The last 2 years have been a roller coaster ride as people are now set in hybrid working environments and have adapted to new ways of living. Yet one industry has been hit harder than most since 2020 and has managed to find its feet again, with an outlook of positivity in 2022.
Two years ago, Google revealed travel-related search terms were off the chart. The panic had only just begun as borders began closing across a growing number of countries and the US had closed all of its airports. This meant that the travel industry went from seeing millions of people travelling everyday to swift and heavy restrictions, causing footfall to plummet.
Fast forward to 2022, and we’re still seeing major issues across the industry. There is now a growing staffing issue causing long queues at airports and many cancellations and delays of flights. With people eager to get back to their travelling habits, they are being met with delays at security and a shortage of staff unable to cope with demand.
Despite these challenges, the industry feels largely upbeat.
This confidence mainly stems from the number of travellers who have saved during the pandemic. Usually, what consumers would spend on commuting expenses and eating out at restaurants, over the course of the last two years, has instead been accumulated into a significant amount of savings. This has meant the demand has increased for longer trips, higher-value holidays and once-in-a-lifetime experiences.
However, this does come against the backdrop of a cost of living crisis so it will be interesting to see if this demand for travel continues over Christmas and into 2023.
Other interesting trends in the sector include the emergence of subscriptions for travel. Companies are now looking for ways to be the standout as demand increases. This sort of mechanic looks like it could really shake things up. Travel businesses have always been very good at enticing customers, but the question remains about what they do with the customer afterwards.
For example, the likes of Expedia will send customers away to the airline once they have taken the booking but how do they retain some control over them post-booking? Traditionally for airlines, this has been done with the likes of car hire companies, insurance providers and sightseeing specialists. Now, a more intelligent, holistic, approach is needed and this can involve creating the right partnerships.
Find out more as we delve into the defining factors that have shaped the last 2 years of the Travel industry, taking a look at how it has recovered since the pandemic and why there is now an opportunity for it to be stronger than ever before.