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In a period of flux for the travel industry, data from a recent Bankrate report reveals a surprising slowdown in the once-rapid pace of the ‘revenge travel’ boom, particularly in sought-after sun-and-sea destinations in Southern Europe. While experts anticipated a slump eventually, its early onset poses a question: how can businesses that thrived during the boom stave off a significant downturn?

We consulted global travel technology leaders for their take on future-proofing business strategies amidst these shifting tides.

Emilie Dumont, CEO of multi-product B2B travel platform, Digitrips, believes the travel industry’s future remains bright despite a fading boom. According to Dumont, “The right technology and tools can help B2B and B2B2C sellers showcase a broad range of travel options that appeal to all budgets.” She encouraged businesses to tap into the potential of tech-enabled platforms and fintech options like flexible payment and buy-now-pay-later (BNPL) services. You can explore the offerings of Digitrips here.

Alex Gisbert of Fastpayhotels, a global B2B platform connecting travel sellers and hotels, concurs with Dumont, seeing a shift in traveller behaviour as an inevitability. He suggests that in an era of rising interest rates and persistent inflation, businesses must continue to offer a wide range of options tailored to the individual needs of travellers. Get insights on Fastpayhotels’ strategy here.

Meanwhile, Janis Dzenis from WayAway, a renowned price comparison website, emphasised the growing importance of loyalty and discounts in attracting budget-conscious travellers. Even as the ‘revenge travel’ hype subsides, maintaining a commitment to loyalty and judicious discounting can help businesses sustain customer interest and navigate the shifting travel landscape.

From hotel revenue management company BEONx, Alex Barros advocates a shift from focusing solely on room rates. Instead, Barros recommends cross-selling other services to travellers. Through personalised suggestions for add-ons or upgrades, travel suppliers can establish a mutually beneficial relationship with their customers. Explore the strategies of BEONx here.

Regarding the potential for cancellations and rescheduling, Sebastien Leitner, VP of Partnerships from Cloudbeds, a technology provider for independent hotels, advises offering refundable and non-refundable options. He suggests using technology to predict which option most appeals to travellers based on multiple variables. Check out Cloudbeds’ solutions here.

Spencer Hanlon from global real-time payments platform Nium warns of the increased costs of ticketing changes and cancellations. The decreased average sale value may not correspond to reduced bank charges, making it crucial for businesses to invest in efficient payment technology. You can see how Nium is addressing this here.

Finally, travel insurers must also adapt to this era of cost-consciousness. From travel insurer battleface, Katie Crowe suggests unbundling benefits to allow travellers to customise the coverage and keep insurance policies relevant and competitively priced. Learn more about Battleface’s unique approach here.

In summary, while the ‘revenge travel’ boom may be losing steam, the industry’s future seems promising with adaptable strategies. Travel sellers can successfully navigate this challenging landscape by leveraging technology, offering flexible options, and customising services based on individual needs.