Low Cost Evolution in Travel and Tourism, 2021 – Thematic Research
- Pages: 61
- Published: March 2021
- Report Code: GDTT-TR-S054
The travel industry has gone through a large amount of change since its inception, and the low-cost evolution has played an important role. Remaining on the radar of consumers is important, and it is imperative to keep up with the evolving trends within the low-cost travel market. To meet the increasing levels of price sensitivity amongst consumers, firms must adapt and if they see fit, embrace the low-cost travel market.
This thematic research report takes an in-depth look at the theme of Low Cost Evolution and its role within the travel sector today. This report analyzes the key leaders within this theme alongside the customer and enterprise trends that are driving major changes within the travel landscape. It then dives deep into an industry analysis presenting an array of case studies looking at how it is being used to drive awareness and the impact of this theme on the sector. Recommendations are then offered for the travel sector alongside a description of companies mentioned throughout.
“Technological developments have played a crucial role in the development of the low-cost travel market and have made it accessible to everyone. The rise of price aggregators has pushed low prices even lower, and companies have had to adapt. With the increasing levels of financial concerns amongst consumers, the low-cost market is likely to see an increasing level of demand in the near future. As companies seek to reevaluate their competitive position in a post-COVID world, the low-cost market will be one sector that will grow to keep up with ever-changing consumer needs”. – Gus Gardner, Travel & Tourism Associate Analyst, GlobalData.
This thematic report provides an overview of low cost evolution’s role within the travel sector today and how it will continue to evolve.
The key trends within this theme are split between consumer trends and enterprise trends that are recognizable today.
Several case studies are included to analyze the multiple ways travel companies have utilized the theme of low cost evolution within the market.
Our unique thematic analysis then dives deep into how other industry themes have aided the development of low cost evolution, the impact of COVID-19 on this theme, and how low cost travel has offered all players unique ways to drive inbound tourism.
Low cost evolution will continue to be one of the most important themes to meet the needs of the 21st century traveler. Consumer price sensitivity continues to increase, and low-cost firms are well-positioned to capture this change.
Industry themes such as the sharing economy, travel apps, and the increased usage of the internet have all accelerated the development of the low-cost travel market. Companies have had to shift the focus away from traditional sales channels and establish new ways of promoting products to customers to ensure the highest level of brand visibility.
COVID-19 will have a large impact on the travel industry, low-cost companies have the potential to recover quicker than others. With an increasing desire for consumers to travel with smaller budgets, low-cost firms could emerge as even larger players than before the pandemic.
Technology has played an important role in the evolution of the low-cost travel market. Direct internet booking channels have been established, and meaningful partnerships have been forged with leading online travel intermediaries. Technological developments suit the low-cost traveler as it ensures they get the best deal.
Reasons to buy
Understand the current trends within the low cost evolution landscape today and how these will escalate in the near future.
Assess how companies are targeting the low-cost sector and utilizing it to their advantage to aid brand awareness, increase revenues, and drive visitor numbers.
Acknowledge both the advantages and disadvantages of low cost evolution, identifying why it is critical to develop strategic actions that ensure the forward movement of travel businesses.
Discover recommendations that will help you service the next generation of travelers by beginning a low cost evolution and effectively servicing the market in the right way.
GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying the important themes early, enabling companies to make the right investments ahead of the competition, and secure that all-important competitive advantage.
All across the travel and tourism supply chain now have an opportunity to capitalize on the low-cost market and there are notable examples of this. Therefore, all should buy this report to fully understand how this theme will continue to be a key theme in the future travel landscape.
Accor Hotels, Airbnb, Booking Holdings, British Airways, easyJet, Expedia Group, French bee, International Airlines Group, Norwegian Air, Ryanair, Travelodge, Uber, Whitbread, Wizz Air
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