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LONDON–(BUSINESS WIRE)–The journey business skilled an existential disaster this 12 months with actual GDP development at -4.8% in 2020, based on international market analysis firm Euromonitor Worldwide.
In its new report ‘Accelerating Travel Innovation after Coronavirus’ launching on November 9th, Euromonitor will discover how innovation shall be key to kickstart restoration, as companies attempt to bounce again and, digitalisation and sustainability accelerates.
The pandemic revealed some disagreeable truths in regards to the environmental influence attributable to journey. The business’s engagement with the Sustainable Growth Targets is decrease than different industries, reminiscent of shopper items and packaging, particularly for accountable consumption and manufacturing (SDG12) with 46.2% of journey companies engaged, in comparison with an business common of 62.7%.
This consciousness is pushing customers to query their journey behaviours and shift in the direction of accountable consumption. “Globally, over a fifth of customers take into account completely shifting away from worldwide journey with the will to cut back carbon emissions and keep nearer to dwelling,” feedback Caroline Bremner, head of journey analysis at Euromonitor Worldwide. “This message is bolstered in areas reminiscent of Scandinavia and Europe, the place 65% of journey companies within the Nordics are implementing a sustainability technique, 10% increased than the worldwide common.”
To create a safer atmosphere for travellers, the usage of AI and automation accelerated, reinventing the client journey. Digital experiences turned well-liked with European cities introducing ‘off the overwhelmed path’ digital excursions led by locals; whereas contactless and self-service, now generally used, are bolstered with stricter hygiene and social distancing measures.
The journey business is exhibiting resilience, agility and power in instances of adversity, and innovation is a key automobile for adapting to the brand new regular and shifting in the direction of restoration.
Pre-register now to receive the full report. Caroline Bremner may even nearly current additional insights on the subject at WTM London 2020 on November 9, 2020.
About Euromonitor Worldwide
Euromonitor International is the world’s main supplier for international enterprise intelligence and strategic market evaluation. We’ve greater than 40 years of expertise publishing worldwide market reviews, enterprise reference books and on-line databases on shopper markets.
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