#Trending This Week - Revenge Travel Is Out, Foodie Travel Is In, The Marriage Of Finance And Sustainability, Cocktail Culture Grows, And Airport Day Passes
Issue 160 • October 3, 2023
You just knew it couldn’t last — how much revenge travel can people do? While it seems most people have gone everywhere and done everything they wished they could do during the pandemic — and some are still traveling — there is a noticeable shift coming with the post revenge travel world. For those in food and beverage, polish those knives and forks as foodie travel is in! Gen Z and Millennial Travelers are all about food and want to experience more of it when traveling. Sustainability continues to impact the hospitality industry and if other industries are an indication, future investment is going to hinge on how green you are. Cocktails are wilder, bolder, and more popular than ever. And we’re seeing a peek of a trend to come, airports giving out day passes for people with no intention to travel. Check it all out below in our three-minute read below.
Revenge Travel Is On The Way Out
Experts are saying “Revenge Travel” is on its way out. People who wanted to travel have already done so. Intentions to travel for some are on the way down and for others, their budgets are not as high as they once were. This means that post revenge travel consumers are cheap, so while they may still be traveling, they plan to spend less. One particular area of concern is with the Chinese tourism market, which has been hit with high unemployment and negative wealth effects from the struggling real estate industry. Read more in CNBC here and Elliot.org here.
Foodie Travel Is In
The American Express Travel 2023 Global Travel Trends Report revealed that 45% of Gen-Z and Millennial travelers have planned a trip around a food festival. And as more travelers seek unique food experiences — in part propelled by the ongoing success of TV shows like Top Chef, Master Chef, and Chopped — resorts are meeting the demand by hosting culinary festivals to attract guests. This is particularly true since many people view food as an integral part of the travel experience. Read more in Travel Pulse here.
Finance And Sustainability Are Going To Be Intertwined
Anyone following the sustainability sector knows when faced with a choice of companies to finance, most major banks and investment companies will now choose the prospect with a greater commitment to sustainability. Integrating sustainability with finance could be a game-changer for corporate performance as the two functions have become more inter-independent and are mutually beneficial with the rise of ESG. Many of the major hotel brands have already integrated a chief sustainability officer to their senior ranks, but in Asia, they are starting to see a combination with the chief financial officer role as well. Read more in Hotel Investment Today here.
Cocktails Are Gaining Greater Importance
While foodie travel is hot, there’s something gaining big traction fast: cocktail culture. That’s right, more and more hotels, resorts, and restaurants are investing big in cocktails. From truly Instagram-worthy drinks to immersive experiences with the gin and tonic, for example, the focus on the cocktail menu is now much more than an after thought. Food and beverage teams are investing big on beverages all around the world. Read more in Travel Weekly here.
A Hint Of A Trend - Non-Traveler Airport Day Passes?
Both Seattle and Orlando International Airports are now offering an Airport Day Pass for people who aren’t traveling. It’s an opportunity to drive more awareness for their new terminals and try and get more traffic to their shops and restaurants. Will it take off? We found it interesting The Wall Street Journal wrote about it so there’s that. Read more in The Wall Street Journal here (for subscribers only) or one of the airport pages here.