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Travel and Tourism Trends and Disruptors

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Travel and Tourism Trends and Disruptors

  1. 1. Page 1 Disclaimer: © MyTravelResearch.com® 2018 Client :Prepared by: Date: Trends and Disruption: Moving from Disrupted to Disruptor? Victorian Tourism Industry Conference 2018 MyTravelResearch.com 31 July 2018
  2. 2. Page 2 What’s wrong with this image? This is not the future – this is NOW! Today is all about moving from the Victorian tourism industry from being disrupted to being disrupters
  3. 3. Page 3 Economic Social Technology/ Innovation Marketing Combined and Counter Trends Tourism Other 7 themes 50+ trends Trends overview
  4. 4. Page 4 Let’s drill down a little... Economic • Uncertainty • Inequality • Emerging and Returning markets • Cycles and Fads vs. Trends Social • Generational Change • Aging Populations • Ethnic Diversity • Female Economic Empowerment • Family Structures • Conscious Capitalism • Health and Wellbeing • Attitudes to work • Expectation Economy • Attention Economy • Experience Economy Technology/ Innovation • IoT/Wearables • AI/ Machine Learning/ Chatbots • Robots • VR/AR • Voice • Blockchain and Virtual Currencies Marketing • Ageless • Dynamic Pricing • Micromoments • Mobilegeddon • Semantic Search • Intent Marketing • The End of Shiny – the Beginning of Shining?
  5. 5. Page 5 Let’s drill down a little... Combined and Counter • The Sharing Economy • Hyper-tech vs De-Tech • Serendipity and Hyper- personalisation • Ephemerality • Public vs private • Post-truth and political branding Tourism • Multigenerational Travel • VFR • Accessible Travel • Solo Travel • New Luxury • End to end journey • MICE • Cruising • Theme Parks • Air Travel Reinvented – ULH/LHLCC • Experiential • Local • Infolust/Mapmania • Overtourism Other •Climate Change
  6. 6. Page 6 Feeling like this? The purpose of today is to empower you First up, you don’t have to use all of the trends! We’ll just focus on a few Sources: Bigstockphoto
  7. 7. Page 9 The tectonic shift: lifestage meets generational cohort The majority of Baby Boomers are now ‘seniors’ – the first Gen Xers will join them in 3- 7 years’ time Millennials become parents, managers and the majority of business travellers Centennials/Gen Z are now the Youth Market
  8. 8. Page 10 Whilst marketers talk a lot about Millennials let’s remember… Our markets are aging https://www.aihw.gov.au/reports/older-people/older-australia-at-a- glance/contents/demographics-of-older-australians/australia-s-changing-age-and-gender-profile
  9. 9. Page 11 It’s not unique to Australia…..
  10. 10. Page 14 The wealth that powers the Baby Boomer Generation 25% 53% Of the AU population Of AU wealth http://www.traveller.com.au/how-baby-boomers-are-shaking-the-travel-industry-gx8sp0 sources: McCrindle Research, Brent Green $120bnOf annual travel spend in US
  11. 11. Page 15 Pictures copyright: Wikipedia. https://www.lonelyplanet.com/news/2017/07/25/elspeth-beard-travel-around-world-motorcycle/, Helen Fielding/Jonathan Cape The Spirit that informs the boomer market This market has disrupted everything else over it’s lifespan – it’s going to do the same with retirement
  12. 12. Page 16 Baby Boomers: Only call me senior if you are giving me a discount! I may look like this… but my attitude is more like this Statistic sourced via The Futures Company
  13. 13. Page 18 They still love adventure – and they want INTENSE experiences
  14. 14. Page 19 They want to keep active – and expect to work to pay for it This also links to our changing attitudes to work trend
  15. 15. Page 21 Millennials are moving into a new life stage From This To This
  16. 16. Page 22 Millennial are growing up Family traveller • Upper end of the cohort are having families • They also become more value conscious adopting a 'trading up, trading down' philosophy. • Food in particular continues to be a driver for Millennial when they travel - and as parents they are also very conscious of nutritional choices for their families • Spent longer than other generations in the family home, therefore attracted to multigenerational trips
  17. 17. Page 24 Millennial are growing up Business traveller • Now entering the core business traveller market • Already account for a third of spending on business flights. Predicted to grow to half by 2020. Expect the same will be true of spending on accommodation. • Millennials – value authenticity and experiences even in business travel – want LOCAL – have also been willing to pay for a superior experience. • 60% of Millennial business travellers had paid a premium for services: – those that improve the smoothness of their trip – that enable them to customize the experience to their personal needs – or that support their appetite for technology. • They have also grown up valuing co- operative environments. This has increasingly been reflected in their working lives. – They want spaces to collaborate and share. https://www.bcgperspectives.com/content/articles/transportation_travel_tourism_consumer_insight_traveling_with_millennials/ https://www.bcgperspectives.com/content/articles/transportation_travel_tourism_consumer_insight_traveling_with_millennials/
  18. 18. Page 26 Managing Millennials Source: RyMax Marketing Services on http://www.ehstoday.com/safet y-leadership/managing- millennial-employee-infographic
  19. 19. Page 27 What does an Australian look like? http://www.abs.gov.au/ausstats/abs@.nsf/Lookup/by%20Subject/2071.0~2016~Main%20Features~Cultural%20Diversity%20 Data%20Summary~30 http://www.abs.gov.au/ausstats/abs@.nsf/Latestproducts/3412.0Main%20Features42015- 16?opendocument&tabname=Summary&prodno=3412.0&issue=2015-16&num=&view=
  20. 20. Page 28 What does an Australian look like? http://www.abs.gov.au/ausstats/abs@.nsf/Latestproducts/3412.0Main%20Features42015- 16?opendocument&tabname=Summary&prodno=3412.0&issue=2015-16&num=&view= http://www.abs.gov.au/ausstats/abs@.nsf/mf/2024.0 http://www.abs.gov.au/ausstats/abs@.nsf/Lookup/by%20Subject/2071.0~2016~Main%20Features~Cultural%20Diversity%20 Data%20Summary~30 In the 2016 Census, 28% of the Australian population was born overseas, BUT 49% of the population was either born overseas or has at least one parent who is Close your eyes and think how many domestic tourism campaigns reflect this? What are your points of connection to these Australians?
  21. 21. Page 29 Changing attitudes to work This was produced for Millennials but will increasingly be ALL our job trajectories Source: The Futures Company, Visit Florida
  22. 22. Page 30 The changing nature of work – it’s here now 1/3 of new jobs in the US between 1990 and 2015 did not exist before 1990! Pilots actively steer aircraft for just three to seven minutes of any flight, with autopilot guiding the rest of the journey Up to 45 per cent of work activities could be automated using already- demonstrated technology Source: McKinsey and others quoted in http://www.bca.com.au/media/the-changing-nature-of-work https://www.glassdoor.com/blog/jobs-that-didnt-exist-15-years-ago/ 1. Social Media Manager 2. Data Scientist 3. Podcast Producer 4. Cloud Architect 5. Lyft Driver 6. Content Marketer 7. AI Engineer 8. Virtual Assistant 9. AI Chatbot Copywriter 10. Employment Brand Manager 10 jobs that did not exist 15 years ago
  23. 23. Page 31 The rise of the gig economy Source: McKinsey and others quoted in http://www.bca.com.au/media/the-changing-nature-of-work http://pubdocs.worldbank.org/en/816281518818814423/2019-WDR-Draft-Report.pdf Sites like TaskRabbit and Upwork, which have created online marketplaces connecting some 4 million businesses and more than 9 million freelancers in 180 countries.
  24. 24. Page 32 The worlds of work and travel blend the rise of the digital nomad https://www.nytimes.com/2017/04/03/business/digital- nomads-work-tourism.html
  25. 25. Page 33 The skill sets we need are changing Source: https://www.pwc.com.au/pdf/a-smart-move-pwc-stem-report-april-2015.pdf http://pubdocs.worldbank.org/en/816281518818814423/2019-WDR-Draft-Report.pdf Modelling by PwC shows that if Australia were to target a similar growth trajectory to compete with STEM leaders like Germany, 126,327 Australian workers – or 1 per cent of the current workforce – would need to move into more STEM occupations by 2035
  26. 26. Page 36 Experiential travel – the hot trend that’s at least 3,000 years in the making http://www.olympia-greece.org/stadium1.html https://en.wikipedia.org/wiki/Pompeii#/media/File:Pompeii-Street.jpg www.amazon.com https://www.heraldsun.com.au/news/victoria/hidden-gems-18-places-to-see-in-victoria/news-story/1d3a825f56f5aba8eb256ff5f1039a6b 930 BCE (ish) 776 BCE 629 CE 89 BCE 812 CE 1700-1961 CE 1975 CE 2018 CE Whenever people have had time or resources to think beyond the short term they have sought experiences What’s changed is that we are less prepared to cut back on them when things get tough – and other industries have entered the experience economy 1999 CE
  27. 27. Page 37 So now experiential travel is about niching – these are just a few examples Transgressive Tourism Ephemeral or ‘Pop up’ Tourism Philanthrotourism Religious Tourism including climate change tourism! including Halal Tourism http://www.reliefridersinternational.com/letter_2016_09.php http://www.tourismandmore.com/tidbits/the-importance-of-the-religious-tourism-market/, Source JWT 100 2017 http://wolvesmouth.com/blog,http://www.warzonetours.com/, www.trendwatching.com
  28. 28. Page 38 Climate change – the big disruptor https://www.climatecouncil.org.au/uploads/964cb874391d33dfd85ec959aa4141ff.pdf Australia is among the top five destinations most vulnerable to climate change.
  29. 29. Page 39 If we are a country of beaches where does that leave us? https://www.climatecouncil.org.au/uploads/964cb874391d33dfd85ec959aa4141ff.pdf
  30. 30. Page 41 It’s also about visitor perceptions https://www.climatecouncil.org.au/uploads/964cb874391d33dfd85ec959aa4141ff.pdf
  31. 31. Page 42 It’s also about visitor perceptions Advice includes reduce flying and travel closer to home – this from a conservative newspaper in one of our biggest markets Source: Telegraph.co.uk
  32. 32. Page 43 It isn’t hopeless! As an industry we can both influence and mitigate this https://publications.csiro.au/rpr/dow nload?pid=csiro:EP128341&dsid=DS6
  33. 33. Page 44 The secret sauce of disruption What’s the best predictor of disruptive innovation? Science fiction! Looking at trends longitudinally, we can see it is filling Emotional Gaps – in the right context
  34. 34. Page 45 What sort of disrupter do you want to be? Are you a ‘Purple Cow’…? An Isaac Newton…? For most people, it’s most profitable to be an Isaac Newton, but there is no shame in being a Stephen Bradbury Or a Stephen Bradbury…?
  35. 35. Page 46 But to be any kind of disrupter you have to pull yourself out of the every day Sources: (Rick Antonson at World Café G20 in Brisbane) www.cathedralthinking.com Image Big Stock Photo https://www.facebook.com/bttfseries/ Cathedral thinking By going …
  36. 36. Page 47 Disclaimer: Please note that the information and data contained in this update has been prepared for the specific purpose of addressing the items for the research between MyTravelResearch.com Pty Ltd and Attendees at the VTIC conference It may not be suitable for other applications. The use of this data for any other purpose should be discussed with the lead author. MyTravelResearch.com accepts no responsibility for unauthorised use of this data by a third party. © MyTravelResearch.com® 2018