10 Minutes News for Hoteliers 10 Minutes News for Hoteliers
  • Top News
  • Posts
    • CSR and Sustainability
    • Events
    • Hotel Openings
    • Hotel Operations
    • Human Resources
    • Innovation
    • Market Trends
    • Marketing
    • Mergers & Acquisitions
    • Regulatory and Legal Affairs
    • Revenue Management
  • 🎙️ Podcast
  • 👉 Sign-up
  • 🌎 Languages
    • 🇫🇷 French
    • 🇩🇪 German
    • 🇮🇹 Italian
    • 🇪🇸 Spain
  • 📰 Columns
  • About us
10 Minutes News for Hoteliers 10 Minutes News for Hoteliers
  • Top News
  • Posts
    • CSR and Sustainability
    • Events
    • Hotel Openings
    • Hotel Operations
    • Human Resources
    • Innovation
    • Market Trends
    • Marketing
    • Mergers & Acquisitions
    • Regulatory and Legal Affairs
    • Revenue Management
  • 🎙️ Podcast
  • 👉 Sign-up
  • 🌎 Languages
    • 🇫🇷 French
    • 🇩🇪 German
    • 🇮🇹 Italian
    • 🇪🇸 Spain
  • 📰 Columns
  • About us

Tourism and hospitality are on a journey of disruption, says McKinsey

  • Automatic
  • 30 May 2024
  • 2 minute read
Total
0
Shares
0
0
0

This article was written by Hospitality Today. Click here to read the original article

Shifting source markets and destinations, growing demand for experiential and luxury travel, and innovative business strategies are all combining to dramatically alter the industry landscape

May 30, 2024

There’s no doubt people still love to travel and will continue to seek new experiences in new places. But where will travelers come from, and where will they go? McKinsey developed a snapshot of current traveler flows, along with estimates for growth through 2030.

Key takeaways

  • The bulk of travel is close to home: Although international travel might draw headlines, stakeholders shouldn’t neglect the big opportunities in their backyards. Domestic travel still represents the bulk of travel spending, and intraregional tourism is on the rise.
  • Consumers increasingly prioritize travel – when it’s on their own terms: Interest in travel is booming, but travelers are no longer content with a one-size-fits-all experience. Individual personalization might not always be practical, but savvy industry players can use segmentation and hypothesis-driven testing to improve their value propositions. Those that fail to articulate target customer segments and adapt their offerings accordingly risk getting left behind.
  • The face of luxury travel is changing: Demand for luxury tourism and hospitality is expected to grow faster than any other travel segment today – particularly in Asia. It’s crucial to understand that luxury travelers don’t make up a monolith. Segmenting by age, nationality, and net worth can reveal varied and evolving preferences and behaviors.
  • Source markets are shifting: Although established source markets continue to anchor global travel, Eastern Europe, India, and Southeast Asia are all becoming fast-growing sources of outbound tourism;
  • The destinations of the future may not be the ones you imagine: Alongside enduring favorites, places that weren’t on many tourists’ maps are finding clever ways to lure international travelers and establish themselves as desirable destinations.
  • As tourism grows, destinations will need to prepare to mitigate overcrowding: Destinations need to be ready to handle the large tourist flows of tomorrow. Now is the time for stakeholders to plan, develop, and invest in mitigation strategies. Equipped with accurate assessments of carrying capacities and enhanced abilities to gather and analyze data, destinations can improve their transportation and infrastructure, build tourism-ready workforces, and preserve their natural and cultural heritages.

Download the full report at McKinsey

CoStar: U.S. Hotel Industry Reports Mostly Positive Yearly Comparisons
Trending
CoStar: U.S. Hotel Industry Reports Mostly Positive Yearly Comparisons

Please click here to access the full original article.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
You should like too
View Post
  • Market Trends

CBRE Hotels Canada Industry 2026 Outlook

  • Automatic
  • 17 September 2025
View Post
  • Market Trends

New Survey: Majority of Hoteliers Scaling Back Development Plans

  • Automatic
  • 17 September 2025
View Post
  • Market Trends

The End of Pampering: Why Discomfort Will Redefine Luxury Experiences

  • Automatic
  • 17 September 2025
View Post
  • Market Trends

AHLA Survey: Majority of Hoteliers Scaling Back Development Plans

  • LODGING Staff
  • 16 September 2025
View Post
  • Market Trends

HAMA Releases Fall 2025 Industry Outlook Survey Results

  • LODGING Staff
  • 16 September 2025
View Post
  • Market Trends
  • Sponsored Posts

The Practical Guide to Hotel Automation

  • 10minhotel
  • 16 September 2025
View Post
  • Market Trends

RobosizeME Publishes First-Ever Process Automation Practical Guide for the Hospitality Industry

  • Automatic
  • 16 September 2025
View Post
  • Market Trends

Preferred Hotels & Resorts Unveils US Performance Report, Reinforcing the Independent Hotel Brand’s Competitive Edge

  • Automatic
  • 16 September 2025
Sponsored Posts
  • The Practical Guide to Hotel Automation

    View Post
  • 2025 SOCIETIES Quaterly 3

    View Post
  • The Future of Revenue Management Is Strategic Leadership – LodgIQ

    View Post
Latest Posts
  • To create real value, think like a guest.
    • 17 September 2025
  • Recovering Lost Revenue: A Hotel Operator’s Guide to Financial Reconciliation
    • 17 September 2025
  • RMS Announces Partnership With SiteMinder
    • 17 September 2025
  • Fairmas Appoints Chiara Gianformaggio to Drive Growth in the Italian Hospitality Market
    • 17 September 2025
  • Donohoe Hospitality Services Awarded Management of 597-Room Hotel Portfolio
    • 17 September 2025
Sponsors
  • The Practical Guide to Hotel Automation
  • 2025 SOCIETIES Quaterly 3
  • The Future of Revenue Management Is Strategic Leadership – LodgIQ
Contact informations

contact@10minutes.news

Advertise with us
Contact Marjolaine to learn more: marjolaine@wearepragmatik.com
Press release
pr@10minutes.news
10 Minutes News for Hoteliers 10 Minutes News for Hoteliers
  • Top News
  • Posts
  • 🎙️ Podcast
  • 👉 Sign-up
  • 🌎 Languages
  • 📰 Columns
  • About us
Discover the best of international hotel news. Categorized, and sign-up to the newsletter

Input your search keywords and press Enter.