Tag Archives: industry

5 travel and tourism megatrends reflect the rise of new technologies, businesses and prospering nations

2019-03-14

Travel and tourism is already one of the largest, yet also one of the fastest growing global industries. It was estimated to account for about 10% of global GDP in 2017. Entire regions depend on the arrival of tourists, like Bali or Southern Portugal. Since the world is changing, travel is changing. Here are five megatrends that are shaping the way the world travels in the near future.
Valencia, Spain, Europe. crowds at a fiesta.
The five megatrends have been identified by WTTC (World Travel & Tourism Council) and Bloomberg Media. WTTC is an organization that represents the Travel & Tourism private sector globally.

The travel and tourism megatrends 2019 according to the WTTC report are as follows.

1. Reality, Enhanced

Anywhere, anytime connectivity that allows access to information, communities and services have led to an experience-driven world that only 20 years was pure science fiction.

Today, it is reality. For some people, it can be harsh reality that has gone a step too far. Digital detox and unplugging from social media, or from the internet altogether for awhile is a real option for stressed minds. New travel products and services can help people who experience anxiety because of their digital habits. It doesn’t have to mean a year on an isolated island, but a trek to a mountain, or a bicycle trip around Lake Geneva. Additionally, wellness and travel have a close relationship that both industries are rapidly developing.

2. Life, Restructured

Work, especially knowledge work, is expected to change dramatically in the near future. Not only because of artificial intelligence (AI), but because of the so called gig economy. People want to work remotely and it already has a big impact on life, commute and travel.

As much as 50% of the workforce in the US is expected to be freelancers by 2027. Many of them – not all – have skills that they can sell to clients while they are actually staying at home, or on the other side of the world. Digital nomads started the trend of traveling and working years ago. Now, both young adults and seasoned knowledge workers are trying the life of a connected nomad.

3. Data, Revolutionised

Automatic collection of data is familiar for all of us because of companies like Facebook and Google. They have been criticized for their collection and of archiving private data for business purposes. Internet of Things (IoT) technologies are connecting fridges, lamps, door bells and practically everything else to the network so that we can monitor and control our homes, police can monitor streets, and Facebook and Google everything.

Travel businesses and officials are also collecting private data from travelers. For businesses, it is a way of learning more about their customers and a way for governments to secure borders. The collection of data will increase – there is no stopping it. It is up to travel businesses to apply the rules of the Europe’s GDPR and respective laws in other regions that are already being prepared across the world.
selfie photograph takers at a viewing platform

4. Power, Redistributed

The economic power and demographic power is shifting to the East. Pretty quickly. China’s GDP is expected to overtake the US by late 2020s. But it is not only about China: also India, Brazil, Russia, Indonesia, Mexico and Turkey are forecasted to grow strongly and comprise 50% of global GDP within the next 30 years.

China has been identified in specific markets, such as in Rovaniemi, Lapland years ago as the number one priority. Years ago, Nordic airline Finnair positioned itself as the hub between Asia and Europe. Today, everyone who has traveled in popular destinations in Europe recently has witnessed large groups of Chinese selfie-takers at all key sights.

5. Consumption, Reimagined

Years of talk of tourism causing pollution and breaking sensitive ecosystems has led to initiatives like sustainable tourism and ethical travel. Some travelers even try to compensate their air miles by reducing their carbon footprint by other means. This is an opportunity for travel businesses that can offer nature-friendly products.

Overtourism – although not discussed in the report – is a serious concern for regions that are getting so many travelers that their way of life and identity are at risk. Venice and Barcelona are examples of cities that are already finding ways to balance the needs of locals and travelers.

The WTTC report concludes that

– Tomorrow’s traveller is not the same as a traveler today. More personalization, enrichment of experiences and autonomy will be required in travel products and services.
– Travel businesses are going to have to deliver authentic experiences to tourists. Some of the experiences are likely to be enhanced by technology, like AR (augmented reality).
– Travel industry will capitalise on new trends, business models and technologies. Businesses that don’t adopt will be left behind. An example is electric vehicles that can assist both locals and visitors to move around in urban environment easily and without polluting the air.

Trends in book business: small publishers win big traditional publishers in specific ebook genres

2018-10-12

A new report on the state of the ebook, audiobook and print book markets in the US was recently delivered by the number-crunching wizard Data Guy at Digital Book World Conference 2018. The statistics – that cover almost the entire online books sales in the US – indicate that readers of different book genres have vastly different preferences on book formats. Let’s analyze book publishing trends that can be identified from the Data Guy’s statistics.
ereader on top of stack of books

Strong sales of ebooks and audiobooks continue

The Author Earnings report measures ebook, audiobook and print book sales in the US online bookstores from April 2017 until September 2018. The total sales during these 18 months were:

Ebooks 4.0 billion dollars, 781 million units
Audiobooks 2.6 billion dollars, 145 million units
Print books 7.3 billion dollars, 407 million units

Roughly half (54%) of print books are sold by brick-and-mortar bookstores in the US. Even if we add print books sold by physical bookstores to the numbers that were achieved by online stores, ebook unit sales nearly match print book unit sales in the US.

The trend identified in the Author Earnings report is the decline of sales via brick-and-mortar bookstores, reduction in the number of physical bookstores, and increasing sales via online stores. Amazon is a dominant player that is still growing its market share in all book formats, also print. In fact, for some nonfiction genres, Amazon accounts 70-75% of all print book sales in the US.
bookshop of antique books in Spain

Ebook vs print book market share is highly dependent on genre

Erotica and mystery genres have been regarded the most successful categories in ebooks, and Data Guy’s report confirms the wisdom for mystery genre, at least. Business & Money titles in nonfiction category are more popular as ebooks than print books. The following numbers indicate sales only at online bookstores in the US.

57% of Business and Money category unit sales are ebooks and audiobooks.

59% of these ebooks are published by other than big publishers (such as indies, self-publishers, small publishers). The situation with audiobooks is completely different: 80.6% of audiobooks were made available by big publishers, and 56.5% of print books are from big publishers.

50% of Health, Fitness and Dieting unit sales are ebooks and audiobooks.

62% of these ebooks were published by small publishers, indies and self-publishers. 81.6% of audiobooks were produced by big publishers. 54.7% of print sales were made by big publishers.

73% of Teen and Young Adult unit sales are ebooks and audiobooks.

A massive 71.6% of these ebooks were published by small publishers and self-publishers, whereas 74.7% of audiobooks came from big publishers, and 65.2% of print books were by big publishers.

93% of Mystery, Thriller and Suspense category unit sales are ebooks and audiobooks.

52.9% of ebooks by big publishers, 93.1% of audiobooks by big publishers, 89% of print books big publishers.

Small publishers see opportunities in book formats and genres where the upfront investment is low – often ebooks. Audiobooks and print require more upfront investment, and large companies can afford financial risks better than small businesses.

Data scraping

Ever since Data Guy published his first report on ebook sales that included statistics never seen before, book industry experts have been discussing about the true state of digital book market versus print market. Independent of what you think of Data Guy’s number collection methods (that he calls data scraping), there is plenty of demand for his statistics in the book industry. Bookstat provides detailed reports on book sales for publishers without months of delay. When Bookstat numbers were tested against NPD PubTrack statistics that measure the ebook sales of big publishers in the US, the numbers matched within 6% accuracy.

You can listen to Data Guy himself explaining the data scraping method and other details in a podcast by Mark Dawson.