A Quick Overview of the Current Travel Industry

Recent studies and statistics show that the travel & tourism sector has been gaining more and more momentum, during the last years. This proves that on one side, this industry is becoming more attractive, more resilient than most of us would have thought, despite the financial crisis and economical/political instability of the last years; on the other side, this shows that people from all over the world still are willing to go out of their comfort zone to visit new places, enjoy what other cultures or countries have to offer and spend more money while doing so.

Quick facts and figures

• 1/10 of all jobs worldwide are connected to travel and tourism sector
• 10.2% of the world’s GDP is produced by this industry
• Global business travel spending hit a record-breaking $1.2 trillion in 2015
• In 2016, 76.8% of all travel spend was as a result of leisure travel, compared to 23.2% from business travel.
• In 2017, the total contribution of travel & tourism to the world’s economy was predicted to grow by 3.5%

What do travelers spend most of their money on

• Most of the direct payments that tourists make go directly to travel agents, hotels, restaurants, shopping centers, sports arenas, entertainment, recreation, airline companies, rental cars, trains, cruise lines, etc.
• Indirectly, this money goes to suppliers such as outside goods or services (marketing, PR, cleaning, energy, catering/food production, design and print, etc)

Consumers’ line of thought
We can all imagine that there would not be any travel sector without an actual customer's demand. In fact, this is what drives businesses, anywhere in the world. And just like the customer's desires and need a change from year to year (or at a different pace), the same applies here. Because of recent technology changes, individuals started to ask for more customized experiences. They have higher expectations and want to maximize their vacations or travels.

A study recently published by the famous Deloitte network shows what consumers of this sector want. Let us look at some key points from their research:

• Travelers want a better interaction, before and during their experience
• Consumers desire removal of frictions between different components of the tourism segment and themselves
• Individuals are in search of a more accurate way to personalize their offers/trips/travels, in fresh ways.
  Without a doubt, we now live in an age where we all want our travels to be cheaper, prepared and done in a easier manner, to be more enjoyable.
  *“Travel is more than an industry; it is the physical mechanism through which citizens of the world come to understand and appreciate other places and peoples on the Earth we share. Those who believe, as we do, that an improved understanding of others leads to deeper appreciation of their cultures and views they hold will agree that finding ways to help people travel more has the potential to make the world, or at least those who are able to travel, a bit more peaceful” * stated Dee K Waddell - General Manager, Global Travel & Transportation Industry, IBM.

Having the customers in mind, a new travel project has been recently presented to the public, as an ICO - Travelchain. This platform was designed to solve some of the issues regarding tourist services, users’ the personal data, obtaining personalized tours, while providing a safe, more profitable and more enjoyable experience for individuals. As well, Travelchain offers solutions to businesses - to reach and retain clients, to eliminate intermediaries and help competition with top companies in the travel industry.

To learn more about this travel revolution, to understand the technology it uses and be part of the token sale, visit https://travelchain.io/.