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Travel is wired for slow changes. Given long aircraft manufacturing times and life cycles, it can take decades to roll out new technology across a fleet. Hotels can be retrofitted for new needs but have limited room for flexibility - and investment in new builds and updates is often impeded by economic conditions like interest rates.
In marketing and distribution, effectively connecting supply to consumer tech platforms presents challenges with content, consistency, and bookability - all of which can defy efforts at new merchandising models. Each sector of travel contends with legacy systems that can stymie nimble innovation.
These structural impediments to change have collided with major disruption over the past two decades: shifts in who travels, where they stay, and how they book (in figure 1). Those changes are just the beginning. Deloitte’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 six forces the Future of Consumer identifies should compel executives across industries to chart a new course and reshape businesses and our broader shared future for the better. These economic, social, and technological paradigm shifts are pushing the travel industry toward potential seismic change. Facing travel’s future requires a clear understanding of these dynamics and an adaptable approach to meet the evolving expectations of travellers. Capitalising on these forces and their implications will likely be fundamental to success for players across travel. Ignoring them could lead to a diminishing customer base, erosion of the bottom line, and missed opportunities for growth.
Travel is wired for slow changes. Given long aircraft manufacturing times and life cycles, it can take decades to roll out new technology across a fleet. Hotels can be retrofitted for new needs but have limited room for flexibility - and investment in new builds and updates is often impeded by economic conditions like interest rates.
In marketing and distribution, effectively connecting supply to consumer tech platforms presents challenges with content, consistency, and bookability - all of which can defy efforts at new merchandising models. Each sector of travel contends with legacy systems that can stymie nimble innovation.
These structural impediments to change have collided with major disruption over the past two decades: shifts in who travels, where they stay, and how they book (in figure 1). Those changes are just the beginning. Deloitte’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 six forces the Future of Consumer identifies should compel executives across industries to chart a new course and reshape businesses and our broader shared future for the better. These economic, social, and technological paradigm shifts are pushing the travel industry toward potential seismic change. Facing travel’s future requires a clear understanding of these dynamics and an adaptable approach to meet the evolving expectations of travellers. Capitalising on these forces and their implications will likely be fundamental to success for players across travel. Ignoring them could lead to a diminishing customer base, erosion of the bottom line, and missed opportunities for growth.
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