VIDEO TRANSCRIPT:

COVID hit the travel industry hard. In 2020, international tourist arrivals declined by 73% globally. That's one billion fewer travelers. As travel restrictions eased, people were really ready to pack their bags. And they did. In the first six months of 2022, international travel recovered to more than 60% of pre-pandemic levels. But will it keep trending upward? Inflation and fears of a looming global recession might impact what's to come in 2023. There's still a post-pandemic travel hangover, too. Burned by cancellations and delays caused by staffing shortages, there's plenty of skepticism that things will still go wrong. It's a lot for travel brands to think about. So it's important that they pay attention to what customers are looking for in these uncertain times. For one, travelers are tightening their wallets. In one survey, almost 60% of respondents said they're more likely to find budget-friendly accommodations or have a staycation, while only 30% said they were likely to travel abroad. But when you break it down, travel preferences differ a lot by age group. Gen Z is least likely to travel domestic, Gen Xers are more likely, and Millennials are somewhere in the middle. And while a good portion across the board have plans to travel to Europe, Gen Z and Millennials are more open to venturing to other destinations. Reasons for traveling differ, too. Younger age groups are looking for new and exciting experiences, while Gen Xers are looking for places they've been before. And Gen Z is more likely to travel with friends than family or partners. Tailoring and personalizing trip offerings to different attitudes, concerns, and price points will help boost business. But travel brands will need to follow through on both the booking process and the travel experience itself. Travelers cite a number of frustrations with online booking, from difficulty using apps and websites to frustration with using multiple companies. And 44% say their biggest concern is they won't get what they pay for. One way to literally show travelers what they'll get is by using AR and VR virtual tours. And people are into it. More than half of travelers say that they're interested in using new tech to preview a destination before they book. And for those who aren't quite ready for a VR preview, mobile apps and booking sites with detailed info about transportation, lodging, dining, and activities all in one place will go a long way in helping people get away after two years of postponing trips. So what do you look for when booking a vacation? Let us know in the comments.