What you need to know
Overall, the travel market recovery is mainly powered by domestic local trips such as city tours and suburb tours at the time of writing. As consumers show high willingness to adopt various types of travel, including both domestic and outbound, the market will see robust demand once the outbreak is fully under control and all restrictions are relaxed.
Recovery of key sub-markets and individual players is mainly determined by how they balance between the domestic and outbound segment. Accommodation, which mainly sources consumers from domestic travel, recovered faster than the other sectors (eg airlines, offline travel agencies, cruises).
The travel market after COVID-19 will become more consumer-driven. Several key holiday trends will shape how people take part in travel in the future: Consumers will increasingly appreciate quality travel experiences. Even if the budget is tight, consumers will not compromise the quality standards of travel experiences. Although available in the market for a while, this is the right moment to promote customised products. Wellness will also become more persuasive as a motivation for holidays. Travelling for emotional wellbeing (eg relaxation, energy restoration) will offer new ways to interpret wellness. Particularly, addressing issues of loneliness will help capture GenZ consumers, who are more vulnerable to the feeling of loneliness.
Key issues covered in this Report
Market overview so far and recovery outlook
Future demand for various types of travel, including both domestic and outbound
Consumers’ future travel preferences, such as ways to travel (eg customised tours, group tours) and destinations
Attitudes towards travel budget and how to control travel spending
Key travel trends to watch in the post-COVID market
