Five Predictions for the Travel Industry Indicate a Positive Future for Luxury Vacation Rentals
Dec. 19, 2006. It is always intriguing to ponder what the future holds for the travel industry in general and particularly for the luxury vacation rental market. Therefore, we thought we should share the predictions of futurist Marvin J. Cetron in Travel Weekly.
Mr. Cetron believes another trade boom is at hand. He says that we should consider five factors that will shape the prospects for travel and tourism in the next decade: (1) the growth of tourism in Asia, (2) the benefits of technology, (3) developments in air travel, (4) terrorism/security issues and (5) the aging of the baby boomers.
The entire article is worth reading, but we will focus on two items which point out the great potential for growth in the travel industry. The first is the explosion of travel from Asian nations. “The Pacific Asia Travel Association estimates that Chinese spending for international travel will reach $100 billion by 2008. By 2020, when 100 million Chinese are expected to fan out across the globe, they will replace Americans, Japanese and Germans as the world's most numerous travelers, according to the World Trade Organization. That same year, 50 million Indians are expected to venture overseas.�
The second most important item in the Cetron article deals with the aging on populations in the developed world. He says, “For travel and tourism, the most important age-related event in history is just five years away. That is when the oldest members of the baby boomer generation will reach 65, the traditional age of retirement. Born between 1946 and 1964, this is the vast age group that has powered the growth of tourism and travel for decades. They will continue to drive it through the years of their greatest wealth and leisure time.�
Particularly important for owners of luxury vacation rentals is Cetron’s observation that “Their aging has important implications for travel and tourism because many boomers will remain healthy and vigorous, still interested in adventure travel and participant sports even late in life. Many will continue to seek out new experiences, even when their health no longer allows wilderness treks or taxing travel to novel destinations, and the industry will need to accommodate them.�
Luxury vacation rental owners who can provide all the luxuries that older travelers enjoy as well as the opportunity for recreation and new experiences should do well. In addition they will do well to include a translation bar on their web site that includes Chinese. We have done so on our own web site and are now in the process of doing so on VacationRental.org.
