Companies belonging to the travel and leisure sector will be affected directly and indirectly by a number of disruptive opportunities and challenges that will jeopardize their corporate longevity over the coming decades. While described in detail within Quantumrun’s special reports, these disruptive trends can be summarized along the following broad points:
- First off, automation displacing ever larger numbers of workers from well paying jobs, growing economic and political instability across the globe, more frequent and destructive (climate change related) weather events, and increasingly realistic virtual reality travel software/games will represent downward pressures on the international travel and leisure sector as a whole over the coming two decades. However, there are countervailing trends that can play in this sector’s favor.
- The cultural shift among Millennials and Gen Zs toward experiences over material goods will make travel, food, and leisure increasingly desirable consumption activities.
- The future growth of ride-sharing apps, like Uber, and the eventual introduction of all-electric and later supersonic commercial aircraft will decrease the cost of short and long-distance travel.
- Real-time translation apps and earbuds will make navigating in foreign countries and communicating with foreign speakers far less daunting, encouraging increased travel to less frequented destinations.
- The rapid modernization of developing countries will result in many new travel destinations becoming available to the global tourism and leisure market.
- Space tourism will become commonplace by the mid-2030s.
These broad trends will have far-reaching effects on the travel and leisure sector that will influence the sector’s long-term development.
To stay informed about these and other trends, as well as the emerging opportunities and threats facing the travel and leisure sector, consider investing in Quantumrun Foresight sector forecast reports. Contact us today to learn more.
