Flywire survey reveals experiential travel as catalyst for strong growth in global travel provider industry

Tuesday, December 5, 2023

The outlook for global travel providers in 2024 is highly optimistic, according to the latest research from Flywire, a global payments and software company. Based on a commissioned survey covering more than 400 destination management companies, accommodation providers, and tour operators across Australia, Italy, Japan, and South Africa, the findings highlight a strong consumer inclination towards unique and immersive travel experiences.

Colin Smyth, VP and GM of Travel and Flywire, emphasized the evolving landscape, stating, “Our research indicates that as we approach 2024, consumers will likely continue prioritizing investments in distinctive experiences, prompting providers to anticipate a surge in bookings.” Traditional packaged vacations are being overshadowed by a growing preference for personalized and immersive trips, prompting providers to reshape their offerings to align with travelers’ expectations.

The trend of experiential travel is gaining momentum, with 89% of surveyed providers noting an increased demand for unique experiences, particularly in Australia (92%) and Italy (92%). Simultaneously, there is a rising interest in “slow travel,” where travelers seek deeper connections with destinations and immerse themselves in local cultures for extended periods. South Africa (86%) and Italy (84%) experienced the most significant surge in demand for slow travel, with 84% of all providers expecting this trend to continue.

Sustainability has transitioned from a nice-to-have feature to a commercial necessity, with 84% of providers stating that it increasingly influences travelers’ trip planning decisions. Notably, 82% have witnessed a rise in demands for sustainable options, indicating a shift in consumer preferences towards eco-friendly travel.

Recognizing the role of payments in shaping customer experiences, providers acknowledge that the ease of payment directly impacts customer satisfaction. A significant majority (90%) agrees that simplifying the payment process leads to happier customers. There is a consensus (83%) among providers that finding more efficient payment handling methods could save both time and money. Many express the desire to enhance customer satisfaction by making it easier to accept payments in the customer’s own currency (83%).

The study also highlights the growth opportunities arising from ongoing work flexibility, with 89% of travel providers observing an increase in customers seeking accommodations suitable for remote work. Providers are adapting by offering packages tailored to varying work arrangements, including options for a 4-day work week during trips (64%) and remote work throughout the entire trip (59%).

In conclusion, travel providers can enhance customer experiences and meet evolving demands by leveraging technology, such as Flywire, to streamline payments, provide flexible payment options, and integrate with booking platforms. The industry’s focus on personalized, sustainable, and flexible travel experiences aligns with the changing preferences of modern travelers, setting the stage for an optimistic future.

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