IHG’s 10-Year Outlook: Traveller Trends
Global hotel giant InterContinental Hotels Group (IHG) launched a report today outlining key consumer trends that are likely to affect the travel and hospitality industries over the next 10 years.
The report, titled The New Kinship Economy: From Travel Experiences to Travel Relationships, was launched at a seminar in central London. It focuses on the rise of the ‘kinship economy’, as travellers search for more meaningful relationships and connections with both brands and local communities.
Four new consumer groups were highlighted in the report:
- New global explorers: Asian travellers, predicted to account for a third of travel spending by 2020, and consumers from Columbia, Indonesia, Vietnam, Egypt, Turkey and Africa, are searching for authentic experiences (see Poverty Tourism, Lodging Plus Learning and Hotels as Hyper-Local Cultural Hubs) while seeking home comforts from hotels.
- New ‘family’ groups: The hospitality industry must respond to the growing trend for multi-generational travel, as well as non-traditional families and solo travellers. Read more about this in Hotel Sector Drivers of Change, Junior Wellness: Spas for Kids and LGBT Travel.
- Younger ‘laptop and latte’ workers: Millennials are seeking alternatives to traditional forms of business travel, preferring creative environments to business centres. The number of global mobile workers will increase to nearly 1.2 billion in 2013, according to US-based research firm IDC. Read more in Nomadic Workspace, The Transformable Workspace and New Lobby Concepts.
- Expansive mid-lifers: The over-50s is the fastest-growing age demographic in the world. Hoteliers should appeal to their emotional and intellectual needs without labelling them as ‘older’. For more on reformulating brand strategies to appeal to this group, see Longer Working Lives and Boomers Rethink Values.