Business Travel Market Is Expected To Reach $1,657 Billion by 2023,Growing At A CAGR Of 4.1%

TechNewsDaily | July 17, 2019

According to a new report published by Allied Market Research, titled, Business travel Market by Service, Industry, and Traveler: Global Opportunity Analysis and Industry Forecast, 2017-2023, the business travel market size was valued at $1,266 billion in 2016, and is projected to reach $1,657 billion by 2023, growing at a CAGR of 4.1% from 2017 to 2023. The food & lodging segment possesses a strong customer base. The hotel industry operations vary with respect to size, function, and cost. For the expansion of this sector in the business travel market, the hotels have come up with small- to medium-sized hotel establishments. These offer a limited number of amenities on the site to accommodate a specific demographic of travelers, such as business travelers. Some of the major players in this segment are Hyatt Place, Courtyard by Marriott, Hilton Garden Inn, and others.

Spotlight

This report was produced in collaboration with the Jonathan M. Tisch Center for Hospitality and Tourism. The Tisch Center is a leading academic center and research partner for the tourism and hospitality industries. Sustainability and sustainable travel are central components in NYUSPS Tisch Center undergraduate and graduate degree programs, through which students examine global best practices in destination management, transport regulations and responsible visitation. This holistic and community-based view on travel enables students to critically analyze tourism products, and understand the role of technology in encouraging sustainability in destination development and management. Please visit sps.nyu.edu/tischcenter for additional information.


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INDUSTRY OUTLOOK

InsureMyTrip Recognized for Travel Safety Campaign, Wins Search Award

InsureMyTrip | January 11, 2022

InsureMyTrip is pleased to announce a win at the 2021 UK Search Awards. InsureMyTrip, along with Screaming Frog, a search marketing company, won the award in the category of "Best Use of Search – Travel/Leisure (SEO)" with the entry "Travel Restrictions by State" page. Nominations for this award must demonstrate creativity, innovative campaigns, attract links and improve rankings. InsureMyTrip and Screaming Frog rose to that challenge, creating informational content for travelers that drives performance success. The "Travel Restrictions by State" page has more than 260 referring domains and is the third most linked page on InsureMyTrip.com (behind the homepage and Covid-19 information hub). "While many of the links were gained because of ScreamingFrog's rigorous outreach, our own constant updates, email marketing, and high ranking have all contributed heavily to the page's success in the search results," -InsureMyTrip's Search Engine Optimization expert Brendan Pearson. Judges of the UK Search awards said this about InsureMyTrip's "Travel Restrictions by State" campaign: "Really clear objectives and strategy – clear focus on relatable, credible, and unique content for their readers. Brilliant use of real time information, assets and leveraging in the moment moments – no tourism, hand sanitizer, interactive maps. Brilliant performance for competitive terms which has resulted in solid organic growth. Massive well done!" About InsureMyTrip It's simple. InsureMyTrip finds you the right travel insurance plan, every time. InsureMyTrip is the authority on travel insurance. We are committed to empowering travelers to make the best possible insurance decisions by leveraging our technology, data intelligence, and expertise.

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DESTINATION AND TOURISM

How to Plan Safe and Fun Travel Get-Aways in 2022

Worldwide Rescue & Security, Inc. | December 29, 2021

Domestic and international bookings are on the rise, especially for the second half of 2022. Hospitality vendors are welcoming guests with promises of increased cleanliness and contactless transactions. But much remains uncertain about upcoming getaways. COVID-19 is still impacting travel. Labor and supply shortages are affecting restaurants, airlines, hotels, and rental car agencies. So what's the best way to plan a trip now? Here are some tips:Be flexible and make your reservations earlier. Airlines and other travel vendors have consolidated services, so have a back-up plan in case your schedule needs to change. Also, some hotels have reduced amenities, such as daily housekeeping and in-house restaurant hours. Verify your destination's status before leaving home. Consider a trip focused on the outdoors. Popular destinations include beach and ski resorts, plus trips to national and state parks. Our prediction is national park visits will continue to stay strong for several years to come. Explore digital travel planning tools, which can offer more choices, including pet-friendly hotels, all-inclusive resorts, vacation rental homes, and enhanced options for those working remotely. And you might also want to consider purchasing a travel assistance program for longer getaways. For a reasonable fee, Emergency Assistance Plus (EA+) provides extra protection and security on every trip taken away from home during a full year, whether domestic or abroad. EA+ is part of a global network that offers customized medical, travel, and security services across six continents to ensure members get the medical care they need and are returned home safely. EA+ is offered by Worldwide Rescue & Security, Inc., a division of AGIA Affinity Services, a leading provider of emergency travel protection and rescue and security products. Each year, Worldwide Rescue & Security protects hundreds of thousands of customers in the event of medical emergencies or security situations. For more information, please visit www.emergencyassistanceplus.com.

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TRAVEL TECHNOLOGY

Outdoorsy Launches Two New Features to Make Travel Easier with New Trip Cancellation Coverage and PayPal Pay In 4 Offering

Outdoorsy | May 21, 2022

Outdoorsy, the most-trusted global online RV rental and outdoor travel marketplace, announced the launch of two new features designed for guests booking their next road trip – Roamly's Travel Insurance coverage and PayPal Pay In 41 offering.The debut of these features comes at a time when consumer sentiment around travel is vulnerable to inflation and rising costs at the gas pump. On April 1, Outdoorsy reported a 13% YoY growth in bookings for summer departures, a clear indicator that market conditions will have minimal impact on RV rentals as travelers are yearning to get on the road after putting vacation time on hold for the past two years. While other travel industries have seen dramatic spikes in cost over the past year in line with inflation, the average trip price on Outdoorsy has only gone up $5 since 2021, representing a .28% increase and further proving that RV vacations are one of the most insulated forms of travel. To help travelers experience the affordability of booking an RV, campervan, or trailer rental on Outdoorsy, guests will now have the option to reserve their rental and pay for it over time using Pay in 4 from PayPal. Pay in 4 from PayPal is currently available at checkout and lets guests break trip costs up to $1,500 into four interest-free payments with the first payment due at time of purchase and the remaining payments every two weeks following. This new payment integration allows budget-conscious travelers to book their trip today and drive off in their RV tomorrow — even before they're finished making final payments. "Ahead of a busy summer travel season, we want to give our community as many resourceful payment options and protections as possible, so finances aren't what's holding them back from getting outside, We're proud to be partnering with PayPal to introduce their Pay in 4 offering and we look forward to making these road trip experiences more attainable for travelers, as the service gives them the freedom to travel now and pay over time." -Outdoorsy's Co-founder and CEO Jeff Cavins. In addition to the launch of Pay in 4 from PayPal, Outdoorsy is also introducing Roamly's Travel Insurance offering to guests in an effort to protect them from unforeseen events. Through a first-of-its-kind partnership with RV-insurtech Roamly and International Medical Group (IMG), a leading travel insurance and assistance services company and fully owned subsidiary of SiriusPoint Ltd., a global insurance and reinsurance company, Outdoorsy is now able to protect and reimburse travelers needing to cancel a trip due to unpredictable circumstances — like a COVID-19 diagnosis. The new Travel Insurance product will cover policyholders needing to cancel a trip if they become sick or are hospitalized before the trip start date, as well as those needing reimbursement for an interrupted trip due to illness or hospitalization. COVID-19 and COVID-19 variants are treated as any other sickness on the Travel Insurance plans. More information on Roamly's Travel Insurance can be found online at https://www.roamly.com/travel-insurance. More information on PayPal Pay In 4 can be found online at www.paypal.com/payin4 1 Pay in 4 is available to consumers upon approval for purchases of $30-$1,500. Pay in 4 is not currently available to residents of Missouri, Nevada, New Mexico, North Dakota, Wisconsin, or any U.S. Territories. Loans to California residents are made or arranged pursuant to a California Financing Law License. PayPal, Inc. is a Georgia Installment Lender Licensee, NMLS #910457. Rhode Island Small Loan Lender Licensee. When applying, a soft credit check may be needed, but will not affect your credit score. You must be of legal age in your U.S. state of residence to use Pay in 4. Offer availability depends on the merchant and also may not be available for certain recurring, subscription services. About Outdoorsy Outdoorsy is the most trusted on-demand RV rental and outdoor travel marketplace on the planet. Founded in 2015, we have offices worldwide in the U.S., Canada, Australia, France, and the UK. Our mission is to mobilize the 54+ million idle RVs around the world to ensure everyone has the access, choice, and opportunity to safely enjoy outdoor experiences and travel while we empower RV owners to realize life-changing financial benefits. For more information, visit www.outdoorsy.com.

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TRAVEL TECHNOLOGY

LNER Launches International Website Making Travel Simpler for Overseas Tourists

LNER | February 14, 2022

London North Eastern Railway (LNER) is proud to announce the launch of its new international website, making travel simpler and smarter for overseas customers. The new website coincides with the removal of pre-departure testing and quarantine rules for vaccinated people arriving in England or Scotland from 11 February 2022. In a move that expands LNER’s global market, customers in 10 countries, including China, Japan, Spain, South Korea and Italy, are among the first to benefit when booking directly online. LNER’s new search and booking engine offers international customers in those countries an option to purchase train tickets using their language and currency. The LNER.co.uk website will automatically detect those customers who are searching outside of the UK and will redirect them to the customised site to improve their online booking experience. The website launch comes as LNER reintroduces its full timetable, excluding pre-planned engineering works, meaning customers can discover destinations across the full 956-miles of East Coast route. LNER has been working with travel tech company and rail retailer, Omio, to develop the site, which has the capability to operate in up to 20 languages and 26 currencies, including Euros, Korean Won and Japanese Yen or by using a payment method recognised in the home country. “Our mission is to transform rail travel, inspiring more people to explore the beauty of England and Scotland with our world-class Azuma trains. The launch of our international website means we are offering our customers the best possible experience throughout their journey from the moment they look to make a reservation, to their journey onboard to the time they arrive at their destination." -David Horne, Managing Director at LNER We are continuing to see strong demand for customers travelling with LNER for leisure, which is contributing to a strong recovery from the pandemic. Our new international website will now make it easier for even more visitors from overseas to travel with LNER and explore our fantastic destinations. Data from the Office for National Statistics show there were 40.9 million visits to the UK in 2019, with overseas visitors spending £28.4 billion, when almost a quarter travelled by rail during their stay. Many of the top tourist destinations feature on LNER’s East Coast route, including London, Edinburgh, Leeds, York, Newcastle and Inverness. The LNER route is also home to some of the most spectacular scenery in the country, from the Scottish Highlands to the Northumberland coastline and the many towns and cities along the way. Figures from the Office of Rail and Road further showed that LNER customer numbers in July to September 2021 recovered to 89.6 per cent of pre-pandemic levels, nearly 20 percentage points higher than any other operator, with LNER working hard to build on that success. Sally Balcombe, Chief Executive at VisitBritain said: This new initiative will help to boost future bookings by making it much easier for international visitors to plan their trips. Removing barriers to travel also promotes a message of welcome and will encourage visitors to explore more, travel further and stay longer, helping to drive tourism across more of the country, boosting local economies. VisitScotland is also welcoming the move. Data from 2019, pre-pandemic, shows there were 3.4 million overnight international trips to Scotland, of which around a third came from Europe, with a £2.5bn spend from overnight international trips of which 36 per cent was from Europe. “We welcome the launch of LNER’s new international website to make it easier for visitors to book and travel by rail. Train travel is a central part of creating a sustainable tourism destination in Scotland and we support any moves which will encourage its use, while helping to boost Scottish tourism as it recovers from the impact of COVID-19.” -Malcolm Roughead, Chief Executive of VisitScotland LNER is welcoming even more customers back to rail in many ways. ‘Seat Sure’ enables customers to travel reassured they have the comfort of a seat for the duration of their journey. Once onboard, they’ll enjoy the very best in LNER hospitality and customer service, with a wide range of food and drink, sourced locally along the route, served to their seat in both First Class and Standard. For visitors and customers looking for inspiration to make eco-friendly choices, LNER has launched a ‘Green Guide’ showcasing the best places to stay, eat and drink during trips to London, Newcastle or Edinburgh. https://www.lner.co.uk/our-destinations/travel-inspiration/green-guides/ LNER’s new Azuma fleet is delivering significant environmental benefits with trains running using overhead electric wires along the majority of the East Coast route, delivering the greenest form of motorised public transport. To ensure customers can travel with confidence, enhanced levels of cleaning continue to be carried out at LNER managed stations and onboard trains. About LNER London North Eastern Railway (LNER) is on a mission to transform rail travel for the customers and communities we serve. Our new modern Azuma fleet of trains will continue the LNER tradition of setting new, higher standards in comfort, reliability and customer experience. LNER calls at more than 50 stations along the East Coast route, totalling 956 miles including major towns and cities between London, the East Midlands, Yorkshire, North East of England and Scotland.

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Spotlight

This report was produced in collaboration with the Jonathan M. Tisch Center for Hospitality and Tourism. The Tisch Center is a leading academic center and research partner for the tourism and hospitality industries. Sustainability and sustainable travel are central components in NYUSPS Tisch Center undergraduate and graduate degree programs, through which students examine global best practices in destination management, transport regulations and responsible visitation. This holistic and community-based view on travel enables students to critically analyze tourism products, and understand the role of technology in encouraging sustainability in destination development and management. Please visit sps.nyu.edu/tischcenter for additional information.

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