2023 Travel Boom: What Will Shape Your Future Travel Experience”
As we take stock of the Travel Boom events and developments of the past year, it’s crucial to discern what will have a lasting impact on our future travel experiences. The term “transformative” has been a prevailing theme, and while such events are infrequent, they hold significant importance. Here’s an analysis of noteworthy occurrences in 2023 that will continue to influence travel in the coming year and beyond.
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1. Travel Boom:
The resurgence of leisure travel observed in 2022 has become the new normal, signaling a positive trend. Conversely, business travel remains subdued, hovering around 20 to 25 percent below pre-Covid trends, potentially leading to transformative changes.
2. Airline Dynamics:
The phrase “lounge luster lost” encapsulates the air travel experience in 2023. The proliferation of premium credit cards issuing numerous lounge memberships has transformed these once serene havens into crowded spaces. While lounge programs retain value in specific locations, many travelers, who invested significantly in memberships, express dissatisfaction. This trend is expected to persist, along with the continuation of the 2022 decline in frequent-flyer programs.
The fate of startup airlines like Avelo and Breeze hangs in the balance. Avelo, with a successful hub in New Haven, seems promising, while Breeze is yet to find a comparable niche. Major airline mergers are subject to antitrust reviews, the outcomes of which remain uncertain and may not bring transformative changes.
3. Hotel Landscape:
A significant development in 2023 was Choice Hotels’ aggressive acquisition strategy, acquiring Radisson and making a hostile attempt at Wyndham. The implications of these moves are uncertain pending antitrust reviews.
4. Rail Developments:
Following major urban rail projects in 2022, 2023 saw a quieter period for railroads. Notable was Brightline’s opening from Palm Beach to Orlando, expected to have a lasting impact. Europe witnessed expansion in open access rail services, with trains operating across borders, in alignment with European policies favoring such practices.
5. Car Rentals:
Surprisingly, car rentals saw minimal changes in 2023 despite the country’s shift towards electric vehicles. Rental companies have not demonstrated clear strategies for adapting to an electric future.
6. Government and Policy:
The year was marked by a “wait and see” approach to consumer protections and government policies in the travel sector. The FAA Reauthorization Act faced delays, leaving many critical issues unresolved.
In summary, 2023 showcased positive trends in travel metrics, with increased travel and profits. However, long-term challenges were often deferred, raising expectations for potential resolutions in 2024, albeit with some uncertainty.
