People want to travel”: Four sector leaders predict tourism will alter and flourish.
The global travel and tourism sector’s post-pandemic recovery is accelerating as the world’s pent-up yearning to travel resurfaces.
The difference in international visitor arrivals between January 2021 and January 2022 was equal to the growth rate for the entire year of 2021. However, with $4.5 trillion in GDP and 62 million job losses in 2020 alone, the road to recovery is still long. Several factors will have a significant impact on how the sector performs. These include travel restrictions, vaccination rates, and health security, shifting market dynamics and consumer tastes, and the ability of enterprises and destinations to adapt. At the same time, the sector must prepare for future shocks. Many of these factors are highlighted in the World Economic Forum’s most recent Travel & Tourism Development Index, including the opportunity and need to improve the travel and tourism sector by making it more inclusive, sustainable, and resilient. This will release its full potential to propel future economic and social improvement. Within this background, we asked four industry executives to reflect on the sector’s recovery, lessons gained from the epidemic, and the conditions required for the future success of travel and tourism firms and destinations.Despite the problems posed by the COVID-19 epidemic, the future of travel and tourism appears bright. People all throughout the world have already resumed their travels. Demand for travel is extremely robust, and when vaccination rates have increased and limitations have been relaxed, travel has rebounded swiftly, frequently driven by leisure. Because of the epidemic, many of us have modified our ways of living and working, as well as our modes of transportation. New travel categories have evolved. One example is the emergence of “bleisure” travel, which combines business and leisure activities into a single trip. Newly flexible work arrangements, especially the ability for many knowledge workers to work remotely, have opened chances for extended travel that are not constrained by a Monday through Friday “9 to 5″ workweek at the office. To capitalize on the increased and growing demand for new travel experiences, the industry must work with governments and politicians to ensure that the necessary conditions are in place to welcome travelers as they prepare to return to the road, particularly those crossing international borders. Domestic and recreational travel have contributed significantly to the recovery thus far. However, the gradual recovery of business and international travel will be crucial for the industry as a whole, as well as the millions of people who rely on travel and tourism to make a living. Looking ahead to future sector concerns, such as public health issues, geopolitical crises, and climate consequences, global collaboration will be critical in addressing tough circumstances head on. International agreement on common (or at least similar) standards and decision-making processes for worldwide travel is critical. Leveraging existing organizations and processes to reach an agreement as difficulties arise would help decrease risk and improve collaboration while keeping borders open.
