Some of the key influencers on the travel and tourism industry in recent years have been globalization, digitalization, sustainability, and the coronavirus pandemic. Ease of mobility, increased awareness of new destinations, and the internet as a source of information and commerce have caused the industry to grow exponentially. Yet with this growth has also come increasing public concern about the industry’s impact on the environment, resulting in consumer demand for more sustainable travel options. That being said, the industry’s environmental impact declined significantly during the coronavirus pandemic, with travel bans and social distancing measures having a devastating effect on travel and tourism worldwide. When it comes to the future of the industry, increased domestic tourism, excellent hygiene conditions, and contactless service are all examples of changing consumer interests due to the COVID-19 pandemic.
The travel and tourism industry does not sell one specific product, rather, it incorporates many industries. These include leisure travel, business travel, accommodation, food and drink services, and more. Within these industries there are many markets such as hotels, short-term rentals, cruises, meetings and events, and the online travel market. Additionally, these individual industries are subject to different trends, one example that is relevant to all of them is the rise of digitization and the online market. Trend topics can also be more industry specific, the home-sharing economy in the accommodation industry being one. These emerging trends are sure to shape the industry's outlook, and the long-term impact of the coronavirus is expected to change the face of the travel and tourism industry for years to come.
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