“We are living in a Boredom Economy”.
Boredom is often a sign that something does not feel meaningful. Therefore, feeling bored can result in various kinds of behaviour that increase risk-taking and impulsivity. But as humans, we rationalize and tell ourselves what we need through reward sensitivity. People want to feed their inner child. This is because human-centricity is at the heart of how we come out of this pandemic.
Consumers are looking at travel experiences as a possible prescription to the pain and suffering they have endured during the pandemic. Revenge is a powerful emotional trigger that tends to mobilize people into action. This very pervasive experience has often been triggered by the unknown.
Having been bound and trapped over the last year has given rise to the mental toll on our society. Missed vacations last year or cancelled trips, felt like an involuntary travel detox. Everyone is suffering from vacation deprivation, so what is next?
All signs point to this summer being filled with luxurious, lavish, and over-the-top trips continuing into the fall and holiday season. Time is precious and we can expect people to book extra trips or splurge on bigger ones because we have been cooped up for so long. There is an urge for those once-in-a-lifetime experiences, like family vacations, adventure travel, experiential travel, and boutique experiences that provide wholesome and organic environments that are authentic and genuine and fill our pent-up demand for relaxation, fresh air, water, and scenery.
Recent studies have shown that Millennials value the experience of travel over goods, services, and bonuses. It is no surprise since the world has witnessed how fragile life can be. Our values have changed over the last year or so and we have recognized that we are much more resilient than we thought.
“Missed vacations last year or cancelled trips, feels like involuntary travel bag detox. Everyone is suffering from vacation deprivation, so what next? “
But are you ready to pack a bag and fly off just yet?
The messaging from governments all around the world was different from one country to the next. We all anticipated our future based on what we heard and what others were doing. But the differences between Asia, Europe, and North America were as different as night and day.
The ultimate travel will be experienced through the right protocols, procedures, and mindfulness for travellers. Some businesses are already poised for that and others have not arrived at their destination yet, so to speak. Let’s be honest, travel, on the leisure side is already back and growing in leaps and bounds. Corporate travel is another beast that will take more time to recover, as senior leaders have seen the opportunity to save money and take less risk. What | believe, is that smaller group travel will succeed and dominate as companies look to create very special experiences for the ultimate achievers and maintain a hybrid experience for the rest. This will result in the unification of both experiences in the future. The human element has never been stronger than it is today and there is only one way to survive the future: relationships and trust.
Revenge is bittersweet.