Travel leaders from the New York metro area gathered Tuesday to learn about the latest industry trends and opportunities. The PhoCusWright Analyst Forum at the Grand Hyatt New York played host to lively discussions between PhoCusWright’s veteran analysts and an engaged audience. The Forum featured interactive discussions on the current travel consumer outlook, opportunities present in the vacation rental marketplace and new findings on the importance of destination marketing.Vacation Rentals Get Real (and Really Big) Sponsored by HomeAway
A lack of consumer awareness is one of relatively few challenges facing the vacation rental sector. Recent investment and a string of young companies are giving vacation rentals a new name. PhoCusWright’s Douglas Quinby describes a market with only 1% dissatisfaction rating among guests, “The myth of ‘SNAD’—significantly not at described—has officially been debunked.”
Swaying the Undecided: The Impact of Destination Marketing on Consumer Travel Choices
Destination marketers (DMOs, CVBs, NTOs) have the most local and personalized information on their destination, but how does this translate online? New research from PhoCusWright’s Destination Marketing: Understanding the Role and Impact of Destination Marketers makes it clear that consumers use DMO Web sites in equal measure before and after booking their trip. Destination marketers should embrace their multiple roles and promote destination discovery and trip planning.
Minding Your Xs and Ys: Understanding Generational Differences in Travel
Carroll Rheem, director, research, provided psychographic measure to help travel leaders predict consumer intentions. She explained that Gen Y travelers have the greatest amount of global wanderlust and Boomers slightly favor traveling off the beaten path. Most importantly, data from the Consumer Travel Report revealed that younger travelers are more likely to spend more in 2009 and Boomers are more likely to pull back.
Each of these topics generated audience questions, buzz and chatter among the attending travel decision makers. Between sessions, analysts spoke with attendees and press personally. “The analysts were engaged with those of us in the audience. I felt like they were very approachable,” described Valyn Perini, executive director of Open Travel Alliance. The next Analyst Forum will be held in September in New York City.