Now, the mid-market is the driver of growth and volume of the travel industry.
The travel industry is changing with a growing middle class, an ageing population, and a shift in economic power towards the East.
According to a news article by Skift, the middle class, expected to exceed 5 billion by 2030, will drive the demand for mid-market travel. Further, an ageing but active older generation seeks new experiences.
The middle class is getting prosperous all over the world, but they spend wisely. Visiting new places is aspirational for this segment. They look for a functional, clean and comfortable travel experience at a reasonable cost. Not a luxury.
Industry leaders from Hilton, Marriott, Accor, and IHG are now focussing on leveraging local, mid-scale travel.
As Accor’s chairman and CEO Sebastien Bazin noted
“Luxury is at the end of the journey.”
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