by Lacey Pfalz
Last updated: 1:30 PM ET, Thu May 5, 2022
According to Allianz Partners' virtual Global Travel Summit, travelers are looking to become more responsible environmentally and socially as travel continues to recover from the pandemic.
During the summit, Allianz shared data from Foresight Factory and Allianz Partners' Customer Lab showcasing some major trends in travel.
The data found over seven in ten travelers in Great Britain, the USA and Germany desire greater sustainability filtering features on travel sites to help them make the best choices. While 59 percent of travelers aged 26-40 are making the decision to take their trip's environmental impact into consideration when they plan, 55 percent of the same generation intend to travel less to reduce their impact.
A reduction in business travel can also correlate with the desire by companies and travelers to reduce their environmental impact. While business travel comprised a large segment of the hospitality industry and the wider travel industry prior to the pandemic, sustainability targets might make business travel less of a priority for companies, or at least harder to balance with their carbon reduction plans.
Allianz Partners also identified a risk that leisure travel might decrease due to rising costs of living and traveling from the Russian invasion of Ukraine and its subsequent economic impacts around the globe.
"At this year's event, we heard about the emerging trends in the travel industry, and it's clear that a strong travel recovery is being faced with a new set of challenges," said Joe Mason, Chief Marketing Officer - Travel at Allianz Partners. "Economic vitality, geo-political unrest, and a rising cost of living - coupled with a desire to make sustainable and eco-friendly choices - all will have a lasting impact on our industry."
"The need to adapt to this new travel landscape has never been more important and is a priority for us at Allianz Partners. We are helping our customers and partners navigate through these challenging times and are focused on turning travel insurance into full end-to-end travel protection, and we're excited about what the future holds," Mason added.
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