Experience Economy in Travel & Tourism - Thematic Research

Experience Economy in Travel & Tourism - Thematic Research

Summary

By being able to offer something above and beyond material objects, travel and tourism companies are in one of the best positions to benefit from the experience economy.

This thematic research report takes an in-depth look at the theme of the experience economy and the impact it has on the industry, its players, and also on tourists. The report covers the main themes occurring in the industry, real-life case studies, and a unique thematic analysis of the impact on the industry including recommendations for travel & tourism companies. Additionally, we highlight the public and private companies involved with the experience economy.

“Social media sites such as Instagram have been a huge driver in the development of the experience economy. As more travelers strive to impress their followers and show their individuality, experiences beyond hotels and beaches are being explored. Hotels are even beginning to design their rooms with consideration to what would look good on social media, hoping for free advertising through likes and shares.”

Key Highlights

- While cost remains an important factor in the industry, companies can differentiate themselves by the customer service and the lasting impression they offer.
In the hotels industry, competition and increasing consumer demand have resulted in hotels offering an array of different ancillary experiences. Airlines have followed the same pattern with some FSCs now offering experiences equivalent to a five star hotel.
- Cruise companies are another key player in the experience economy theme. Not only are they performing as a transportation service between destinations, but they are also providing meals, entertainment, and top class service for those passengers.
- Millennials and Gen Z have been a key driver of this theme as they increasingly search for something more than a package holiday. Holidays are now focused on learning and being immersed in the local culture.
- Social media sites such as Instagram have accelerated the growth of the experience economy. With travelers keen to share their experiences, more focus has been put on things that can make them stand out.

Scope

- This report provides an overview of the impact of the experience economy on tourism and clearly defines the various faces of the theme.
- It identifies the main trends related to the theme, classified into two categories: trends contributing to the growth of the experience economy, and experience economy trends in travel and tourism.
- This report identifies several case studies to illustrate how the experience economy impacts the industry, including examples from Airbnb & Marriott. Additionally, it provides an insight into the things that travelers are looking for.
- Our unique thematic methodology provides an in-depth analysis on the impact of the theme on the travel & tourism industry, underlining several ways that companies can get involved in the experience economy.
- We highlight public and private companies involved with the experience economy, including STA Travel and Carnival Cruises.

Reasons to buy

- Understand the impacts of the experience economy on travel & tourism companies, using case studies and examples to help you understand how you can learn about and adapt to the theme.
- Assess the strategies that companies are adopting to add value to their services through offering more than the basics.
- GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying the important themes early, enabling companies to make the right investments ahead of the competition, and secure that all-important competitive advantage.