While travel is an experience and hardly a tangible good, the purchase of a trip is still, essentially, a retail item.
Therefore, as a seller of travel, it's important to get into the minds of the global consumer, and Euromonitor's latest retail survey reveals 10 trends to watch for in 2018. Travel agents can use these to craft sales pitches that are sure to win over potential clients in each category.
One of the key takeaways from the report is that people's growing curiosity about their genetic make-up and a rising interest in personalized health and beauty are fueling a global market. This segment is expected to soar by 2022, and both are trends that travel agents can capitalize on with wellness retreats and heritage trips.
Here are the top trends and consumer categories identified in the Euromonitor report:
Clean Lifers
Euromonitor found that "consumers are increasingly adopting clean-living, more minimalist lifestyles, where moderation and integrity are key."
This is most commonly found in consumers ages 20-29, a group that is commonly said to be "a generation of 'straight-edge'" consumers who have grown up knowing recession, terrorism and troubled politics, and who have a wider worldview.
The Borrowers
The borrowers are a new generation of community-minded sharers, according to Euromonitor. They are making conspicuous consumption a thing of the past and rejecting the purchase of material goods in favor of pursuing experiences and a freer lifestyle-travel could be their ideal currency.
Call Out Culture
Whether it is airing a grievance on Twitter, sharing a viral message or signing an e-petition, consumers are having their say, notes Euromonitor. As Internet usage explodes, sellers should be aware of "Hashtag activism" and the growing influence of social media.
It's in the DNA
Home DNA kits are on the rise due to a marked increase in people's interest in their own genetic make-up. The reasons vary, but many are seeking out more details on their backgrounds for health and beauty reasons or simply to know more about their heritage.
Keep these consumers in mind for one-of-a-kind sustainable travel experiences.
I-Designers
This group was impacted by the global financial crisis and is re-evaluating spending habits. With Uber and Airbnb, their desire to own things is waning, similar to the Borrowers.
Co-Living
The Co-Living trend is popular with over-65s and millennials and is a form of housing that maximizes space in hyper-urban areas and embraces the sharing economy.
The Survivors
Frugality reigns among this subset. This group is still struggling to cope with the austerity left behind by the Great Recession and remains wary of making purchases despite a rise in incomes and a fall in unemployment.
Travel deals may be the most enticing to this crowd.
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