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The travel industry is experiencing a major transformation as it begins to return to levels of popularity not seen since before the COVID-19 pandemic. According to UN Tourism, international tourism had returned to 88% of pre-pandemic levels by the end of 2023, and is expected to make a full recovery by the end of 2024.
Much of this strong bounce-back is being fueled by the entrance of Generation Z into the global marketplace. Gen Z is generally regarded as those born between 1997 and 2012, meaning that most of them are now in their teens or early 20’s, and therefore are starting to have their own money to spend on travel and holidays. The buying power of this generation cannot be underestimated: they currently make up around 32% of the world’s population, according to Qureos; and Snapchat has found their global buying power is already worth more than $450 billion -and will only grow in the years to come.
Gen Z is far more digitally native than those that preceded them, and that is driving major changes in what consumers expect from travel companies. In particular, frictionless experiences—meaning smooth, effortless, and uninterrupted interactions throughout the entire customer journey, from initial research to post-trip activities—are increasingly regarded as essential. These experiences, supported by seamless technology (especially for mobile), are crucial not only to meet consumer demand, but also to respond to increased competition from disruptive new players.
The travel industry is experiencing a major transformation as it begins to return to levels of popularity not seen since before the COVID-19 pandemic. According to UN Tourism, international tourism had returned to 88% of pre-pandemic levels by the end of 2023, and is expected to make a full recovery by the end of 2024.
Much of this strong bounce-back is being fueled by the entrance of Generation Z into the global marketplace. Gen Z is generally regarded as those born between 1997 and 2012, meaning that most of them are now in their teens or early 20’s, and therefore are starting to have their own money to spend on travel and holidays. The buying power of this generation cannot be underestimated: they currently make up around 32% of the world’s population, according to Qureos; and Snapchat has found their global buying power is already worth more than $450 billion -and will only grow in the years to come.
Gen Z is far more digitally native than those that preceded them, and that is driving major changes in what consumers expect from travel companies. In particular, frictionless experiences—meaning smooth, effortless, and uninterrupted interactions throughout the entire customer journey, from initial research to post-trip activities—are increasingly regarded as essential. These experiences, supported by seamless technology (especially for mobile), are crucial not only to meet consumer demand, but also to respond to increased competition from disruptive new players.
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