We’re creating a more connected travel industry, underpinned by sustainability and long-term investor relations.
Our latest ideas for travel judge interview is with Andrew Tessler, who is a senior economist with Oxford Economics. Andrew’s work has covered a diverse range of sectors, with a particular focus on transport and infrastructure, and has included economic appraisals, valuations, rate of return studies, market analysis and program reviews.
Our latest ideas for travel judge interview is with Andrew Tessler, who is a senior economist withOxford Economics . Andrew’s work has covered a diverse range of sectors, with a particular focus on transport and infrastructure, and has included economic appraisals, valuations, rate of return studies, market analysis and program reviews.
We've previously heard from Andrewwhen he spoke to Amadeus about the future of travel and our Travel Gold Rush report, however this time he shares his thoughts on the importance of the local level, how ancillary services have emerged and why travel is an inspiration to so many across the world.
Why are new ideas important to the travel industry?
The injection of new ideas is critical to a major global industry such as travel. This is especially true given the pace of change in areas such as technical innovation and consumer preferences. People’s preferences change over time. Old ideas are replaced by new ones. Sometimes (even older) ideas are revived in the context of a fresh approach. Adapting to such changes is one of the key challenges for the industry in the future.
What role do you believe the ideas for travel competition can play in helping to improve the travel experience of today, tomorrow and beyond?
Like any business, the global travel industry is always on the lookout for ways in which to improve itself. This is important not only for the industry as a whole but right down to the local level, where the experience a customer has can be critical to generating repeat visits and/or generating positive feedback to others.
Moreover, given many in the industry are understandably focused on managing their day to day business, it is always useful to get new perspectives and fresh ideas on how the industry as a whole could be developed.
Which areas of the travel industry do you believe are best positioned to develop and grow?
We’ve seen steady growth in the developing world, and the so-called “BRIC” countries in particular. There is a pressing need to understand how and where these new travellers will go and what their travel behaviours, needs and preferences are. However the changes (and challenges) aren’t limited to these markets. The development of cruising, new links between airlines and high speed rail and the potential needs of older (but increasingly fit) travellers are all potential areas which hold the promise of future growth.
What changes made in the travel industry during 2010 stand out to you as being the most significant?
Past years have seen the travel industry face a series of significant challenges, accompanying a major global recession. While it presented challenges of its own, 2010 saw the beginning of recovery. Adversity also has its own impacts, as it forces people and businesses to think afresh about how to develop themselves.
For example, the year saw the further development of initiatives such as ancillary revenue but also a recognition that this could be used as a “win win” approach giving consumers more flexibility to purchase travel goods and services for which they are willing to pay (if given the opportunity).
The year also saw the continued rise of travel in the developing world, with much of the growth in global demand for travel coming from outside Europe and North America. This is a trend which is set to continue in the long term.
Thank you for your time and answers Andrew.
Find more information about Andrew atthe Oxford Economics website .
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