Accelerated Appetite for Travel

Despite the current cost-of-living crisis, yearning for travel is strong among global travellers: 55% of Amex cardholders wanted to book a once-in-a-lifetime vacation (American Express, 2022), while 72% of US Gen Zers, 68% of millennials, 60% of Gen Xers and 51% of boomers planned to splurge on a huge getaway in 2022 (Avail, 2022).

Neo-Nomads’ Next Chapter

The pandemic accelerated flexible working and location-independent living (see Meet the Neo-Nomads), a trend that shows no sign of waning. In the first five months of 2022, social media posts relating to “digital nomads” increased by 124%, compared with 2021 (GlobalData, 2022). There are now 35+ million digital nomads worldwide (The Telegraph, 2022). See also New Work-Life Patterns.

Blurred Travel Boom

Travel and mobility tech website TNMT says: “We think the travel industry should exit conversations about the return of business and leisure travel moving forward. These categories are no longer separate entities, and it is increasingly difficult to differentiate between them.” Reflecting this, brands are rushing to offer products and services to travellers with blurred priorities and commitments.

Impermanent & Semi-Permanent Placemaking

Evolved models of ownership and hybrid work practices are impacting the way people anchor themselves to locations. These include new fractional ownership structures as well as build-to-rent (BTR) models. Meanwhile, the sharing economy helps communities share resources for mutual benefit. These types of formats are likely to grow in popularity amidst a cost-of-living crisis.