Traveler Value Index: gain competitive advantage in an evolving environment

Source: Traveler Value Index 2022 Outlook, Expedia Group 

Expedia Group conducted a study in collaboration with Wakefield Research in November 2021, whose findings suggest that after two years of enduring the global pandemic, people value travel and personal time more than ever. Recent studies from Expedia and Vrbo were used to supplement the predictions in this report, which underscores the resilience of the industry and reveals how travel companies can adapt to achieve a competitive advantage in this rapidly evolving environment. 

“Travel companies that prioritize safety and well-being, innovative solutions, and transparent communication will be the clear leaders as the entire industry shifts from survival mode into accelerated demand and growth” said Ariane Gorin, President of Expedia for Business. 

10 steps for travel companies to adapt to the current situation and be competitive: 

1. Make sure travellers can still get a refund or credit if plans change. Clearly communicate cancellation and change policies.
2. Provide a range of options and pricing to capture demand among all types of travellers and trips.
3. Proactively share COVID-19 updates and guidance with customers, from broad updates on border status and market-specific travel restrictions, to on-property considerations such as cleanliness protocols and staffing impacts.
4. Strive to be a companion for travellers every step of the way during planning, throughout their trip, and afterwards. Deliver on promises, collect customer feedback, and adapt accordingly.
5. Offer new incentives to attract travellers. In contrast to previous years, these promotions do more than simply encourage hesitant travellers — they provide differentiation in a hot, rebounding market.
6. Consider introducing new deals specifically for quick trips to achieve a competitive edge.
7. Factor in impending redemption of loyalty points at scale, and the market opportunity ahead. Think about how your company can play a role in robust industry rewards programs.
8. Ramp up marketing, particularly in the markets where people are most keen to travel domestically and internationally.
9. Knowing travellers are focused on wellness and meaningful experiences, give thought to how you can integrate this concept into your messages to customers and potentially package deals.
10. Increase commitment to sustainability and expand eco-friendly trip options at a cost to travellers.

Download the full Expedia Group report here. 

Twissen