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Consumer Trends

📖 Dan Frommer collaborates with Coefficient Capital to release a 75-slide Consumer Trends Report, covering Gen. Z beauty, cannabis, nicotine habits, GLP-1 weight-loss drugs, and YouTube’s entertainment future. Surveying over 3,000 US consumers with Toluna, the report is freely accessible for New Consumer members, with deeper analysis in newsletters and podcasts. Membership options include an annual subscription for $200/year or a monthly subscription for $20/month.
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Luxury air travel gets personal

✈ On July 24, 2024, Lufthansa introduced a new range of seating options tailored for individual needs, transforming air travel into a personalized experience. No longer a one-size-fits-all approach; passengers can now enjoy their long-haul journeys with spaces designed for comfort and personal preference. Full details at Wired.
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Intrepid Travel is making the leap into hotels

🏨 Intrepid ventured into lodging, acquiring Daintree Ecolodge in Australia in late 2023 with 15 rooms and a three-year lease for the 19-room Hoi An Field Boutique Hotel in Vietnam. The strategy aims to elevate the hotel experience for travelers, addressing often mediocre or forgettable accommodation experiences.
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Hoteliers must dig deeper into the profitability of demand

📢 On July 24, 2024, at the HSMAI Commercial Strategy Conference, Sara Harper, corporate director of marketing and ecommerce for KSL Resorts, advised hotel industry leaders to scrutinize the actual profitability of different channels, including direct web bookings, beyond just gross revenues. Harper highlighted the often-overlooked costs associated with what is perceived as the 'cheapest' channel, urging a more holistic view of demand-driving expenses.
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Fastest-growing U.S. business travel markets

💰 Princeton, NJ; Durham, NC; Southwest Michigan; Honolulu; and Sacramento ranked as the top five fastest-growing U.S. markets for business travel spending, according to American Express hotel data comparing April 2023 to March 2024 with the prior year. The data was reported on July 24, 2024, indicating a surge in hotel transactions by commercial customers in these cities.
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Hotel guests want investments in experience, but ROI can be hard to track

📍 On Jul 23, 2024, at the ALIS Summer Update in Greater Phoenix, Tiffany Donato of Marcus Hotels & Resorts highlighted the importance of unique experiences in driving bookings, despite challenges in measuring their ROI. Unique activities such as making s'mores are more influential than cleanliness or food when guests book. Eric Jacobs from Aimbridge Hospitality noted that expanding these experiences alters the cost structure of hotel operations. The value often reflects in revenue per available room rather than direct charges.
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Is the hotel industry suffering from Stockholm Syndrome?

🏨 On Jul 23, 2024, a discussion arises about the hotel industry's hesitation to upgrade outdated PMS despite known inefficiencies, likening the situation to Stockholm Syndrome with the 'captors' being legacy systems. Hoteliers remain with familiar, yet dated technology, fearing the risks of transitioning to modern solutions. More at Shiji Insights.
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GBTA predicts new record year for business travel in 2024

💸 Global business travel spending is set to rise by 11.1% in 2024, continuing a trend from 2022 and 2023 with 30%-47% yearly growth. This trajectory points to a 6.95% annual compound growth rate from 2025 to 2028. In 2023, the spending hit $1.34 trillion, including $501 billion on lodging, $282 billion on air travel, $245 billion on food and beverage, $165 billion on ground transportation, and $142 billion on other expenses. CEOs and CFOs are driving this growth due to economic stability and demand recovery, with many markets nearing pre-pandemic levels as of July 23, 2024.
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In travel, DTC (direct to consumer) feels more like ‘difficult to compare’

📌 Travelport's 2024 State of Modern Retailing report reveals 80% of travelers find comparing fares time-consuming, with 69% reporting limited information on airline sites. 60% spend 1-4 hours planning their trip, while 36% invest over five hours. Notably, 70% of Millennials and 64% of Gen X prefer booking via OTAs for better choice and transparency. Full details available at Travelport's website.
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