A strong economy, rising global consumer purchasing power, and digital innovation have all fueled record growth in the travel and hospitality industry. But there are still several challenges that could throw the industry off course in 2019. What are the biggest trends likely to shape hospitality, airlines, cruises, and ground transportation in the year ahead?
2019 marks a decade since the US travel industry emerged from the depths of economic recession. And what a decade it’s been. Over the past 10 years, the surge of recovery collided with an economic turning point in global emerging markets — fueling a historic burst in travel demand felt by segments across the travel industry.
But growth wasn’t limited to traditional players. It’s also been a remarkable decade for travel tech. Digital innovation helped form a lattice for entirely new segments to not only enter the market — but thrive. Some private accommodation and ride-hailing brands just finding their legs in 2009 already sit side by side with the titans of travel.
It’s easy to lose perspective on just how much technology has shaped the travel and hospitality industry in such a relatively short time. In 2009, the first hotel and airline apps were just hitting the market. Instagram and iPads didn’t exist. Most travelers scoured newspapers and magazines for vacation rentals. Taxis were hailed by hand, and small luxury hotels were among the only businesses that could attempt to create a personalized experience for every guest.
To learn more about technology’s role and other trends likely to impact the travel and hospitality industry in 2019, download the full report here.