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Flywire survey: Experiential travel drives strong growth for global travel providers
97% of those surveyed are expecting their business to grow over the next five years 86% of travel providers consider their payment process an extension of
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[{"type":"text","content":"97% of those surveyed are expecting their business to grow over the next five years 86% of travel providers consider their payment process an extension of their brand BOSTON, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Global travel providers are heading into 2024 with a lot of optimism about the future, as consumers continue to seek unique, immersive travel experiences around the world. This is according to the latest research from Flywire (Nasdaq: FLYW), a global payments enablement and software company, based on a commissioned survey into more than 400 destination management companies, accommodation providers and tour operators across Australia, Italy, Japan and South Africa. “Our research into travel providers around the world shows that as we head into 2024, consumers are likely to continue to prioritize investing in unique experiences, as providers prepare for an increase in bookings,” said Colin Smyth, VP and GM of Travel and Flywire. “As travelers eschew traditional “off the shelf” packages, providers are offering experiences that match travelers’ expectations for immersive, personalized trips. Our research shows that these providers are also looking to technology, especially payments, as a way to change the way they do business, embracing it to benefit both their customers and their business.” Personalized, immersive travel a growing trend, as consumers prioritize experiences over discretionary spend Travelers are increasingly foregoing conventional vacations in favor of personalized trips that deliver unique experiences, often off the beaten track - so called “experiential travel.” 89% of providers surveyed have seen increased demand for experiential travel, especially those in Australia (92%) and Italy (92%). At the same time, travel providers have seen demand for “slow travel” also increase, as travelers place more emphasis on connecting fully with their destination, and immersing themselves in the local culture for a longer period of time. Providers in South Africa (86%) and Italy (84%) saw the largest boost in slow travel compared to last year, with 84% total travel providers say they expect demand for slow travel to continue growing, perhaps because travelers no longer need, or want, to book vacations with impossibly tight schedules. It is no surprise then that sustainable tourism has shifted from a nice-to-have to a commer...