In its 2024 Hospitality Report, McKinsey says travelers have changed, new destinations are gaining special attractiveness and the experience continues to prevail.
“Tourism and hospitality are on a journey of disruption,” reports the McKinsey analysts. There is a growing demand for experiential and luxury travel.
McKinsey expects the bulk of travel to remain close to home with international travel continuing to have to compete with domestic travel, while intraregional tourism is on the rise.
With more access to plan their own vacations, more travelers are not booking one-size-fits-all experiences. The trend opens opportunities for those who can personalize the vacation.
McKinsey says that the demand for luxury tourism and hospitality is expected to grow faster than any other travel segment today.
The tourism specialists warn destinations that they need to prepare to mitigate overcrowding. “Destinations need to be ready to handle the large tourist flows of tomorrow,” says McKinsey. This means assessments of carrying capacities, ability to analyze the data and destinations that offer adequate transportation and infrastructure to handle the large numbers of visitors. McKinsey also urges destinations to build tourism-ready workforces and preserve their natural and cultural heritages.
McKinsey will be giving a live presentation on its findings on 13 June 2024 from 10:30am to 11am.
Read more:
McKinsey
4 June 2024