Tourism Market Research: When Will Traveler Confidence Return?

COVID-19 has not only precipitated a global health crisis, it has spurred economic decline in most of the world’s nations and industries. It’s a stressful time for everyone (people, as well as the companies they manage and support), and with social distancing mandates still restricting commerce and travel in many countries, it’s unlikely routine day-to-day business will return anytime soon. For the tourism industry, in particular, the pandemic effect seemingly looms large, with many believing that consumers view its trade and traffic as more luxury than necessity. But research suggests this outlook might not be on point. As the pandemic continues to surge around the globe, there’s little doubt people will need — not just want — to travel. They will have to regrow lost business as the effects of the past year’s isolation and reduced earnings continue to impact their bottom lines. Of course, eventually many will also just want to escape the monotony of quarantine life. While there’s no crystal ball to pinpoint exactly when traveler confidence will return to normal, there is tourism market research. Tourism market research offers insight into the tourism industry, enabling companies to better anticipate when travelers will get back on the roads and into the skies. Here’s how it works:

Tourism Market Research Provides Insight into Market Demand

Good market research provides insight into market conditions. Its primary purpose is to act as a form of insurance, protecting businesses by providing information that can be used to make better business decisions. All successful business strategies take into account changing circumstances, after all. But when a market is in flux (such as tourism has been since COVID-19 reared its head at the beginning of the year), market research becomes even more critical, because it allows a company to monitor and assess general consumer interest in (almost) real time. For the tourism industry, this means a company knows exactly how consumers are feeling at any one point in time and can begin preparing for an uptick in travel as sentiments regarding safety issues, business needs and other concerns start to change.

Tourism Market Research Provides Insight into Consumer Demand

Of course, market research also yields valuable information about what consumers need so that businesses can adjust their offerings as warranted. During a pandemic, consumer demand is inevitably altered by both individual and community health and well-being considerations. Thus, keeping a finger on the pulse of economic, environmental, governmental and personal factors enables businesses to discern changing priorities so that they are able to develop policies, procedures and products that address new market standards in profitable ways. 

Tourism Market Research Provides Heightened Visibility 

Finally, conducting tourism market research provides a company with exposure, heightening its visibility with the very consumers it hopes to attract and satisfy with relevant, reliable offerings. Asking for people’s opinions, distributing emails and letters, getting on social media: these are all ways to conduct research. However, they are also tactics for enticing consumer interest and raising awareness of a company’s name. When done well, with sensitivity and concern, market research can elevate a company’s reputation in the market, sparking loyalty and, ultimately, sales.

Want to Learn More?

Our team at Research America has decades of combined experience assisting companies in all types of industries. We use winning market research strategies to help our clients assess individual and market demand in ways that not only garner meaningful — actionable — results, but that enforce and even improve their companies’ branding messages and customer experiences. To learn more about our services and benefits, please contact us today.

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