Finpro insight travel


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Travel Industry’s trends, opportunities and potential markets for Finnish companies.

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Finpro insight travel

  1. 1. Finpro Insight on Travel Travel Industry’s trends, opportunities and potential markets for Finnish companies
  2. 2. Introduction TREND 2 55 + Travelers Today’s 50 to 60 year old travelers are energetic, curious andTravelers are pioneers, they are looking for unique experiences wealthier than before. They are looking for unique travellingwhich support their lifestyle or aspired lifestyle. Understanding experiences and first quality service, which they are also readydifferent travelers’ cultural backgrounds, needs and expectations to pay for.provide a great opportunity for the Finnish travel companies todesign and package their services in an attractive way. TREND 3There are number of trends that impact the global travelindustry. At Finpro we have identified four future trends and Wellness from naturea number of potential markets which to our view have themost significant impact and provide great opportunities for the Life in mega cities is hectic; streets are full of people and airFinnish travel companies: is polluted. As a counter reaction people desire back to nature. Nature and wellbeing services are not a new thing, however they still offer the biggest opportunities for the Finnish travel companies. TREND 1Technology enabled travel TREND 4Technology can take the travel experience at the destination to New travelling middle classentirely new level. The digital world makes this far easier, and For the last decade wealthier people from the welfare nationsonly the imagination is the limit for the new exciting applications have been able to afford to travel. Today airplanes and bussesspecific to travel destination. are fulfilled with a new group of people: the growing middle class from the emerging economies such as China, South America and India. This group of travelers is expected to grow exponentially in the coming years. Learn more about Finpro Insight on Travel Industry on the coming pages! © Finpro
  3. 3. TREND 1Technology enabled travelPeople are increasingly searching for and making reservations fortheir next holiday online. At their chosen destination, technologycan lift their travel experience to entirely new levels. People withsmartphones want both real-time information and ideas forthings to do. One example could be a snowcastle transformedinto a magical game. In addition to travel reservation servicesand social media solutions, destination-specific and location-based mobile services are here to stay. Drivers • Increased penetration of smartphones and tablets. • Location based service offerings on mobile devices. • Increase in making your own travel arrangements: people do it themselves via internet- and mobile- based services. • Gamification of travel: online games will be used as a promotional tool. • Spread of social networking sites and the popularity of people accessing them from mobile devices. © Finpro
  4. 4. TREND 1Technology enabled travelOpportunitiesFinland has many companies with the expertise to developmobile services on smartphones and other platforms. Bycombining such technology and creative industry know-how withtravel-industry expertise, we could easily become forerunnersin this area. Extraordinary smartphone solutions which can beshared with friends on your chosen social network could lifttravel experiences to completely new levels.MarketsWestern Europe, Russia, Japan, China and the USA have highlevels of mobile penetration and social media engagement.Europeans in particular are looking for experiences tailored for Interesting examplesindividuals. • - Airbnb- match service • - Citynomadi’s services that let travelers explore destinations with their own mobile devices when and where they want © Finpro
  5. 5. TREND 2 2 TRENDTravelers aged 55+Today’s travelers in the 50-60 age group are energetic, curiousand wealthier than ever. They are looking for unique travellingexperiences and first class service. As travelers aged 55+ arealso a growing and heterogenic target group, identifying theiractual travel needs and expectations can turn out to be a realgold mine.These wealthy and usually still working travelers are seekingall-inclusive adventures – pampering themselves or just enjoyinglife and experiencing more than ever before. Stress reduction,relaxation, anti-aging treatments and adventures are what theyare looking for – smooth, easy-going holiday experiences whereeveryone can live life on their own terms. 55+ travelers are not asingle large target group but a vast and colorful group of people,each with their own specific desires. Drivers • In the industrialized world, aging baby boomers are numerous as well as prosperous. • People aged 55+ have a high level of ecological consciousness and appreciate authenticity. • Primary holiday motivators for people aged over 55 and still working differ from those which influence retirees. For people still at work, stress release and reconnecting with the those closest to you are key. • In contrast, retirees seek stimulation, relief from their daily activities and reconnecting with people outside their homes. © Finpro
  6. 6. TREND 2 2 TRENDTravelers aged 55+OpportunitiesSafe, clean Finland interests foreign travellers and Finnishcompanies can serve travelers in the 55+ group. Getting toknow Finnish nature, flora and fauna, as well as pleasant andrefreshing holiday breaks could be part of such programs. Hikingtracks could be designed for the needs of elderly travellers. GERMANY WAS THE EUROPEAN COUNTRY WITH THE LARGESTPremium package tours with elements of sustainability, wellness NUMBER OF HIGH NET WORTH INDIVIDUALS IN 2010. FOLLOWED BY THE UK AND FRANCE, ACCORDING TO GAPGEMINIand adventure will be attractive to people in the 55+ group -they could be on a handicraft course in a carpenter’s shop in themorning and enjoying champange and the Northern Lights in theevening. Interesting examples • in-south-korea-in-hotel-spa-offers-anti-aging- tourist-packages/ - Staying youthful longer – anti-Markets aging packages in South-Korea • boomers from industrialised countries such as France, global_trends_v3_lo.pdf - Kuoni has launchedGermany, Japan and the UK. Ananea (“renewal”), a collection of socially and environmentally-responsible luxury holidays. Ananea includes volunteering holidays, visiting rehabilitation centres in Vietnam and meeting farmers helped by Fairtrade organisations in Peru. © Finpro
  7. 7. TREND 3Wellness from natureLife in megacities is hectic – the streets are full of people andthe air is polluted. The reaction to this is people’s desire to getback to nature. Even though nature and wellbeing services arenot a new concept, they still offer the biggest opportunities forFinnish travel companies.People are seeking peace and quiet, especially on holiday.Unspoiled nature is both luxurious and ’something new’ formany people. Travelers want the peace that contact with naturebrings, but not at any price – they also want their holiday tobe ecological. Today, beautiful views are not enough, people arelooking for insights in addition to innovative adventures andexperiences. Drivers • Nature-centred travel themes are becoming more popular, adventure tourism is part of this trend • There is increasing interest in the ecological aspects of travel – its carbon footprint. People want to be closer to nature and do not want that nature to be damaged by tourism activities. • Stressful lifestyles push people to travel more to places where they can find peace and quietness. Increased demand for wellness and health tourism is related to this. • The current recession has increased demand for services like Source: Adventure Tourism Market Report, Study by George Washington camping facilities, as they represent affordable luxury. University, Adventure Travel Trade Association, Xola Consulting; 2010 © Finpro
  8. 8. TREND 3Wellness from natureOpportunitiesFinland is known for being a destination where nature isclose at hand. Amazing natural beauty, the midnight sun, wildwinters, Lapland and mysticism have all been highlighted asmarket strengths that make it an attractive destination fornature tourism. Wellness tourism is something that followsalong, boosted by the great outdoors and tranquillity. For peoplefrom the world’s megacities, clean air alone is something verydesirable. We also have the Northern Lights, winter swimmingand wild forests to enjoy.Adding to Finland’s appeal is the fact that it is considered asafe and “pro-sustainability” destination. There will alwaysbe customers for companies who provide innovative andcourageous services and offerings. Interesting examplesMarkets • - Hotel rooms in the trees, SwedenChina, Japan and Western Europe © Finpro
  9. 9. TREND 4A new traveling middle classDuring the last decade, wealthier people from well-off nationshave had the money to travel. Today, airplanes and buses arefull of a new group: the growing middle class from emergingeconomies such as China, Induia and South America. Thiswell-educated class of travelers is eager to experiencedifferent countries and cultures. Most of the new middle-class tourists have not travelled extensively abroad and couldneed extra support in terms of customised language, food andaccommodation services. The new traveling middle class is alsolooking for cleverly packaged group tours so they can experienceas much as possible on a single trip. Drivers • Increasing middle class affluence • Less-restrictive travel regulations • Megatrends: urbanisation, globalisation, ageing populations © Finpro
  10. 10. TREND 4A new traveling middle classOpportunitiesThe new traveling middle class is a unique group of travellersbecause of their specific needs. For example, Chinese people andLatin Americans prefer to travel in groups. Chinese travelers alsoexpect services to be provided in their own language and theirpreferences, habits and culture to be taken into consideration.To succeed, service providers must consider the special needsand requirements of such target groups when planning andproducing travel packages and services.Markets Interesting examplesChina, Latin-America (especially Brazil) and India • on_board/dining_on_board/asia.htm - KLM’s Asian flights: meals and services • - Fairmont Hotels & Resorts Welcomes Chinese Travelers With New Service Offerings © Finpro
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