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Trends Shaping Corporate Travel in 2024, Meeting Spotlight
According to new research conducted by World Travel Protection (WTP) of over 1,000 North American business travelers, the number, length, and duration of business trips has increased with half of business travelers saying they went on more trips in 2023 than in 2022; many noted their trips were longer in duration and included more meetings per trip. Three-quarters of business travelers say that meeting in person is critical for building positive, long-term relationships and six in ten say that traveling for business has become more important since they’ve started working from home. More than half of business travelers worry that traveling less would impact their ability to be successful at their jobs.
New Report Calls into Question U.S. Wine Doom & Gloom, Vine Pair
Although 2023 was a challenging year for the U.S. wine industry, more than half of all U.S. wineries met or exceeded their sales goals. The inaugural BMO Wine Market Report offers three key takeaways: (1) Premiumization is fueling growth; (2) the future for small wineries is bright and (3) consumers are drinking more than they let on.
- Even though sales by volume are on the decline, premium wine sales have remained steady. This shows that even though sales of budget bottles under $10 are weakening, consumers are consistently spending on higher-priced bottles. Additionally, nearly 30 percent of wine consumers say they purchase an over-$20 bottle monthly, if not more often.
- As premium bottles are seeing more positive numbers than sub-$10 bottles, the nation’s smaller premium wineries are predicting growth. Forty percent of those producing between 1,000 and 5,000 cases expect growth of more than 10 percent, and 34 percent of wineries with an average price of more than $50 per bottle have similar expectations.
- Americans appear to understate their beverage alcohol consumption and spending when surveyed much like when their doctor asks about their drinking. The current cultural trendiness of being ‘sober curious’ provides another incentive for the average consumer to understate consumption.
Beyond the wine sector, click here to read about summer alcoholic beverage trends that are most popular among Gen Z and Millennials.
The Way We Travel Now, McKinsey & Company
Sixty-six percent of over 5,000 travelers who were surveyed by McKinsey & Company indicate that travel isn’t merely an interest—it’s become a priority despite uncertain economic conditions. Younger generations are propelling much of the rising interest in travel. In 2023, millennials and Gen Zers took, on average, nearly five trips, versus less than four for Gen Xers and baby boomers. Millennials and Gen Z also devote on average, 29% of their incomes to travel.
- Gen Zers say their number-one consideration when selecting a destination is their desire to experience someplace new. For Gen Xers, visiting a new place comes in at number eight, behind factors such as cost, ease of getting around, and quality of accommodation.
- Baby boomers are willing to spend if they see value. Enjoying time with family and friends is their number-one motivation for taking a trip. Experiencing a new destination is less important to them—by as much as 15 percentage points—than to any other demographic.
- The adventure starts before the trip begins. Travelers enjoy the trip planning process. All demographics describe “value for money” as the most important factor when choosing a booking channel.
- Unexpected traveler archetypes are emerging. Seven clusters of travelers express shared attitudes and motivations toward travel: sun and beach travelers; culture and authenticity seekers; strategic spenders; trend-conscious jet setters; cost-conscious travelers; premium travelers.
Camping and Outdoor Hospitality Report: Glamping, Kampgrounds of America
Glampers seek a well-balanced, holistic experience, emphasizing activity and relaxation while valuing human interactions and outdoor recreation. Potential first-time glampers show an interest in a relaxing experience centered around recharging, digital detox, water-based experiences, and mindful strolls in nature. As one of the most loyal camping segments, more people are drawn to glamping’s allure of luxury, tranquility, and convenience. More than a third of glampers have an household income of $100K+, reside in urban areas, but express a wide variety of travel goals, including a keen interest in unique glamping accommodations, natural events, food tourism, and wellness retreats. Glampers tend to be more tech-savvy in travel planning and while on property, enjoy Wi-Fi for work and pleasure.
International Travel Update, U.S. Travel Association and Tourism Economics
Overseas arrivals in May 2024 were +17.5% over last year across the United States, and in California, overseas arrivals are 80% recovered relative to 2019 levels. In California, visitor spending from U.K., Canada and Mexico have recovered completely relative to pre-pandemic levels. In Sonoma County, the year-to-date average length of stay among international visitors is 4.9 days, with approximately 87% of overseas travelers staying overnight. Mexico, Canada, and U.K. remain the top three markets for international inbound visitation to Sonoma County. The main categories for visitor spending among international visitors in Sonoma County is for dining in restaurants, spending on retail and hotels and accommodations, all of which continue to increase after the decline that occurred during the pandemic.
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