AH February 2024
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News
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www.asianhospitality.com
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FEBRUARY 2024 ASIAN HOSPITALITY
onsumers are expected
to reprioritize travel in
2024, albeit with demand
fluctuations for various products
and amenities in 2024, according to
Deloitte's 2024 Travel Outlook. The
report says hospitality providers
need to enhance the experiences
they offer or risk losing travelers'
attention and Those adept at
applying technology to create
personalized and flexible services
will do better than others this year.
The pent-up demand seen
following the pandemic that led
to travel surges in the prior two
years is dwindling, the report said.
It’s being replaced, however, by
a steady increase in traveling for
experiences, aided in some cases
by the increased prevalence of remote
working, meaning travel remains a priority
for many consumers.
An economic downturn could dampen
that enthusiasm, according to the Travel
Outlook. However, technology can help
provide the flexibility to offer affordable,
personalized packages that may compensate
for consumers’ responding parsimony.
U.S. travel industry resilience
According to the report, "revenge travel"
fueled demand for two years as Americans
sought escape from lockdowns and made
up for missed trips due to the pandemic.
In 2021, nearly half cited the need for an
escape, and by the 2023 holiday season, only
11 percent were compensating for missed
trips.
As Americans move on from revenge
travel, travel intent remains robust, the
report said. The interest in booking hotels
and domestic flights holds steady, with
more planned trips in 2023 compared to
the previous year during both summer and
holidays. While pent-up demand fades, the
desire to travel and the outlook for 2024
remains strong.
One in five individuals increasing their
travel budgets said travel spending has
become more important to them since the
pandemic, signaling a positive outlook for
2024, according to Deloitte. Even those who
stayed home or reduced budgets previously
said they had larger plans for the coming
year.
At the same time, concerns about an
economic downturn continue and that
event could slow consumer interest,
particularly among those in lower-income
households, according to the report. Effects
could include travelers curtailing the
number, distance or length of trips, and
some may also opt for staying
with relatives or friends rather
than paying for lodging.
Technology to the
rescue
Technology is affecting travel
trends in several ways, Deloitte
said. For example, the share of
travelers planning to work on
their longest leisure trip has risen
from about 1 in 5 in 2022 to 1 in
3 in 2023. The report found that
47 percent of “laptop luggers”
take more shorter trips and 27
percent took longer trips while
“disconnectors” mostly preferred
fewer, shorter trips or more
shorter trips.
The Deloitte report also
suggested the need by airlines and
hospitality providers to enhance the
experiences they offer travelers can be
aided by advances in marketing technology.
It also is likely to involve continued
investment in back-office technology and
generative artificial intelligence, or Gen AI,
to improve operational efficiency and better
align resources with demand.
Report: Travel demand stays steady,
new tech provides efficiencies
Technology improving efficiency for travel and hospitality providers
Leisure travel intent among U.S. consumers remains consistent across
most travel categories going into 2024, according to Deloitte's 2024
Travel Outlook.
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