In today’s burgeoning experience economy, consumers increasingly place more importance on life reports than curtains.

Modern consumers — especially Gen Z and younger millennials — are collecting memories through unique adventures and events, finding fulfillment in moments that matter.

In a recent blog post on the future of consumerism Ghost Retail emphasized the trend: “Millennials and Gen Z are ditching the accumulation of possessions in favor of experiences that create lasting memories. Whether it’s attending music festivals, going on adventurous trips, or trying out new restaurants, these generations crave unique and immersive experiences that add value to their lives.”

Unforgettable adventures often come with travel, so it is no surprise that the travel industry is booming. The World Travel & Tourism Council recently estimated that travel levels will increase an average of 5.8% through 2032, a rate more than double the forecast for overall economic growth. All generations are traveling, with Boomers spending three times as much per trip as their younger counterparts.

This type of expansion represents more than an undeniable niche opportunity. It was once a luxury experienced through a few, those who have the means or the professional resources that have allowed for a life on the go. But several key stages have brought classics, from the progression of jet propulsion to the deregulation of airlines, and the effectiveness of Dot-com has allowed millions of other people to search, plan and execute their travel plans in a new and dynamic way.

Now, the mentality of the Z generation is changing who travels, but also where and how they travel.

“Millennials and Generation Z are driving trends with an emphasis on technology, sustainability and the pursuit of distinctive and meaningful experiences,” wrote Varsha Akora, senior research analyst at the publication Skift Industry.

Although classic online agencies (OTAs) have sometimes concentrated their technologies on classic destinations and large-scale experiences, the new client demands a more exclusive and appropriate experience.

Travelers “need to explore the world differently, see new places and do new things,” said Steve Kaufer, co-founder and CEO of Tripadvisor. “Our knowledge shows that most need to explore destinations in a more immersive and experiential way, and feel more connected to history and culture. “

When we think about the democratization of travel, there are 3 ingredients:

· Consumer demand

· Technology

· Tour Operators Creating Product

In a recent analysis of discretionary spending data, McKinsey & Company showcased the dramatic shift in consumer demand on “experiences” vs. “things” (non-essential material goods). The share of consumer spending on experiences has dramatically increased and (other than a brief slowdown during the COVID-19 pandemic) has continued to expand.

The travel expense is at its point since 1960, according to a McKinsey study.

The concept of unique reports can take many bureaucracy because there are opportunities beyond destiny.

“We’re seeing more and more people not only travel to attend events but attend events because they’re traveling,” said Adam Rossbach, president at TFL, a live event ticketing and technology company. “Creating memories like attending a live event can add to the overall experience of travel and oftentimes is the favorite part of the trip.”

Think of the Red Rocks Amphitheater in Colorado. Some other people can attend the concert of an organization that they don’t know just because helping a concert in the mountains is a great delight to live.

Travel providers can also deliver a unique treat to create wonderful memories. For example, McKinsey notes that “the biggest influence on visitor loyalty in the lodging industry is ‘undisclosed salary,’ not product. “

As the features offered to ERs multiply, it has become even more important for all the touch issues in the industry (airlines and airlines).

To deliver those memorable experiences, corporations are adopting new technologies to make them more effective and available to a broader audience.

There is a massive amount of knowledge in the travel and hotel sector, but its exploitation was confusing through a fragmented business infrastructure, dealt with manually or not incorporated into everything around the travel price chain.

Today, synthetic intelligence (AI) and device learning are revolutionizing the industry by analyzing these immense data . . . provided that they can be activated and interpreted well.

Yanolja, a leading company in the travel technology sector, joins this challenge. Leader of the Korean tourism market and that now operates in more than 200 countries around the world, the company provides complete knowledge -based services for the power and profitability of the travel experience in companies. By digitally connecting more than 1. 3 million travel agencies and 17,000 sales channels, Yanolja can offer avant -garde and scalable responses that open the world of travel.

The key is utilizing Vertical AI specialized in travel.

“Generative AI systems may make for brilliant personal assistants, but lack the industry specialization needed to build truly effective and insightful travel solutions,” said Jeff Kim, CEO at Yanolja Cloud.

By combining immense proprietary knowledge with top-down AI-driven responses designed particularly for agencies (with their inherent specialties in language and terminology), Yanolja is having a massive effect on its clients, its power, and its client relationships. .

“After the pandemic, the concept of ‘leisure travel’, which combines work and personal time, has become common,” said Lars Parmekar, director of Capillary. “Underlying knowledge and generation needs will enable this business traveler to make their journey bigger. Having zero third-party knowledge and integrating it will be critical to delivering what the customer needs to deliver just-in-time content.

Ultimately, brands must build products that consumers want and that make their travel experiences easier and more memorable.

The outdated agent has been replaced through technological and personalized responses to plan and manage trips. An extensive diversity of specific excursion operators have emerged, focusing on express types of demographic reports and data.

For example, entrepreneurs who are digital nomads can find different locations from which to work and older singles can book adventures that combine education with adventure. Those are just two examples of the wide range of unique experiences these operators provide.

I recently traveled in Croatia and used Trafalgar for part of my trip. After my return, I connected with Melissa Dasilva, Interim CEO of Trafalgar.

“Travel is no longer considered a luxury, it becomes an essential detail of well-being, giving travelers the opportunity to place themselves above the global and themselves,” said Dasilva. “However, no two travelers are the same, and it is our duty as an industry to fulfill the diverse desires of everyone who dreams of exploring. For some, a quiet Mediterranean cruise may also be ideal, while others would possibly be Thirsty for you: the gateway into the Rocky Mountains or a conscientiously arranged through the Tuscan hills.

“Although not each and every company can satisfy the wishes of each and every one of them, we can make it easier for those who decide for us. Trafalgar is committed to making Trafalgar more accessible, offering exceptional prices and satisfying the personal tastes of our customers by expanding to new destinations, introducing varied niche organizational features and minimizing our environmental impact. »

Consumers resort to brands such as Trafalgar, rear roads, Marriott holidays and others because they simplify the groceries of purchase and eliminate the risks.

The preference to explore is timeless, but the way we detect new destinations, make plans and plan our routes with AI responses carries the holidays to a totally new point of customization and ease. With the economy of booming and generation Z and generation and that feed a wide adoption of AI, we deserve to see more and more exclusive experiences of live events.

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