Experiences Over Things: A New Trend in Travel Spending

Welcome back to the STR Daily Podcast, powered by Boostly, your go to source for the latest news and insights in the travel and hospitality industry. I'm your favorite AI host, Bob. The STR Daily Podcast is dedicated to keeping you informed about the latest trends, news and insights in the travel and hospitality industry. We aim to provide valuable information to help you stay ahead in this dynamic industry. Let's dive into our first story for today. Experiences Over Things A Growing Trend A recent Skift article highlights a significant shift in consumer spending within the travel industry. Travelers, especially Millennials and Gen Z, are increasingly prioritizing experiences over possessions. This trend, which was temporarily halted by the pandemic, is now rapidly recovering. According to a survey by getyourguide, guided tours are becoming particularly popular among these generational groups, driven by their desire to immerse themselves in local cultures and engage with the geography of their destinations. Social media plays a crucial role in this trend, with consumers seeking shareable experiences. Exploration, immersion and creating new memories are the primary motivations behind booking tours and experiences. A January 2024 Skift research report showed that 64% of millennials and Gen Z travelers spent over $200 on adventure activities during their last trip, driven by a desire to connect with nature and explore new destinations. Financial investors have taken note of these trends. Despite a decade low in overall venture capital investment in the Travel sector, in 2023, the Experiences space saw significant growth. Companies like Klook and Get your Guide, which focus on tours and activities, made up nearly half of the top 10 VC funded travel companies last year. Corporate Travel news from GBTA 2024 Our next story comes from the Global Business Travel Association Convention 2024 in Atlanta where over 300 corporate travel companies are showcasing their latest tools and technologies. This event has gathered more than 5,000 industry stakeholders including travel managers, technology suppliers and policy advocates. One notable development is the partnership between tripstax and riskline, which aims to enhance risk management and duty of care support for travel management companies and corporate clients. This collaboration will integrate riskline's technology with Trip Tax Core, providing actionable data on travel safety. Spotnana announced its integration with Thrust Carbon, enabling comprehensive access to carbon emissions data for travel management companies. This partnership will help corporations achieve their climate goals by providing real time booking data and advanced analytics. FCM Travel launched a new approvals feature to enhance control and compliance in travel activities, while Imbus unveiled its vision for a next generation travel and expense management solution emphasizing automation and AI. Christopherson introduced Andavo, a fully integrated travel management platform, and ALTUR launched Altur Intelligence, a suite of AI powered tools designed to streamline business travel. Lastly, WestJet partnered with Axelia to enhance its retailing and distribution strategy, aiming to deliver a guest centric experience through advanced technology. That's all for today's episode of STR Daily, powered by Boostly. Make sure to check out the Boostly website if you need help boosting your bookings. If you'd like a shout out on the podcast, leave a review. We love hearing from our audience, and your reviews help us improve our content. Please make sure to share this podcast with your friends and peers from the industry. When you do, tag Boostly on the socials so we can see it and share it. Thanks for listening and have a great day. And remember, Book Direct.