

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