WeTravel's upcoming 2024 Travel Trends Report notes that 24% of multi-day travel businesses haven't offered discounts to incentivize travelers to book, but, the wider industry has seen unusually significant discounts offered this holiday period.
Along with the prediction that travel experiences will be given as gifts this year - mirroring a wider consumer spending trend that values experience over things - the time is now for travel businesses to capitalize on this consumer trend. Here's how offering last-minute seasonal discounts and prioritizing experience-driven marketing can be the recipe for success this holiday period.
Leveraging Holiday Discounts
Holidays are a prime time for travel, with people looking to connect with family and friends and create lasting memories. This year, major airlines have been seen offering significant Black Friday deals, which could indicate that post-Covid demand for air travel has waned - or that competition for popular routes is fierce.
What does this mean for multi-day travel businesses? For tour operators that still have spaces left to fill in 2024, following the industry trend and offering holiday sales may be one smart solution. A discount can incentivize travelers to book and provide a much-needed boost in revenue during the slower winter season. Additionally, discounts can attract new customers who may have been hesitant to book at full price, giving your business the opportunity to showcase its value and potentially turn them into repeat customers.
Capitalizing on the Trend of Gifting Travel Experiences
Another exciting trend that travel businesses can harness to boost their revenues during the holiday season is the increasing predilection of consumers to give travel experiences as gifts. This trend, which mirrors a wider shift in consumer behavior, reflects a growing preference for experiential over material gifts.
To capitalize on this, multi-day travel companies can offer gift cards or vouchers that recipients can use to book the travel experience of their choice. Or, by offering seasonal discounts in the lead-up to the holidays, they could incentivize consumers to book, giving a travel experience rather than a physical gift. Additionally, businesses can tap into the emotional aspect of gifting travel by promoting it as a way to create lasting memories and strengthen relationships. By catering to this trend of gifting travel experiences, businesses can not only increase bookings during the holiday season but also attract new customers who may have been introduced to their services through gift-giving.
Emphasizing Experience-Driven Marketing
It's not just about offering discounts. With the growing trend of gifting travel experiences, it's important for businesses to prioritize experience-driven marketing during this holiday season. This includes showcasing unique and personalized experiences that cannot be found elsewhere, emphasizing the value of making memories with loved ones and highlighting the safety measures being taken to ensure a worry-free trip.
Rather than competing solely on price, however, businesses can also leverage holiday discounts by bundling them with other incentives. For example, offering a Black Friday discount on tours and packages along with complimentary add-ons like free spa treatments or meals could entice even more bookings. Additionally, emphasizing the limited-time availability of these discounts can create a sense of urgency, encouraging customers to act. By capitalizing on holiday discounts, businesses can not only attract more bookings but also enhance their customers' experience with added value.
In light of the predictions that this year, consumers will focus more on putting experiences rather than things under the tree - along with significant seasonal discounts that airlines and other major travel players are offering this year - travel businesses are being presented with significant opportunities.
By offering holiday discounts, tour operators can effectively incentivize customers to fill the remaining spaces for their 2024 tours. Moreover, this approach aligns neatly with the growing consumer trend of gifting experiences over material goods. By capitalizing on this shift in consumer behavior, businesses can further stimulate bookings while simultaneously meeting the emotional needs of their customers—delivering unforgettable travel experiences that foster lasting memories and deepen relationships. By staying responsive to these industry trends, multi-day travel businesses can position themselves favorably for continued success in 2024 and beyond.
