Travel and tourism has been decimated by Coronavirus (COVID-19), leaving communities starved of income and jobs, whilst nature has flourished without crowds or pollution. As travel businesses rebuild, a new purpose and mindset is required to ensure that every stakeholder is considered. Consumers are on board, it is time for travel businesses to redress the balance and ensure that recovery is centred on going beyond sustainability to purpose, and even regeneration.
This report comes in PPT.
The old volume-driven business model for travel and tourism was decimated by COVID-19. In recovery, there is a once-in-a-generation chance to rebuild, and adopt a purpose- and value-driven tourism model for regeneration.
At the heart of travel, there is a harsh dichotomy – an industry that promises wealth, employment and equality, at the same time can inflict enormous damage on local destinations and communities if managed badly.
The pandemic has ignited consumer interest in the social pillar of sustainability, building on the growing awareness about the climate emergency pre-COVID-19. Being people-centric and acting with empathy resonate well.
Businesses do not appear to be as convinced as consumers of the need to act with purpose. Despite decades of talk, there is still a deficit in action.
The disconnect between accelerating consumer interest vs decelerating corporate activity in implementing sustainable strategies and NPD is an area of grave concern. Change leadership needs to start from the top.
The UN is urging countries to declare a climate emergency, which Scotland has already done as host of COP-26. There is no time to delay in aligning with the 17 Sustainable Development Goals to meet the 2030 agenda. Better late than never.
Acting independently is futile. Solely through collaboration, partnership and sharing best practices can transformative change and progress be made. Signing a declaration is a start, but actions speak louder than words.
Euromonitor is proud to stand with the Future of Tourism Coalition to promote a sustainable and purpose-driven recovery for travel and tourism.
Travel encompasses several categories including tourism flows, lodging, travel modes, in-destination spending and booking.
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