Joint study provides unique insight into the road to recovery for the global travel industry
NEEDHAM, Mass., Nov. 18, 2020 /PRNewswire/ -- Tripadvisor®, the world's largest travel platform, and Phocuswright, the leader in global travel market research, today jointly released the findings of a comprehensive new research paper into the shifting trends in global travel demand and traveler behaviors, charting the industry's road to recovery in the wake of the ongoing pandemic.
New Tripadvisor x Phocuswright joint study: 2020 - A Year in Travel: Charting the Travel Industry's Path to Recovery
The report, entitled '2020 - A Year in Travel: Charting the Travel Industry's Path to Recovery', analyzes Tripadvisor's first-party data on travel planning behaviors around the globe, as well as consumer sentiment across six major markets, to provide a unique insight into global travel trends.
The full report can be read, for free, here: https://www.tripadvisor.com/Covid19WhitepaperNovember2020
Key findings from the report include:
After positive signs of recovery in domestic leisure travel over the summer, demand for accommodation is now falling back in a number of markets as infection rates rise
Confidence to travel remains fragile, but with big differences by market
Travelers are reassessing the type of trips they want to take…
...and as a result, their choice of destination is changing too
Despite continuing consumer uncertainty, the desire to travel remains very strong
"While there was positive progress over the course of the summer, the re-introduction of tighter restrictions on travel in many countries is clearly having an impact on demand in the short-term," said Steve Kaufer, chief executive officer, Tripadvisor, "The good news is that consumers' desire to travel remains incredibly resilient, and that pent-up demand bodes well for the travel industry in the long run, especially considering the advances announced last week in the development of a vaccine."
"The industry has shown incredible adaptability and resilience in what has been a long and difficult year for travel," said Charuta Fadnis, senior vice-president of research and product strategy, Phocuswright. "Our research consistently shows that travel remains a key part of consumers' lifestyles and travelers are keen to indulge their wanderlust again. Vaccines and therapeutics will boost the nascent recovery and the industry can look forward to brighter days ahead."
The joint report by Tripadvisor and Phocuswright provides an update to the findings published in a June research paper by Tripadvisor, entitled 'Beyond COVID-19: The Road to Recovery for the Travel Industry', which outlined five distinct stages of tourism impact and recovery resulting from the pandemic:
Decline - Travel declines sharply as widespread restrictions enforced
Plateau - Sharp decline in bookings levels out, but travelers start dreaming their next trip
Emerge - Easing of travel restrictions begins, early signs of recovery in dining sector
Domestic Travel - Travelers book their first trips away, but stay close to home
International Travel - Border restrictions ease, and international travel begins to rebound
For additional information on the impact COVID-19 has had on the tourism industry, visit Phocuswright at https://www.phocuswright.com/ or visit Tripadvisor's webinar series found at: https://www.tripadvisor.com/TripAdvisorInsights/w5933.
NOTES TO EDITOR
The data cited in this release was gathered and analyzed from two key sources:
A Tripadvisor Consumer Sentiment Survey, based on data drawn from an online survey of up to 2,400 consumers per survey, in partnership with Qualtrics, conducted approximately every two weeks from 3/27 through 10/21 across six countries - U.S., UK, Australia, Italy, Singapore and Japan
Site behavioral data sourced from first party traffic data on the Tripadvisor platform.
Tripadvisor, the world's largest travel platform*, helps hundreds of millions of travelers each month** make every trip their best trip. Travelers across the globe use the Tripadvisor site and app to browse more than 878 million reviews and opinions of 8.8 million accommodations, restaurants, experiences, airlines and cruises. Whether planning or on a trip, travelers turn to Tripadvisor to compare low prices on hotels, flights and cruises, book popular tours and attractions, as well as reserve tables at great restaurants. Tripadvisor, the ultimate travel companion, is available in 49 markets and 28 languages.
The subsidiaries of Tripadvisor, Inc. (NASDAQ:TRIP), own and operate a portfolio of travel media brands and businesses, operating under various websites and apps, including the following websites: www.bokun.io, www.cruisecritic.com, www.flipkey.com, www.thefork.com (including www.lafourchette.com, www.eltenedor.com, www.bookatable.co.uk, and www.delinski.com), www.helloreco.com, www.holidaylettings.co.uk, www.housetrip.com, www.jetsetter.com, www.niumba.com, www.seatguru.com, www.singleplatform.com, www.vacationhomerentals.com, and www.viator.com.
* Source: SimilarWeb, September 2020
** Source: Tripadvisor internal log files
About Phocuswright Inc.
Phocuswright is the travel industry research authority on how travelers, suppliers and intermediaries connect. Independent, rigorous and unbiased, Phocuswright fosters smart strategic planning, tactical decision-making and organizational effectiveness.
To complement its primary research in North and Latin America, Europe and Asia, Phocuswright produces several high-profile conferences in the United States, Europe and Asia Pacific. Industry leaders and company analysts bring this intelligence to life by debating issues, sharing ideas and defining the ever-evolving reality of travel commerce.
Phocuswright also operates PhocusWire (http://www.phocuswire.com), a media service that covers the world of digital travel 365 days a year with a range of news, analysis, commentary and opinion from across the travel, tourism and hospitality sector.
The company is headquartered in the United States with Europe and Asia Pacific operations and local analysts on five continents.
Phocuswright is a wholly owned subsidiary of Northstar Travel Group.
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