The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.Learn More
Euromonitor International released today an exclusive report at World Travel Market (WTM) Latin America, revealing how the regional travel industry is developing amidst socioeconomic and technological changes.
Consumers are increasingly spending more on experiences over things, which represents a huge potential to brands that offer value-added experiences. Consumer expenditure on experiences is set to rise from US$5.8 trillion in 2016 to US$8.0 trillion in 2030, using leisure, recreation, travel and foodservice as a proxy.
The “Experience More” megatrend is driven by a fundamental shift in consumer attitudes since the Great Recession of 2008/2009, eschewing conspicuous consumption, and opting for value-added products and experiences. In 2016, 36% of consumers agree or strongly agree that they prefer to spend their money on experiences rather than things. The “Experience More” megatrend is a truly global phenomenon, pervasive across all industries, products and services, offering infinitesimal great opportunities for brands to become creative.
According to our Global Consumer Survey 2017, 37% of Latin American indicated they intend to increase spending on leisure travel and vacations in 2018. This is the highest response rate among all regions and above the global response rate of 29%. Travel and holidays is the activity in which Latin Americas consumers are most likely to increase expenditure.
Click here to download the presentation: http://go.euromonitor.com/event-2018-world-travel-market-latam.html