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Relaxation Travel was level as were real recreation travel destinations (Orlando, Las Vegas, Hawaii) Hotel ... Individuals need their travel encounters to be a score above ordinary life. ...
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"The key to achievement is to discover where the general population are going, and arrive first." - Mark Twain

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Presentation Sources Jerry Henry, Henry Enterprises, LLC Corporate Director of Research, Herschend Family Entertainment Corporation James V Cammisa, Jr. Travel Industry Indicators

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How did the Travel Industry do in 2006? Local Trip Volume – Up 1.5% Business Travel was solid Leisure Travel was level as were real relaxation travel destinations (Orlando, Las Vegas, Hawaii) Hotel Occupancy – Up 0.9% through October Supply Growth was up just marginally by 0.5% ADR was up 7.0%, RevPAR was up 7.9% Domestic Air Enplanements were down 1.9% Shrinkage in limit (- 2.9%) and higher airfares (10.2%) were the possible cause 2006 was a year where the business recaptured its valuing energy to compensate for a not exactly hearty year sought after

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What around 2007? The Economy seems balanced for a "delicate landing" GDP is evaluated to be up 2.6% contrasted with 3.3% in 2006 Business Indicators would all say all are for the most part positive with Economic Growth assessed at 1.4% The Midwest will fall behind at 0.6% In the Consumer Sector Consumer Income Growth will rise an expected 2.8%, down marginally from 3.0% in 2006 Consumer Spending will likewise rise an expected 2.8% contrasted with 3.1% in 2006 Inflation will be lower at 2.5% Consumer Confidence stays positive

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What about the Travel Industry in 2007? Household Trip Volume ought to increment by 1.7% Travel Spending ought to increment by 6.0% Business Travel (trip volume between 2 & 2.5%) will outpace Leisure Travel (trip volume between 1 & 1.5%) Spending for Business Travel ought to increment by 7.5% with Leisure Travel expanding by between 5 & 5.5% Occupancy ought to build a humble 0.4% Room Demand ought to increment by 1.7% Supply Growth ought to increment by 1.3% Domestic Airline Enplanements will indicate unobtrusive development at 1.8% with airfares expanding between 3 & 5%

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What could Affect 2007 Predictions? Fear mongering Incidents or Geopolitical Shocks A Recession rather than a "delicate landing" Escalation of Gas Prices

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What do You do to make certain Your Business Performs Better than Projections? Remain focused of patterns and changes in the commercial center

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The 5 Cs of the New Travel Marketplace Connection with companions, family and individuals like us – in an exciting way. Accommodation is basic. It must be quick and simple. Expense is King. Individuals expect extravagance at deal costs. Solace , a main impetus of boomers. Individuals need their travel encounters to be a score above ordinary life. Control over their lives and their travel. Explorers would prefer not to be reliant upon others to have a decent time.

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Connection When requested that rate the three most imperative individual objectives throughout the following 3 – 5 years, individuals evaluated "investing more energy with the family" behind just "turning out to be all the more physically fit," "paying off obligation," and "eating more beneficial." Families reconnect through travel.

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Convenience 20% of all suppers today are expended in the auto Disposable salary is up in expansive part due to ladies working But ladies working means less time to shop, cook, or reproduce

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Cost is King It\'s not that purchasers are modest, they simply would prefer not to overpay They are proficient clients of aggressive data and know the honest worth

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Comfort People will pay more for quality and extravagance With less available time, individuals feel the need to treat themselves Amenities, solace, and atmosphere are more essential than cash

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Control Consumers need to control their experience Travelers are searching for free travel where they don\'t need to be at a specific spot at a specific time As one illustration, overnight transport visits are battling

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Trends that will Affect all Businesses Aging of America Different Generational Cohorts Power of the Purse Cutting through the Clutter The Evolution of Marketing Impact of the Internet Customer-Made Viral Marketing and the Erosion of Trust Diversity

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Aging of America The 55+ age section will develop at a rate six times quicker than the populace under 55 Number of individuals beyond 65 1980 one ten years old, in ten individuals In 2000, one in five individuals

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Aging of America Service levels should increment as more seasoned guests have higher desires Marketing will likewise need to change Images utilized Featured "hot catches" Even the text dimension

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Different Generational Cohorts The qualities we learn as children will stay with us forever Members of every era are connected through shared backgrounds In 10 years, the Senior era will be gone and the most established Boomers will be 70 The eras driving the economy will be Gen X and Millennials

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Different Generational Cohorts Seniors 55 million Born 1925 – 1945 Age: 62 – 82 years Hard work, generosity, cooperation, congruity, power, "One for all, just for one" Boomers Born 1946 – 1964 76 million Age: 43 – 61 years Individuality, qualification, spenders, control-monstrosities, nostalgic, "It\'s about me"

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Different Generational Cohorts Gen X 46 million Born 1965 – 1978 Age: 29 – 42 years Diversity, instability, well informed, parity in life, family-engaged

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Different Generational Cohorts

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Power of the Purse Women Buy 83% of all items sold in this nation Make 70% of all relaxation travel choices! On the off chance that you are not focusing on ladies and listening to your female clients, you are not genuine about expanding deals You can\'t achieve ladies the same route as you achieve men – they\'re DIFFERENT

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Power of the Purse Men hunt down a "decent arrangement" Women search for the "ideal answer." Mission Go to the Gap, purchase some jeans. Men go specifically to the store, discover some jeans that fit and are sensibly evaluated, purchase them and leave. Time: 6 minutes Cost: $33

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Power of the Purse Women search for the ideal answer, so she needs some jeans, as well as another pair of heels that would coordinate furthermore run with the charming new outfit she purchased a month ago. While at the shopping center, she visits the vast majority of alternate stores and shops for a couple of things she had been considering. Time: 3 hrs. 26 min. Cost: $876

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Power of the Purse Women are "individuals controlled." If you need your promoting message to impact them, show individuals in your advertisements. Ladies trade data through narrating. Ask her where she purchased her scarf and be set up to listen for 30 minutes. You\'re promoting message must incorporate individuals and recount a convincing story. Ladies control the achievement or disappointment of most shopper items and administrations. Acknowledge it or pass on.

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Cutting Through the Clutter Consumers are setting up "firewalls" to abstain from promoting Your showcasing message must be Relevant Compelling Differentiated Businesses must figure out what is most vital to their visitors, separate themselves along these attributes, and market those distinctions to their objective markets

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The Evolution of Marketing profitability is declining (more TV stations, radio stations, the Internet, and so forth.) and is intensified by the buyer imperviousness to showcasing Word of mouth – from a trusted source – is more capable than any time in recent memory

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Impact of the Internet More than 66% of all explorers have Internet access and 78% of those arrangement at any rate some portion of their outings online 64% of online voyagers, and 43% of explorers by and large, reserve a spot or book online 32% of all cabin buys were made online in 2005 Not just do you require a decent nearness on the Internet, you have to give access to it to your clients

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Customer-Made The period of Mass Production has respected Mass Customization "One size fits all" doesn\'t work any longer Individuals express a solid enthusiasm for the capacity to self-modify items and administrations and 37% will pay as much as 20% more to do as such Don\'t treat individuals similarly, treat them suitably Bed & Breakfast foundations might be in a one of a kind position to gain by this pattern

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Viral Marketing & The Erosion of Trust Only 25% of Americans accept what they hear on the nightly news and under 5% accept what they find in travel ads We do trust proposals of a companion or relative (88%) Companies are tapping raving fans and changing over them to "buzz specialists" by giving them their own particular blog Again, bed & breakfast foundations can exploit this pattern

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Diversity The times of the Caucasian greater part are numbered By 2050, Caucasians will speak to under half of the U.S. populace In the following 25 years White +8.0% to 217 million Black +33.1% to 50 million Hispanic +86.8% to 37 million Asian +110.9% to 15 million

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Diversity is likewise present in the normal family Less than 24% of all U.S. family units have a spouse, wife, and a tyke less than 18 years old. The rest are comprised of single guardians, unmarried couples, separated or never wedded people, and more seasoned wedded couples with kids no more living at home Diverse clients require various item offerings and showcasing messages

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Things to Remember The client is "ruler" Consumers will pay for quality, yet at the same time need a deal "Verbal" is an ever better type of promoting A maturing commercial center will change the guest Remember generational contrasts in item advancement and advertising Diversity should likewise be considered in item improvement and promoting Allow your clients to be included (client made) in molding their travel experience

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