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The times, they are certainly changing! At least for hoteliers and the wider travel industry. A recent report from McKinsey & Company found four key themes when investigating the state of tourism and hospitality in 2024: • Domestic travel (or ‘staycations’) represent the bulk of travel spending. Whether leisure or business travel, don’t underestimate the audience you have in your home region or country. • Travel is booming but travellers seek out unique experiences. Personalisation – not just in communication but in offering too - will help you connect with consumers. • Luxury travel is changing – and the audience is increasingly diverse. Don’t make assumptions about what a luxury traveller looks like: age, net worth, nationality are all undergoing rapid change from the traditional ‘luxury traveller’ profile. • The fightback against overcrowding in popular destinations continues. For hoteliers, think about how you can encourage people to stay longer, engage more with the local area and community, and maximise your revenue per guest, especially during quieter times. Download the full report at: https://lnkd.in/eSXzfMjK #Hotels #Travel #Tourism #HotelREZ

A recent report from McKinsey & Company found four key themes when investigating the state of tourism and hospitality in 2024:

Record-Breaking Tourism: Florida Leads the Nation Once Again! Florida remains the country’s premier travel destination, setting an impressive new record with 34.6 million visitors in Q3 2024—a 1.8% increase over last year and the highest visitation for any third quarter to date. These historic numbers reflect the draw of the Sunshine State, including 31.8 million domestic travelers, 2.3 million international visitors, and 582,000 Canadians who chose Florida as their travel destination. Key stats: ✅ 34.6M total visitors in Q3 2024—up 1.8% from Q3 2023 ✅ 91.8% domestic travelers, 6.6% overseas, and 1.7% Canadian visitors ✅ 25.6M enplanements at Florida’s 19 major airports, with growth in Pensacola and Palm Beach Florida is setting the pace for tourism growth in 2024, and we look forward to welcoming even more travelers in the months ahead! Central Florida Hotel & Lodging Association (CFHLA) Visit Orlando VISIT FLORIDA

A Unique Selling Proposition, or USP, is the distinct factor or benefit that sets a business apart from its competitors. It’s what distinguishes a travel company’s offerings, making them attractive and appealing to customers. The USP definition often revolves around answering the question, “Why should a customer choose your travel business over another?” This idea is particularly crucial in the tourism sector, where the variety of travel experiences is as vast as the range of destinations available. https://lnkd.in/d3tPRWPS

Tourism and hospitality are set to soar, powered by new travelers, destinations, and trends. 1. The bulk of travel is close to home 2. Consumers increasingly prioritize travel—when it’s on their own terms. 3. The face of luxury travel is changing. 4. As tourism grows, destinations will need to prepare to mitigate overcrowding. Credits to: McKinsey & Company

Have you ever wondered what the real difference is between Travel and Tourism? Well, there's actually a subtle but significant difference. When we talk about travel, we're usually referring to the act of moving from one place to another, driven by personal curiosity and the desire for new experiences. It's more about the journey, the personal adventure, and the unique stories you gather along the way. 🧳✈️ Tourism, on the other hand, encompasses the whole industry that supports travel. It's about the services and infrastructure that make travel possible and enjoyable, like hotels, restaurants, guided tours, and transportation. Tourism is essentially the business side of travel. Thus, travel is about your personal experiences and adventures, while tourism focuses on creating opportunities and providing services to enhance those experiences. It's an interesting distinction because it highlights how our personal journeys are supported by a whole industry designed to make exploring the world easier and more enjoyable. Not only that, understanding this difference can help us appreciate both the personal and economic aspects of exploring new places. So, next time you're on a trip, you can think about how the tourism industry plays a part in making your travel experience smooth and memorable. Ready for an adventure? It’s time to travel and see the world. Book a call Today.

Tourism and Hospitality: Emerging Trends and Strategic Insights According to a recent McKinsey report, the tourism and hospitality industry is poised for significant growth, driven by new travelers, destinations, and evolving trends. This sector is currently experiencing disruption due to shifting source markets, increased demand for experiential and luxury travel, and innovative business strategies. Stakeholders should focus on four key themes to navigate these changes effectively: Local and Regional Travel Despite the spotlight on international travel, domestic and intraregional tourism continue to dominate travel spending. Stakeholders should leverage the substantial opportunities available in local markets, as they represent the majority of travel activities and spending. Personalized Travel Experiences The demand for travel is booming, but modern travelers seek personalized experiences over generic offerings. Industry players should use customer segmentation and hypothesis-driven testing to tailor their value propositions. Those who fail to adapt risk being left behind in this competitive landscape. Evolving Luxury Travel Market The luxury travel segment is growing faster than any other, particularly in Asia. Luxury travelers are diverse, with varying preferences based on age, nationality, and net worth. Understanding and segmenting this market can help businesses cater to the nuanced needs of different luxury traveler demographics. Mitigating Overcrowding at Destinations As tourism grows, destinations must develop strategies to manage increasing tourist flows. This involves planning and investing in infrastructure, transportation, and workforce development, as well as preserving cultural and natural heritage. Accurate data analysis and capacity assessments are crucial for sustainable tourism management. source: https://lnkd.in/dMMj-EKE

Welcome to National Travel and Tourism Week 2024! #NTTW24 National Travel and Tourism Week is an annual celebration organized by the U.S. Travel Association to underscore the incredible importance of tourism to communities nationwide. During this week, destinations across America highlight the critical economic impact of the travel and tourism industry. With its 2023 annual report released this month, State of Washington Tourism shared visitor information for the Tri-Cities. Key statistics from the 2023 annual report include: - Visitors spent nearly $630 million in the Tri-Cities in 2023 - an increase of $35 million over 2022. - Visitor spending in the Tri-Cities generated $63 million in State & Local Tax Revenues – an increase of $3.2 million over 2022. - The tourism economy produced over $1 billion in business sales in the Tri-Cities in 2023. “It’s exciting to see the vitality of our industry represented in the data, and the numbers tell an important story. As the visitor economy churns it helps transform the Tri-Cities into a vibrant destination – a place where people want to visit, live, work, play and invest,” said Kevin Lewis, President and CEO of Visit Tri-Cities.

World McKinsey State of Tourism and Hospitality Report 2024 Tourism and hospitality are on a journey of disruption. Shifting source markets and destinations, growing demand for experiential and luxury travel, and innovative business strategies are all combining to dramatically alter the industry landscape. Given this momentous change, it’s important for stakeholders to consider and strategize on four major themes: - The bulk of travel is close to home - Consumers increasingly prioritize travel when it’s on their own terms - The face of luxury travel is changing - As tourism grows, destinations will need to prepare to mitigate overcrowding Read the full story https://lnkd.in/eSXzfMjK

World McKinsey State of Tourism and Hospitality Report 2024 Tourism and hospitality are on a journey of disruption. Shifting source markets and destinations, growing demand for experiential and luxury travel, and innovative business strategies are all combining to dramatically alter the industry landscape. Given this momentous change, it’s important for stakeholders to consider and strategize on four major themes: - The bulk of travel is close to home - Consumers increasingly prioritize travel—when it’s on their own terms - The face of luxury travel is changing - As tourism grows, destinations will need to prepare to mitigate overcrowding Read the full story