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Edit Comment Close Premium member Presentation Transcript Travel – Into the Future : Travel – Into the Future INFO 678 – Group 5 Trend Analysis 5/9/10 Erik Poole Catherine Ogur Samantha Weber Valerie Singler Agenda : Agenda Description of Industry Sector Key Trends Niche Tourism Ecotourism Medical Tourism Rise of the Social Traveler Industry Sector : Industry Sector Travel Arrangement and Reservation Service - NAICS code 561510 What Can A Travel AgencyDo For You? : What Can A Travel AgencyDo For You? Who are the travel agencies in the industry? How many people are in the industry? How do agencies make money? How much money do agencies make? Future of Travel Agencies : Future of Travel Agencies The travel agency industry is one of the least protected and most highly competitive industries in the world, and IbisWorld expects this to continue With the disintermediation created in the industry by the internet, travel agencies must look to reinvent ways to add value to the travel experience and remain relevant to US consumers Trends in the industry point to some interesting possibilities Niche Tourism : Niche Tourism Ecotourism Responsible travel to natural areas that conserves the environment and improves well-being of the locals $154 Billion market Growing 20% annually Makes up 20% of the travel market Ecotourism : Ecotourism Emerging Segments Of The Population Enthusiasts Participants Green Movement Has Accelerated Growth Segments Of Market Are Taking Advantage Auto market – Hybrid vehicles Hotels – EPA certified Specific Associations Food- local and vegetarian Ecotourism Service Trends : Ecotourism Service Trends Niche websites started selling tours in early 2000’s Large websites catering to ecotourism travelers Orbitz.com http://www.orbitz.com/blog/category/eco-tourism/ Expedia.comhttp://www.expedia.com/daily/sustainable_travel/going_green/ Portal sites devoted to ecotourism http://www.ecotourism.org Aggregation sites http://www.kayak.com/ Criticisms that may affect future : Criticisms that may affect future Too successful? Does it even work (no beneficial impact on environment)? Spreading money to locals? Medical Tourism : Medical Tourism Medical tourism, also called health and wellness tourism, is estimated to grow into a $21 billion a year industry by 2011 750,000 Americans traveled abroad for medical care in 2007; this number will increase to 1.6 million by 2012 Medical Tourism : Medical Tourism Treatment abroad can be daunting and complicated for the patient. As this trend of medical tourism takes off, more people will be looking for a one-stop-shop to help with: Travel Arrangements Scheduling procedures Finding surgeons, scrutinizing the credentials of foreign surgeons, ensuring that doctors meet legal requirements All of the logistics involved in trip planning Impact On Industry Sector : Impact On Industry Sector Travel agencies looking to capitalize on this trend will need to: Establish relationships with international providers, as well as insurance companies Create a system for transferring medical information Build an understanding of patients’ conditions and procedures in order to plan for safe and comfortable travel Rise of the Social Traveler : Rise of the Social Traveler “We are not seats or eyeballs or end users or consumers. We are human beings – and our reach exceeds our grasp. Deal with it.” (The Cluetrain Manifesto, 1999) 47.5% of agents believe social networking will have the greatest impact on how people research and book travel (TravelAgent, (2010), p. 4) Changing Relationships : Changing Relationships Who Controls the Relationship? Customers are no longer willing to be “managed” Social Networking is changing customer expectations Accurate Information Access Responsiveness Influence vs. Selling Solution and a Memory The “Right” Data : The “Right” Data Filtering out the “noise” Twitter Search Twitter Aggregators One Scenario Summary : Summary The Travel Arrangement and Reservation industry sector is being forced to reinvent itself in terms of service offerings and the way it approaches and relates to customers Niche Tourism offers opportunities for agents to become advisers offering specialized expertise and “concierge” style services The industry needs to learn to operate within the Social Networking realm and create a positive presence References : References Industry Sector "Travel Agencies." Encyclopedia of American Industries. Gale, 2008. Reproduced in Business and Company Resource Center. Farmington Hills, Mich.:Gale Group. 2010. http://galenet.galegroup.com.ezproxy2.library.drexel.edu/servlet/BCRC US Census Bureau. (2009). Industry Statistics Sampler; NAICS 561510 Travel Agencies. http://www.census.gov/econ/industry/ec07/a561510.htm Zwolak, R. (2010). Travel agencies in the US. IBISWorld Industry Report 56151. References (cont.) : References (cont.) Ecotourism Trends in Ecotourismhttp://www.libraryindex.com/pages/2019/Vacations-Travel-TRENDS-ECOTOURISM-SERVICE-ORIENTED-TRAVEL.html What is Ecotourismhttp://www.ecotourism.org/site/c.orLQKXPCLmF/b.4835303/k.BEB9/What_is_Ecotourism__The_International_Ecotourism_Society.htm Adventure Industry Travel Growth Statisticshttp://www.xolaconsulting.com/Adventure%20Travel%20Industry%20Growth%20Statsv2.pdf Tuohino, A., and A. Hynonen (2001). Ecotourism - imagery and reality. Reflections on concepts and practices in Finnish rural tourism. Nordia Geographical Publications. pp. 30(4):21-34. Honey, Martha (2008). Ecotourism and Sustainable Development: Who Owns Paradise? (Second ed.). Washington, DC: Island Press. pp. 33 References (cont.) : References (cont.) Medical Tourism Culwell, C. (2007, October 25). When to use a travel agent. Fodors. Retrieved May 5, 2010 from: http://www.fodors.com/news/story_1963.html Deloitte Center for Health Solutions (2008). Medical Tourism: Emerging Phenomenon in Health Care Industry -- 2008 Report. Retrieved April 27, 2010 from: http://www.deloitte.com/view/en_US/us/industries/da9e9038d120e110VgnVCM100000ba42f00aRCRD.htm Deloitte Center for Health Solutions (2009). *Medical tourism: update and > implications.* Retrieved May 7, 2010 from: http://www.deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents= /us_chs_MedicalTourism_111209_web.pdf Global Medicine and Wellness Congress website. Retrieved May 3, 2010 from: http://www.globalmedicinecongress.com/english/index.php Health Insurance Coverage ( 2007). U.S. Census Bureau, Housing and Household Economic Statistics Division. Retrieved May 4, 2010 from http://www.census.gov/hhes/www/hlthins/hlthin07/hlth07asc.html Pafford, B. (2009). The third wave: medical tourism in the 21st century. Southern Medical Journal 102 (8). 810. Retrieved May 4, 2010 from: http://library.drexel.edu Medical Tourism website. Retrieved May 6,2010 from: http://www.medicaltourism.com References (cont.) : References (cont.) Rise of the Social Customer Bellstrom, K. 2010. Traveling with Twitter. The Wall Street Journal Online. April 9, 2010. Retrieved May 4, 2010 from http://tinyurl.com/274vp65 Higgins, M. 2009. Twitter comes to the rescue. The New York Times. July 5, 2009. Retrieved May 4, 2010 from http://www.nytimes.com/2009/07/05/travel/05prac.html?_r=1 Levine, R., Locke, C., Searls, D. , and Weinberger., D. (1999) The Cluetrain manifesto. Retrieved May 4, 2010 from http://www.cluetrain.com/ Potter, E. 2009. Using Twitter for travel. Travel and Leisure. April 2009. Retrieved May 4, 2010 from http://www.travelandleisure.com/articles/using-twitter-for-travel/1 Schaal, D. 2009. Twitter travel search: the start of something big. Dennis Schaal Blog online travel riffs and notes. Tuesday, July 28, 2009. Retrieved May 4, 2010 from http://tinyurl.com/kof8zw Travel Agent. (2010). Social networking’s impact on travel to grow. March 29, 2010. Questex Media Group. Retrieved May 4, 2010 from http://www.nxtbook.com/nxtbooks/questex/ta-032910/#/6 You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.