1、Online Travel Faces Generational Shifts in Demographics&TechA review of recent researchOnline Travel Faces Generational Shifts in Demographics&TechAny industry that grows from zero to one trillion dollars during the time it takes a lily planted in a sidewalk garden to sprout from a seed,blossom,and
2、produce one final flower is bound to experience some turbulence.In the short span of its 25-year existence,the online travel industry has seen the rise and fall of upstarts,incorporated disruptive technologies,and consolidated around major brands of unprecedented size.Adaptability has paid enormous
3、dividends.The last decade brought torrid growth for the largest U.S.players.But as the past year has made clear,no one in the online travel industry can afford to rest on their laurels.In 2019,growth in leisure trips slowed to 3.9%worldwide,a percentage point below 2018,and the financial results of
4、flagship companies like Expedia and Booking Holdings fell short of analysts targets.The possibility of a downturn was on everyones mind.“Significant challenges capable of throwing the U.S.travel industry off its growth trajectory loom on the horizon,”Deloitte warned in a report that went on to discu
5、ss the infrastructure squeeze,rising operating costs,and a shortage of qualified workers.1 And these concerns paled in comparison to the impact of a series of generational shifts already underway.A review of recent research highlights the most significant changes facing online travel.Massive evoluti
6、onary forces both demographic and digital are set to force a new round of adaptation.Companies that position themselves well will profit enormously.Forecasts project a compound annual growth rate for the global online travel booking market of 12.1%,climbing from$800 billion in 2018 to nearly$2 trill