Thoughts From Where I Sit.......
Updated: May 7, 2020
By Rebecca Godfrey, CBRE Travel & Leisure Group
In the tourism strategy work I was involved in just before the crisis began, there was a lot of interest in understanding how to provide authentic experiences (particularly culinary and agri-tourism, and nature & outdoor products), looking at ways to build shoulder season visitation, and of course – driving revenue growth. It seems that a conscious shift is underway toward considering the triple bottom line – people, planet and profit – but now more than ever, there’s a need to be cautious and resilient.
Seasonal operators want to know whether they should open their doors for the summer – will just paying baseline operating expenses be more effective than generating revenue? Those kinds of answers are being contemplated by advisors in the industry, we think this platform could be a good opportunity for discussion on such questions. We also see this period as an opportunity to think beyond the immediate, and get back to the future planning, building on the strategic work you have already started.
Finally, according to the UNWTO, 1.5 billion international tourist arrivals were recorded in 2019, globally – that’s up 4% over the previous year, which is stronger growth than the world economy (3.5%). Tourism is a leading and resilient economic sector. Remember that.