The calendar may say spring, but summer travel is already sizzling with Americans keen to book getaways to the European continent. According to travel insurance provider Allianz Partners‘ annual Top 10 Summer European Destinations review, the number of Americans traveling to Europe will increase significantly again, climbing 34% over last year’s popular travel season.

Economic, social, and technological shifts are pushing the travel industry toward seismic change. Learn more about these key changes, their implications on the future of travel, and how travel and tourism companies can adapt to meet evolving traveler expectations.

The global luxury travel market size was estimated at USD 1.38 trillion in 2023 and is expected to grow at a CAGR of 7.9% from 2024 to 2030. Increasing spending by elite travelers to visit unexplored destinations and gain new experiences is driving the market growth. In addition, the rising trend of micro trips and the rapidly expanding tourism sector across the globe have been boosting the market growth.

On 21 March 2024, Piers Schmidt gave the keynote at Global Hospitality Talk, the leading networking conference for the hospitality leadership and design community. Piers’ well received talk addressed the discrepancy in brand value between hotel brands and those in other luxury sectors and suggested what the industry needs to do to grow their stature. This article is a condensed version of the presentation.