Negative news headlines of COVID-19's impact on the travel industry have come thick and fast in recent months.
While the industry is in no doubt as to how bad things have been, perhaps a little light at the end of tunnel comes in the form of how companies are innovating for what things might be like going forward.
In its latest report, as well as providing the economic context for the current bleak picture across much of the world, Euromonitor has pulled out examples of innovation that are tapping into the accelerating trends of digitalization and sustainability.
The Accelerating Travel Innovation After Coronavirus report presents a picture of current consumer sentiment and says tourism demand is expected to take three to five years minimum to recover in both trip volumes and value.
The report concludes that the industry needs to change to adapt to lower levels of demand.
It’s not the first time industry experts have said companies will need to be smaller and leaner, although some in the industry offer a counter view.
But the market intelligence firm says innovation is already taking many forms, with travel companies considering new source marketing, consumer segments, pivoting to new business models and different revenue streams.
In Europe, Euromonitor highlights Aeroguest as one innovative concept - an app enabling touch-free hotel booking to check-out which also highlights the reduction in paper and plastic by using the digital service.
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Other hotel companies are taking a similar tack, with CitizenM, for example, also recently launching an app enabling contactless stays.
Moving to innovation in Asia Pacific, Euromonitor highlights LUX Resorts, which is using floating solar panels to power an island in the Maldives, reducing diesel consumption and boosting energy capacity, according to the report.
Meanwhile, experiences platform KKday launched a Taste of Taiwan initiative in April to deliver food gifts from the destination during global lockdowns.
The initiative aimed not only helped keep the company and the destination in people’s minds but also boosted local suppliers and was a different revenue stream for the platform.
Euromonitor highlights just a few of the concepts that might help travel industry as it looks to recovery.
Many innovations will likely emerge in the coming months as the pandemic is increasingly viewed as a chance to reset and do better when it comes to travel and its impact on the world.
The full report is available to download here.