Travel and Tourism Market Research

Travel Study

At SIS, we travel the world conducting the kind of travel and tourism market research that is necessary to truly understand different regions, countries, people, and cultures.

This wealth of in-depth knowledge and understanding is invaluable to companies whose very existence depends on travelers and the revenue they generate.

When you need to get inside the mind of the modern-day traveler, let our focus groups provide you with incredible insights. When you need to know how people think and do business anywhere around the globe, look to us for expert market analysis and be assured that nothing is “lost in translation.”

After all, we’ve been helping the travel industry go places since 1984. We’re proud of our long-standing tradition of market research excellence and we’re ready to share our expertise with you.

Wherever you want to go, we can help you get there faster.

Importance of Travel and Tourism Market Research

The travel industry (including everything from cozy bed and breakfasts to sprawling international resorts) is influenced by several factors and – with the rapid pace of global change, it’s never been more essential to have a finger on the pulse of the traveling public’s desires and needs. 

With the rise of digital platforms, eco-tourism trends, and experiential travel, understanding the evolving mindset of travelers is essential. Travel market research provides insights into this shifting landscape. Moreover, the travel and tourism sector is a significant contributor to global economies. By monitoring trends through travel and tourism market research, businesses can forecast potential growth areas and be prepared for economic downturns.

There’s also growing demand from travelers for sustainable and eco-friendly experiences. Through comprehensive travel market research, businesses can gauge the importance of green practices to their target audience and adapt accordingly. Lastly, the travel industry is risky – from geopolitical tensions to health crises like pandemics – regular travel and tourism market research enables businesses to be proactive rather than reactive, preparing them to handle unforeseen challenges effectively.

Benefits of Travel Market Research

The essence of travel market research is to provide the tools needed to make these informed choices. Let’s delve into the numerous advantages it brings to businesses:

• Data-Driven Decision-Making: The foundation of successful businesses in the 21st century lies in data. Travel market research offers quantifiable and qualitative data, allowing companies to make decisions based on facts rather than intuition.

• Tailored Product Offerings: One size doesn’t fit all in the travel industry. Through travel and tourism market research, businesses can identify specific niches or segments within the market, enabling them to design tailored experiences that resonate with those particular groups.

• Anticipate Market Shifts: Staying updated through travel market research allows companies to anticipate changes and pivot their strategies before the wave hits.

• Enhanced Customer Experience: Through travel and tourism market research, businesses gain insights into customer preferences, pain points, and expectations. This information is invaluable in refining service offerings, ensuring customer satisfaction, and fostering loyalty.

• Optimized Marketing Budgets: In a world of diverse marketing channels, determining where to allocate resources can be challenging. Travel market research highlights which channels resonate best with target audiences, ensuring maximum ROI.

• Strengthened Brand Positioning: Understanding market dynamics, customer perceptions, and competitor moves through travel and tourism market research aids businesses in carving a distinct brand image and ensuring it resonates with their target audience.

• Future Growth Planning: With the insights derived from travel market research, companies can identify potential areas for expansion, lucrative markets to tap into, and new service offerings that might be in demand in the coming years.

• Feedback Loop Creation: Businesses can establish a continuous feedback loop with their customers using travel and tourism market research, ensuring that they remain responsive and agile in addressing evolving customer needs.

Key Players in the Travel and Tourism Market

The travel and tourism market has several players each contributing their unique value proposition. Recognizing the major entities is essential for businesses to understand the competitive landscape and craft their strategies effectively. Here are some of the prominent key players:

• Online Travel Agencies: Platforms like Booking.com, Expedia, and TripAdvisor have revolutionized the travel and tourism market research sector by offering a one-stop-shop for travelers, including everything from flight bookings to hotel reservations and activity planning.

• Global Distribution Systems: These are large-scale reservation networks used by travel agents and agencies. Examples include Amadeus and Travelport. They play a critical role in the distribution and sale of travel services globally.

• Hotel Chains: Major global brands like Marriott and Hilton have a massive footprint in the travel and tourism market, with properties spanning continents.

• Airlines: Carriers such as Emirates, Delta, and Lufthansa are not just transport providers but have grown to offer comprehensive travel experiences, from in-flight entertainment to holiday packages.

• Cruise Operators: Companies like Royal Caribbean and Carnival Cruise Line have redefined sea travel, transforming it into a luxury travel segment in the travel and tourism market.

• Car Rental Services: With firms like Hertz and Avis, travelers have the freedom to design their road trips, making them an integral part of the travel ecosystem.

• Travel Technology Companies: Players such as Skyscanner, Kayak, and Google Travel; leverage technology to aggregate, analyze, and present travel and tourism market research data, ensuring travelers get the best deals and information.

• Niche Market Platforms: Websites like Airbnb and Couchsurfing cater to specific travel tastes and preferences, offering unique accommodations and experiences.

Opportunities in Travel and Tourism Market Research

The travel and tourism market is not just about holiday destinations and plane tickets. It’s a complex ecosystem driven by data, preferences, trends, and more. It can unveil many opportunities for businesses – and here’s a closer look at current opportunities in this industry:

• Emerging Destinations: As new destinations gain popularity, there’s an opportunity to tap into these new markets. Travel market research helps identify these budding tourist hotspots, allowing businesses to get a foothold early on.

• Sustainability and Eco-tourism: A growing trend in the travel and tourism market is sustainable travel. By conducting market research, businesses can identify sustainable practices that resonate with travelers, leading to eco-friendly products or travel packages.

• Tech Integration: From virtual reality previews of destinations to AI-driven travel suggestions, technology is transforming the travel experience. Travel market research identifies tech trends that businesses can capitalize on.

• Personalized Travel Experiences: Travelers now crave personalized experiences. Understanding specific niches through travel and tourism market research can help businesses tailor unique offerings.

• Health and Wellness Tourism: Spa retreats, yoga getaways, and wellness resorts are on the rise. Through travel market research, businesses can gauge the popularity and demand for such experiences, positioning themselves in this lucrative segment.

• Culinary Tourism: Food and travel go hand-in-hand. Researching culinary trends and local specialties can lead to curated food tours, cooking classes, or gourmet experiences, adding a flavorful dimension to the travel and tourism market.

• Event and Festival Tourism: With proper travel market research, businesses can strategize around these events, offering special deals or packages.

• Local Experiences: There’s a growing demand for authentic local experiences. Travel and tourism market research can guide businesses in curating localized tours, workshops, or experiences, enhancing the traveler’s journey.

Challenges of Travel Market Research for Businesses

Businesses inevitably face challenges – and while travel market research can offer a multitude of opportunities, it’s crucial to understand the hurdles that might come along the way. These are some of the main challenges businesses will face with travel market research:

• Cultural Sensitivities: When diving into travel and tourism market research, understanding local customs, traditions, and sensitivities is essential. Misinterpreting cultural nuances can lead to marketing missteps or product misalignments.

• Economic Fluctuations: The global economy has a direct impact on the travel and tourism market. Economic downturns or recessions can lead to decreased travel spending, making it challenging for businesses to predict and strategize.

• Safety and Health Concerns: Especially in the aftermath of the pandemic, health concerns can abruptly change travel patterns. Keeping abreast of safety guidelines, health trends, and traveler sentiments requires meticulous travel market research.

• Regulatory Changes: From visa policies to environmental regulations, the travel and tourism market is subject to multiple rules and laws. These can change without much notice, posing challenges for businesses to remain compliant and relevant.

• Sustainability Concerns: As travelers become more environmentally conscious, businesses face the challenge of ensuring sustainability without compromising on quality or profits. This demands a delicate balance and keen insight from travel and tourism market research.

• Customer Expectations: With increasing access to information, today’s travelers are more informed and demanding. Meeting and exceeding these evolving expectations requires businesses to be on their toes, leveraging travel market research insights.

Business Traveler Market Research

Travel and Tourism Market Research

SIS provides Qualitative, Quantitative and Strategy Research.  We have over 40+ years of expertise and have global coverage.  We provide:

  • Focus Groups
  • Customer Interviews
  • Surveys
  • Online Insight Communities
  • Market Opportunity & Entry Research
  • Competitive Analysis
  • Destination Marketing Analysis
  • Branding Research