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R E S O N A N C E C O . C O M @ C R F A I R
WHY EVERYTHING
YOU KNOW ABOUT
THE FUTURE IS
WRONG!
RESONANCE
R E S O N A N C E C O . C O M @ C R F A I R
ABOUT US
Resonance Consultancy is a global
advisor on destination development,...
R E S O N A N C E C O . C O M @ C R F A I R
ABOUT US
Tourism Economics exists to assess the
interplay between the economy ...
R E S O N A N C E C O . C O M @ C R F A I R
AGENDA
• Global Tourism Forecast
• Potential Disruptions
• Planning for the Fu...
R E S O N A N C E C O . C O M @ C R F A I R
TOURISM IS ONE OF
THE WORLD’S FASTEST
GROWING INDUSTRIES
R E S O N A N C E C O...
R E S O N A N C E C O . C O M @ C R F A I R
HOSPITALITY HAS LED JOB GROWTH IN 95 OF THE TOP
100 US CITIES
-1%
0%
1%
2%
3%
...
R E S O N A N C E C O . C O M @ C R F A I R
2022-30 CAGR2017-22 CAGR2007-17 CAGR
0%
1%
2%
3%
4%
5%
6%
7%
8%
Travel spendin...
@ResonanceCo
KEY DRIVERS
Three drivers of international travel growth – and their expected evolution – help us
define the ...
R E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M @ C R F A I R
Driver #1: The base of internationa...
R E S O N A N C E C O . C O M @ C R F A I R
Long-haul travel will
become affordable
for more than 244
million additional
h...
R E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M @ C R F A I R
Driver #2: The world’s
population i...
R E S O N A N C E C O . C O M @ C R F A I R
By 2024, seniors will
represent more than
10% of all international
travel. Thi...
R E S O N A N C E C O . C O M @ C R F A I R
Senior travel growth
will outpace overall
international travel
growth over the...
R E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M @ C R F A I R
Driver #3: Travelers are more
conne...
R E S O N A N C E C O . C O M @ C R F A I R
WORLD AIR PASSENGERS
Source: U.S. Department of State Data
R E S O N A N C E C O . C O M @ C R F A I R
Massive airport
development projects
are underway or planned
around the world....
R E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M
POTENT...
R E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M
ENVIRO...
R E S O N A N C E C O . C O M @ C R F A I R
0
35
70
105
140
175
0
2
3
5
6
2008
2009
2010
2011
2012
2013
2014
AnnualAverage...
R E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M
TERROR...
R E S O N A N C E C O . C O M @ C R F A I R
-6.2%
17.8%
12.8%
2.8%
5.7%
9.9%
1.0%
9.8%
5.5%
-1.6%
-30.1%
10,000,000
17,000...
R E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M
PEAK
G...
R E S O N A N C E C O . C O M @ C R F A I R
UK ARRIVALS
Source: Visit Britain
R E S O N A N C E C O . C O M @ C R F A I R
TOO MANY TOURISTS
R E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E...
R E S O N A N C E C O . C O M @ C R F A I R
CITY TRIPS SOARED 98%
BETWEEN 2011 AND 2016 TO
REACH 25% OF ALL LEISURE
HOLIDA...
R E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M
WHY CI...
R E S O N A N C E C O . C O M @ C R F A I R
TYPES OF FUTURE VACATIONS FOR U.S. MILLENNIALS
47%
42%
41%
40%
27%
26%
23%
19%...
R E S O N A N C E C O . C O M @ C R F A I R
TYPES OF FUTURE VACATIONS FOR U.S. RETIREES
33%
30%
29%
28%
21%
14%
11%
10%
4%...
R E S O N A N C E C O . C O M @ C R F A I R
VENICE
BARCELONA
AMSTERDAM
R E S O N A N C E C O . C O M @ C R F A I R
ASHEVIL...
R E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M
“THE F...
R E S O N A N C E C O . C O M @ C R F A I R
SCENARIO
PLANNING
R E S O N A N C E C O . C O M @ C R F A I R
R E S O N A N C E C O . C O M @ C R F A I R@ C R F A I R
@ResonanceCo
SCENARIO DEVELOPMENT
Scenarios mapping out potential future industry landscapes tend to
unfold into one of fo...
R E S O N A N C E C O . C O M @ C R F A I R
TOURISM VANCOUVER 2030
A future looking initiative with the objective
of ident...
R E S O N A N C E C O . C O M @ C R F A I R
KEY POTENTIAL FORCES
Through this process, stakeholders identified six factors...
R E S O N A N C E C O . C O M @ C R F A I R
Assuming a moderately faster growth in YVR aviation traffic over the forecast ...
R E S O N A N C E C O . C O M @ C R F A I R
Under this scenario, an average of 92,000 visitors per year would be deterred ...
R E S O N A N C E C O . C O M @ C R F A I R
Assuming that TVan budget grows 1% faster than the historic average, we would
...
R E S O N A N C E C O . C O M @ C R F A I R
In this scenario, we assume an occurrence of a significant geopolitical crisis...
R E S O N A N C E C O . C O M @ C R F A I R
A global financial crisis would have a moderate impact on Vancouver visitor vo...
R E S O N A N C E C O . C O M @ C R F A I R
If we assume a tight labor market where employment in the tourism sector grows...
R E S O N A N C E C O . C O M @ C R F A I R
VANCOUVER VISITOR FORECAST
Based on an analysis of these factors, Vancouver sh...
@ResonanceCo
SCENARIO DEVELOPMENT
Scenarios mapping out potential future industry landscapes tend to
unfold into one of fo...
R E S O N A N C E C O . C O M @ C R F A I R
CONTINUATION
SCENARIO
RESONANCECO.COM@CRFAIR
R E S O N A N C E C O . C O M @ C R F A I R
CONTINUATION
• No new hotels rooms and ever-higher ADR
• Vancouver attracts so...
RESONANCECO.COM@CRFAIR
NEW EQUILIBRIUM
SCENARIO
R E S O N A N C E C O . C O M @ C R F A I R
NEW EQUILIBRIUM
• The bump in business travel has been remarkable—the number o...
R E S O N A N C E C O . C O M @ C R F A I R RESONANCECO.COM@CRFAIR
TRANSFORMATION
SCENARIO
R E S O N A N C E C O . C O M @ C R F A I R
TRANSFORMATION
• Continuing high downtown hotel development costs made the
cre...
RESONANCECO.COM@CRFAIR
PREFFERED
FUTURE
R E S O N A N C E C O . C O M @ C R F A I R
RESULTS
@CRFAIR
R E S O N A N C E C O . C O M @ C R F A I R
COMPOSITE
SCENARIO
RESONANCECO.COM@CRFAIR
R E S O N A N C E C O . C O M @ C R F A I R
COMPOSITE
CONTINUATION
NEW EQUILIBRIUM
TRANSFORMATION
R E S O N A N C E C O . C O M @ C R F A I R
• Tourism will grow from 10.5 million to 13.4 million in 2030.
• Spending will...
@ResonanceCo
KEY TAKEAWAYS
1. The future is not one but many.
2. The growth of tourism globally is creating new opportunit...
R E S O N A N C E C O . C O M @ C R F A I R
THANK YOU!
www.resonanceco.com
Chris Fair, President
cfair@resonanceco.com
www...
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Why Everything You Know About the Future is Wrong

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A summary of the key trends that are driving the growth of travel and tourism, potential risks that might affect that growth and how scenario planning can be used to help cities and destinations prepare for a variety of potential futures

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Why Everything You Know About the Future is Wrong

  1. 1. R E S O N A N C E C O . C O M @ C R F A I R WHY EVERYTHING YOU KNOW ABOUT THE FUTURE IS WRONG! RESONANCE
  2. 2. R E S O N A N C E C O . C O M @ C R F A I R ABOUT US Resonance Consultancy is a global advisor on destination development, marketing and management for many of the world’s most loved places. @ C R F A I R
  3. 3. R E S O N A N C E C O . C O M @ C R F A I R ABOUT US Tourism Economics exists to assess the interplay between the economy and travel, both historically and in the future. • Impact studies • Policy analysis • Global travel data and forecasts @ C R F A I R
  4. 4. R E S O N A N C E C O . C O M @ C R F A I R AGENDA • Global Tourism Forecast • Potential Disruptions • Planning for the Future: Scenario Planning • Case Study: Tourism Vancouver 2030 @ C R F A I R
  5. 5. R E S O N A N C E C O . C O M @ C R F A I R TOURISM IS ONE OF THE WORLD’S FASTEST GROWING INDUSTRIES R E S O N A N C E C O . C O M @ C R F A I R
  6. 6. R E S O N A N C E C O . C O M @ C R F A I R HOSPITALITY HAS LED JOB GROWTH IN 95 OF THE TOP 100 US CITIES -1% 0% 1% 2% 3% 4% 5% -1% 0% 1% 2% 3% 4% 5% Employment Growth, 2007-2017 (CAGR) Leisure & Hospitality Total Employment
  7. 7. R E S O N A N C E C O . C O M @ C R F A I R 2022-30 CAGR2017-22 CAGR2007-17 CAGR 0% 1% 2% 3% 4% 5% 6% 7% 8% Travel spending GDP Source: Tourism Economics Growth of outboundtravel spending and GDP, nominal US$International travel spending has consistently outpaced overall economic growth by nearly a full percentage point.
  8. 8. @ResonanceCo KEY DRIVERS Three drivers of international travel growth – and their expected evolution – help us define the sustainability of this extraordinary growth in international travel. 1. Travelling Class: The base number of potential international travelers with sufficient income to travel is expanding rapidly. Growth of the traveling class is set to continue, especially in emerging markets. 2. Demographics: Bookend grounds of Seniors and Millennials are driving a new wave of growth. 3. Connectivity: Physical and technological.
  9. 9. R E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M @ C R F A I R Driver #1: The base of international travelers is expanding rapidly R E S O N A N C E C O . C O M @ C R F A I R
  10. 10. R E S O N A N C E C O . C O M @ C R F A I R Long-haul travel will become affordable for more than 244 million additional households between 2014 and 2024. 324 366 394 40 143 272 88 145 232 0 50 100 150 200 250 300 350 400 450 2004 2014 2024 Thousands Developed BRICS Other Emerging Households with income over $20,000 per annum, millions Source: Oxford Economics Traveling Class Household Volumes
  11. 11. R E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M @ C R F A I R Driver #2: The world’s population is aging across every region of the world R E S O N A N C E C O . C O M @ C R F A I R
  12. 12. R E S O N A N C E C O . C O M @ C R F A I R By 2024, seniors will represent more than 10% of all international travel. This is up from 7% in 2014 and 6% in 2004. 0 40 80 120 160 200 0% 2% 4% 6% 8% 10% 12% 2004 2008 2012 2016 2020 2024 Senior travel share (L) Senior travel volume (R) Senior travel growth 2004-2024 Percentage Source: Tourism Economics, IPK Million Trips
  13. 13. R E S O N A N C E C O . C O M @ C R F A I R Senior travel growth will outpace overall international travel growth over the coming decade, with emerging markets leading in growth terms and developed markets leading in absolute volumes. . 0% 50% 100% 150% 200% 250% South Korea Russia India China Brazil United States United Kingdom Japan Germany Canada PercentSource: Tourism Economics Percent increase in senior travel, 2014-2024 Source: Tourism Economics Developed average = 95% Emerging average = 198%
  14. 14. R E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M @ C R F A I R Driver #3: Travelers are more connected to destinations than ever before R E S O N A N C E C O . C O M @ C R F A I R
  15. 15. R E S O N A N C E C O . C O M @ C R F A I R WORLD AIR PASSENGERS Source: U.S. Department of State Data
  16. 16. R E S O N A N C E C O . C O M @ C R F A I R Massive airport development projects are underway or planned around the world. This includes more than 2,500 separate airport construction projects including 340 entirely new airports. 0 100 200 300 400 500 600 700 800 900 APAC Africa Europe Middle East Lat Am North Am Projects - new Projects - existing Planned new and existing airport improvement projects by region No. of projects Source: Tourism Economics analysis of CAPA data. Base = 2,520 (340 + 2,180)
  17. 17. R E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M POTENTIAL DISRUPTIONS TO THE FUTURE WE EXPECT @ C R F A I R
  18. 18. R E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M ENVIRONMENTAL @ C R F A I R
  19. 19. R E S O N A N C E C O . C O M @ C R F A I R 0 35 70 105 140 175 0 2 3 5 6 2008 2009 2010 2011 2012 2013 2014 AnnualAveragePM2.5levels(µg/m3) AnnualInboundVisitors(millions) BEIJING ANNUAL INBOUND VISITORS BEIJING ANNUAL AVERAGE PM 2.5 CHINA PM 2.5 STANDARD U.S. PM 2.5 STANDARD BEIJING ANNUAL VISITORS Source: U.S. Department of State Data
  20. 20. R E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M TERRORISM @ C R F A I R
  21. 21. R E S O N A N C E C O . C O M @ C R F A I R -6.2% 17.8% 12.8% 2.8% 5.7% 9.9% 1.0% 9.8% 5.5% -1.6% -30.1% 10,000,000 17,000,000 24,000,000 31,000,000 38,000,000 45,000,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Foreign Arrivals Foreign Arrivals Change ISTANBUL FOREIGN ARRIVALS 1st Terrorist Attack Source: Kultur
  22. 22. R E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M PEAK GLOBALIZATION @ C R F A I R
  23. 23. R E S O N A N C E C O . C O M @ C R F A I R UK ARRIVALS Source: Visit Britain
  24. 24. R E S O N A N C E C O . C O M @ C R F A I R TOO MANY TOURISTS R E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M @ C R F A I R
  25. 25. R E S O N A N C E C O . C O M @ C R F A I R CITY TRIPS SOARED 98% BETWEEN 2011 AND 2016 TO REACH 25% OF ALL LEISURE HOLIDAYS R E S O N A N C E C O . C O M Source: World Travel Monitor @ C R F A I R
  26. 26. R E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M WHY CITIES? @ C R F A I R
  27. 27. R E S O N A N C E C O . C O M @ C R F A I R TYPES OF FUTURE VACATIONS FOR U.S. MILLENNIALS 47% 42% 41% 40% 27% 26% 23% 19% 19% 6% Visit to a beach resort Visit to a major metropolitan city Family vacation with kids Vacation with friends Multi-generational vacation Cruise Visit to a mountain resort Quiet countryside holiday Combining business trip with leisure vacation Other Source: Resonance 2015 Portrait of the U.S. Millennial Traveler
  28. 28. R E S O N A N C E C O . C O M @ C R F A I R TYPES OF FUTURE VACATIONS FOR U.S. RETIREES 33% 30% 29% 28% 21% 14% 11% 10% 4% 23% Visit to a major metropolitan city Vacation with friends Cruise Visit to a beach resort Multi-generational vacation Quiet countryside holiday Visit to a mountain resort Family vacations with kids Combining business trip with leisure vacation Other Source: Resonance 2015 Portrait of the U.S. Retiree Traveler
  29. 29. R E S O N A N C E C O . C O M @ C R F A I R VENICE BARCELONA AMSTERDAM R E S O N A N C E C O . C O M @ C R F A I R ASHEVILLE SAVANNAH SONOMA
  30. 30. R E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M @ C R F A I RR E S O N A N C E C O . C O M “THE FUTURE IS ALREADY HERE – IT’S JUST NOT VERY EVENLY DISTRIBUTED.” - William Gibson @ C R F A I R
  31. 31. R E S O N A N C E C O . C O M @ C R F A I R SCENARIO PLANNING R E S O N A N C E C O . C O M @ C R F A I R
  32. 32. R E S O N A N C E C O . C O M @ C R F A I R@ C R F A I R
  33. 33. @ResonanceCo SCENARIO DEVELOPMENT Scenarios mapping out potential future industry landscapes tend to unfold into one of four major patterns of change (or combinations). 1. Continuation. The system moves forward along its current trajectory. 2. Collapse. The system falls apart under the weight of “negative” driving forces. 3. New equilibrium. The system reaches a balance among competing forces that is significantly different from the current balance. 4. Transformation. The system is discarded in favor of a new one with a new set of rules.
  34. 34. R E S O N A N C E C O . C O M @ C R F A I R TOURISM VANCOUVER 2030 A future looking initiative with the objective of identifying the ideal scenario for tourism in Vancouver by 2030. 1// Stakeholder Opportunities / Issues 2// Destination Assessment & Forecasting 3// Online Forum - Factor Priorities 4// Scenario Building Workshop 5// Scenario Development 6// Strategic Evaluation 7// Ideal Scenario and Action Plan @ C R F A I R
  35. 35. R E S O N A N C E C O . C O M @ C R F A I R KEY POTENTIAL FORCES Through this process, stakeholders identified six factors most likely to influence the future of tourism in Vancouver thatcould potentially alter the trajectory of visitor growth. A. YVR as an important hub B. Limited hotel supply C. Increased TV budget D. A terrorism event E. A global financial crisis F. Employment constraints
  36. 36. R E S O N A N C E C O . C O M @ C R F A I R Assuming a moderately faster growth in YVR aviation traffic over the forecast period would result in a premium of 706,989 total overnight visitors to Vancouver by the end of 2030 compared to the baseline scenario. FUTURE FORECASTING
  37. 37. R E S O N A N C E C O . C O M @ C R F A I R Under this scenario, an average of 92,000 visitors per year would be deterred from visiting Vancouver, which would result in a cumulative loss of almost 1.2 million visitors by 2030 compared to the baseline scenario. FUTURE FORECASTING
  38. 38. R E S O N A N C E C O . C O M @ C R F A I R Assuming that TVan budget grows 1% faster than the historic average, we would see a premium of approximately 670,000 visits by the end of 2030. FUTURE FORECASTING
  39. 39. R E S O N A N C E C O . C O M @ C R F A I R In this scenario, we assume an occurrence of a significant geopolitical crisis or a terrorism event in a global tourist destination (other than Vancouver), and examine its effects on our baseline projections. FUTURE FORECASTING
  40. 40. R E S O N A N C E C O . C O M @ C R F A I R A global financial crisis would have a moderate impact on Vancouver visitor volume. It would result in 150,000 fewer visitors in the year following the recession. FUTURE FORECASTING
  41. 41. R E S O N A N C E C O . C O M @ C R F A I R If we assume a tight labor market where employment in the tourism sector grows only marginally and below the historic annual average of 1%, we would expect to see an average of close to 17,000 fewer visitors annually, resulting in a cumulative loss of 220,000 visitors by the end of 2030. FUTURE FORECASTING
  42. 42. R E S O N A N C E C O . C O M @ C R F A I R VANCOUVER VISITOR FORECAST Based on an analysis of these factors, Vancouver should expect to welcome between 13 million to 14.7 million overnight visitors in 2030 – 24% to 40% growth over 2017.
  43. 43. @ResonanceCo SCENARIO DEVELOPMENT Scenarios mapping out potential future industry landscapes tend to unfold into one of four major patterns of change (or combinations). 1. Continuation. The system moves forward along its current trajectory. 2. Collapse. The system falls apart under the weight of “negative” driving forces. 3. New equilibrium. The system reaches a balance among competing forces that is significantly different from the current balance. 4. Transformation. The system is discarded in favor of a new one with a new set of rules.
  44. 44. R E S O N A N C E C O . C O M @ C R F A I R CONTINUATION SCENARIO RESONANCECO.COM@CRFAIR
  45. 45. R E S O N A N C E C O . C O M @ C R F A I R CONTINUATION • No new hotels rooms and ever-higher ADR • Vancouver attracts sophisticated cultural explorers and outdoor enthusiasts • Youthful, energetic, happy to spend for unique experiences • High end stores, restaurants and services are doing well • The shoulder season is increasingly in demand • Vancouver offerings more closely aligned with Whistler @CRFAIR
  46. 46. RESONANCECO.COM@CRFAIR NEW EQUILIBRIUM SCENARIO
  47. 47. R E S O N A N C E C O . C O M @ C R F A I R NEW EQUILIBRIUM • The bump in business travel has been remarkable—the number of business travellers has grown from 13.5% to 20% of all visitors • Key catalysts are the city’s booming tech sector and substantial growth in Vancouver’s commercial space • Former President Trump’s hostility to immigration and Vancouver’s proximity to Seattle and California’s tech scene aided growth • Business travel took up the vacancy slack left after Vancouver’s usual full-occupancy summer and fall • The financials of hotel development begin to make sense at last, and new venues are planned. @CRFAIR
  48. 48. R E S O N A N C E C O . C O M @ C R F A I R RESONANCECO.COM@CRFAIR TRANSFORMATION SCENARIO
  49. 49. R E S O N A N C E C O . C O M @ C R F A I R TRANSFORMATION • Continuing high downtown hotel development costs made the creation of hospitality and meeting venues in the region a smarter move • Launch of the very big, very tall cruise ships and a new terminal at Tsawwassen accelerated regionalization; smaller ships docked downtown. • Regional developers partnered with hotel flags that had long been eager to access the Lower Mainland • Richmond hotel rooms grew exponentially @CRFAIR
  50. 50. RESONANCECO.COM@CRFAIR PREFFERED FUTURE
  51. 51. R E S O N A N C E C O . C O M @ C R F A I R RESULTS @CRFAIR
  52. 52. R E S O N A N C E C O . C O M @ C R F A I R COMPOSITE SCENARIO RESONANCECO.COM@CRFAIR
  53. 53. R E S O N A N C E C O . C O M @ C R F A I R COMPOSITE CONTINUATION NEW EQUILIBRIUM TRANSFORMATION
  54. 54. R E S O N A N C E C O . C O M @ C R F A I R • Tourism will grow from 10.5 million to 13.4 million in 2030. • Spending will increase from $5.063 to $8.749 billion. • Growth in ADR will increase profitability, and encourage many leisure visitors and some business travellers to seek out accommodations and activities in the less-expensive regions. • Downtown Vancouver remains the hub of tourism activity with more visitors travelling from outlying neighborhoods • As tech becomes Vancouver’s dominant industry, commercial space grows to accommodate the demand. Seasonality becomes less of an issue as business travel grows year-round. • Monied business and leisure travellers will create demand for more sophisticated and upscale experiences and services COMPOSITE SCENARIO
  55. 55. @ResonanceCo KEY TAKEAWAYS 1. The future is not one but many. 2. The growth of tourism globally is creating new opportunities and challenges for destinations. 3. Rather than just reporting on what’s happened, DMMOs will need to forecast what might happen in order to plan accordingly. 4. Scenario planning is a useful approach to considering a variety of potential futures. 5. Planning and preparing for a variety of futures will improve the resiliency and success of both the organization and the destination.
  56. 56. R E S O N A N C E C O . C O M @ C R F A I R THANK YOU! www.resonanceco.com Chris Fair, President cfair@resonanceco.com www.tourismeconomics.com Adam Sacks, President asacks@oxfordeconomics.com

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