New study reveals that tourism recovery is already underway

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https://en.travel2latam.com/nota/69193-new-study-reveals-that-tourism-recovery-is-already-underway
New study reveals that tourism recovery is already underway
Source: Miami International Airport
July 30, 2021

According to the report published by Oliver Wyman, the desire to travel will continue during the rest of the year, recovering levels of demand


Almost 70% of global consumers plan to travel within the next six months, but less than 10 percent have booked their trips according to a new survey from consultancy Oliver Wyman.

"The summer travel flurry is just the beginning of a recovery that seemed almost impossible just over a year ago," said Jessica Stansbury, partner at Oliver Wyman. "We expect to see a continued desire for leisure travel through the end of the year and travel providers should anticipate a sustained recovery in leisure with strong bookings continuing through at least the end of the year."

Pleasure trip

  • We predict that traffic from US airports will match and may even exceed the pre-pandemic travel rate sometime in early 2022.
  • The surge in leisure travel in the US will continue through the end of the year and we anticipate major travel during Thanksgiving and Christmas.
  • International leisure travel continues to be the hardest hit by the pandemic, as travelers choose to stay closer to home. American travelers are more than twice as likely to select a domestic destination for their next leisure trip (67% vs. 27% international).

Business trip

  • Business travelers are optimistic about the return of corporate travel. Globally, about 75% of business travelers expect to travel the same or more than before the pandemic. In the US, nearly 80% of US business travelers plan to book travel in the next three months.
  • There will be a "catch-up" on business travel and bookings will increase significantly in the short term. However, changing company policies and the effectiveness of teleconferencing can reduce the need for long-term business travel.
  • Business trips will also be very different depending on the country. For example, business travelers in the US, China and Australia are prepared to travel significantly more than before COVID, while Europeans still plan to travel less than before the pandemic.

"Business travel is driven by fear of missing something," said Bruce Spear, partner at Oliver Wyman. "The US economy is so hot right now that some executives may feel short-term pressure to catch up on business meetings with colleagues and clients."

Key factors for traveling

  • Price is the most important criterion in travel decisions and has been throughout the pandemic, with 66% of global travelers ranking price as one of their top three factors for purchasing a flight. This is consistent with the United States, where the figure is also 66%.
  • Cleanliness is becoming less of a factor in travel decisions as we move away from the height of the pandemic.
  • While more airlines are promoting their environmental sustainability measures, only 17% of consumers globally and 12% of consumers in the US view this as one of the top three factors when deciding between a flight. and other. Overall, environmental sustainability measures continue to rank last in all three surveys.
  • Globally, nearly 70% of travelers are willing to enroll in a digital ID program that would include vaccine status and other health care data. Vaccinated respondents are more willing to share their data than unvaccinated travelers.

"The industry faces significant challenges, especially around the new Delta variant and a possible general shortage of talent, but consumer travel demand will set the industry back sooner than we initially thought," said Bruno Despujol, Partner at Oliver Wyman.

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