With high expectations for another great year in tourism, TravelBiz Monitor writes that we are on the ”cusp of one of its biggest booms in living memory.”

TravelBiz Monitor Highlights:

• As Tourism, Hospitality and Leisure ["THL"] businesses clamber to take advantage of global industry momentum, security and privacy measures are heightening and conscientious consumers are pressing forward with “greener” demands. Meanwhile, industry providers are balancing ways to lower costs while creating personalised experiences that enhance time-sensitive lifestyles and overall value. This customer-centric approach is becoming evermore critical in achieving brand differentiation in a marketplace that is “transparent” and increasingly complex. The primary criterion for industry winners: Responsiveness to change.
• According to a report prepared by Deloitte in October last year, U.S. travel and tourism demand is expected to generate USD 740 billion in total industry sales in 2007, rising 21.9 per cent since 2004.
• The Federal Aviation Administration states that the number of passengers carried by U.S. commercial air carriers are likely to reach 768 million in 2007, and surpass the one billion mark by 2015.
• Baby Boomers represent both opportunities and challenges for the industry. In 2008, this group of 80 million 44 to 62 year-olds will dominate the U.S. marketplace. They own nearly 70 per cent of total net worth of all U.S. households and spend USD 1.7 trillion on goods and services.
• Customer usage of the Internet, whether reserving restaurant seating, hotel rooms, or car rentals, to find information and purchase THL services is growing exponentially. The October 2007 Travel Survey found that in the past twelve months, 83 per cent of respondents used the Internet to research or purchase travel, primarily because they found it easier and more convenient or felt they got better prices.
• The industry has a way to go to fully embrace today’s global transparent marketplace, where technology-savvy consumers have instant access to information and are exploiting it to meet their needs. With lower entry barriers and a flurry of new competitors, THL providers should consider how to leverage advanced technology and analysis tools to enhance business models and strengthen customer relationships.

To read the article in its entirety please visit “Industry Trends 2008 - TravelBiz Monitor presents excerpts of the Deloitte report on key trends in Tourism, Hospitality & Leisure.“

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