Issue link: https://digital.copcomm.com/i/348155
B M & T ••• May/June 2014 ••• www.blackmeetingsandtourism.com 18 The Travel Industry is Poised for Strong Growth! Eight out of ten travel agents surveyed are highly upbeat about industry growth through 2014 and beyond. Over half are projecting "strong growth." B enchmark Hospitality International®, a leading U.S.-based hospitality management com- pany, announces the "Top Ten Travel Trends for 2014" as observed through a survey of the company's extensive data- base of professional travel agents. In a Benchmark-com- missioned study, over 20,000 travel professionals were pro- vided a comprehensive survey on consumer and business travel in 2014, for review and submission to an independent market research firm for compi- lation and analysis. Hospitality industry experts domestically and internationally, Benchmark introduced two of the hotel industry's newest consumer brands in February: the Personal Luxury Resorts & Hotels® and the Benchmark Resorts & Hotels® collections. "The objective for this research study of travel profes- sionals," said Ted Davis, chief marketing and sales officer for Benchmark Hospitality International, "was to gain insights into current and antici- pated travel trends, and also solicit candid observations on how our company's Personal Luxury and Benchmark Resorts collections can better serve the needs of the travel community." Davis continued with, "We greatly value our partnerships with travel professionals and take a sincere interest in under- standing their needs and how we can better serve them and the changing travel expecta- tions of their customers." Leisure Travel Leads The Way Nearly 75 percent of growth in travel is leisure related, with half of this growth coming from the luxury segment. It's travel at a personal cost, however. A quarter of the travel profession- als felt that the line of demarca- tion between business and personal travel is further blur- ring, with many executives bringing work with them on family and romantic vacations – aided in large part by advances in communications technology. Hit the Beach, See the World After six years of the great- est recession in living memory, travelers are ready to pack their bags, drop in a beach towel, and see the world. TAs are seeing strong expenditures in domestic beach-related travel – nearly 50% and with particu- lar emphasis on Hawaii, the south and southwest, which following the winter of 2013- 2014 may not be a surprise. Caught up on their tan, leisure travelers are boarding planes and heading abroad with the remaining 50% trekking across the Atlantic to Europe. Those who still need more sun are fly- ing south to the Caribbean or on to South America. Who is Spending? It's the Boomers by far. Nearly 60% of travel agent bookings last year were from this group of con- sumers, followed by Seniors and GenXers both coming in at about 15% of bookings. The much focused-on Millennials account for less than 9% of travel expenditures for the year. Boomers may be spending, but they still demand value for the dollar. Nearly 50% of trav- el professionals view rate as the critical factor in the consumer travel decision process. The Specter of Direct Bookings What keeps travel agents up at night? It's not terrorism affecting travel, or elevated costs or even OTA competition. It is customers increasingly bypassing the agents and booking directly. TAs see this as the greatest potential negative effect on their business in 2014. Trend #1 Trend #5 Trend #4 Trend #3 Trend #2 BENCHMARK HOSPITALITY INTERNATIONAL ANNOUNCES THE "TOP TEN TRAVEL TRENDS FOR 2014" As Seen Through the Eyes of Travel Professionals