Arena EXPLORE
The brands shaping the future of travel are not within the industry. And that’s a problem for the incumbents.
The brands shaping the future of travel are not within the industry. And that’s a problem for the incumbents.
In collaboration with: Airline Management Group, Americus Reed, Cruise Media, Explora Hotels, Rita Gunther McGrath, Soneva Hotels and The Board of Airline Representatives
A cursory glance at the economics of travel and tourism show that the industry is thriving.
It contributed $7.7tn to the global economy in 2022, (approximately 10% of Global GDP) and created 334 million jobs worldwide. Global travel arrivals are on a strong growth trajectory (1.2bn in 2023), nearly back to pre-pandemic levels (1.4bn in 2019), with percentage growth in demand in 2022/3 higher than in any of the 10 years prior.
It seems paradoxical that the brands making up the industry are in large part absent from Best Global Brands, Interbrand’s definitive ranking of the world’s most valuable brands. Marriott appeared in Best Global Brands for one year—2008; Hilton dropped off the table in 2001.
At a time when travel has never been more desirable or accessible for the everyday consumer, are travel brands fully capturing this growth opportunity? Why isn’t it reflected in higher brand valuations?
While often discussed as threats, could the dual forces of technology and sustainability create opportunities for a new mindset in travel, one of greater value and evolving business models?
In this report, we look at the rising expectations of consumers, review the strategic forces shaping the competitive landscape and define an opportunity to shape a new demand curve through human-centric transformation that creates an extended point of view—from “travel” to “explore”.
Find out more in our latest report, EXPLORE.