PPB March 2019

Market Snapshot People want to pack more fun into their lives, but they aren’t doing it in weeklong vacations anymore. Instead, many travelers are opting for mini vacations and taking short getaways more frequently throughout the year. When choosing where to go, many opt for Insta- worthy destinations. More than 40 percent of vacationers under age 33 consider a destination’s “Instagrammability” the most important factor when deciding where to travel, according to a survey by Schofield’s, a UK-based home insurance company. Wellness travel also continues to rise in popularity. The Global Wellness Institute projects it to grow twice as fast as general tourism, reaching $919 billion by 2022. “Bleisure” trips, those that mix business with pleasure, stand out as another travel trend. Nearly all (87 percent) business travelers look for ways to have some fun on a business trip, according to Avis Car Rental. Tourists who want to take their vacation rental to the next level can check out a luxury alternative: Beyond by Airbnb. This super-exclusive club is open only to vetted members who can stay in each other’s homes. Not one of the current 10,000 members? Explore Marriot International’s new Tribute Portfolio, which features handpicked homes in cities such as Paris, London and Rome that live up to the brand’s high standards. Looking ahead in travel, expect to see trends such as artificial intelligence, virtual reality and speech recognition to simplify the way people vacation. Booking.com indicates that travelers might soon be able to take advantage of keyless room entry via their phones, real-time luggage tracking through mobile apps and robotic concierges who can communicate with them in their native language. The World’s Top 10 Destination Cities 1 Bangkok 20.05 million annual visitors 2 London 19.83 million annual visitors 3 Paris 17.44 million annual visitors 4 Dubai 15.79 million annual visitors 5 Singapore 13.91 million annual visitors 6 New York 13.13 million annual visitors 7 Kuala Lumpur 12.58 million annual visitors 8 Tokyo 11.93 million annual visitors 9 Istanbul 10.7 million annual visitors 10 Seoul 9.54 million annual visitors Source: Mastercard The Financials Behind The Fun • On average, Americans spend about 10 percent of their annual income on vacations. Twenty-five percent spend 15 percent or more. • 74 percent of people have gone into debt to pay for a vacation • 55 percent of Americans don’t budget for vacations • 32 percent prioritize vacation savings while only seven percent prioritize retirement savings Source: Forbes Eco-Tourism Expands Most (86 percent) global travelers would like to spend time on activities that offset their stay’s environmental impact, and more than a third (37 percent) say they would be willing to clear plastic and litter from a beach or other tourist attraction. Source: Booking.com | MARCH 2019 | 57 GROW