PRODUCT diversification and customisation were the buzzwords at the inaugural Global Tourism Economy Forum in Macau this week, as industry experts urged delegates to meet changing consumer demands.
The three-day forum drew some 1,000 delegates from 20 countries, with the theme of Growth driving growth: the synergistic interplay of tourism and economic development.
One company that has walked the talk is Chinese OTA Ctrip, which recently acquired Chinese high-end tour operator Trip TM to expand its luxury offerings.
CEO, Min Fan, said the market for luxury travel in China was ripe as the country produced an increasing number of wealthy citizens. “There isn’t a travel consultant specialising solely in high-end products in Taiwan, Hong Kong or China. (Ctrip) will create different themes to suit different markets. For instance, wine-tasting tours.”
“In the long-term, we intend to leverage a full range of versatile products such as different grades of hotels, and explore more overseas options,” he added.
Chairman of executive board, TUI AG, and chairman of the World Travel & Tourism Council, Michael Frenzel, said: “Real experience will become the status symbols of the future. Thus destination and resort planning is no longer a question of capacity but of experience management. Only those who know the customer can serve their very individual personalised needs.”
China International Travel Service president, Yu Ningning, agreed that travel consultants needed to keep innovating by introducing more diverse products such as self-drive holidays. In China, the silver hair market currently has the biggest potential, she added.
Research by TUI Travel’s think tank predicts that Chinese group travel to Europe would evolve into a large range of niche options for widely differing target groups, while customers would want to play an active role in arranging their holidays.
Frenzel added: “Digital solutions are becoming crucial in any customer interaction along the tourism value chain.”
