Who is setting the criteria of trends, and what our society needs? Skift defining MegaTrends 2020
Following the trends is what keeps you and your company competitive, progressive, and innovative. The path of floating in the ocean with similar brands, your competitors, and other players of the market is not an option if you want to stay alive and not just be present in the market, but win it.
Trends, trends, trends…. Constant running.
Unstoppable new implementations of “so-called” innovative technologies that are not even working to increase your sales.
Unrestrainable desire to be different and show the world something unbelievably unpredictable.
All of the above is regulated by the trendy word “hype”.
But who or what is setting the criteria of trends, hype topics, and what our society needs? The answer is rather simple — people. The generation of people who are going to be the primary consumer on the planet!
I couldn’t help but wonder, why does everyone pay so much attention to the new young Generation Z? Of course, when speaking and making presentations on conferences in the US, I always highlight the topic of different generations, their behavioral factors, how different segments influence one or another part of the industry. And the critical point is that the new Generation Z is going to reach 40% of the world market by the end of 2020, and all analytical reports show that if your product wants to stay alive in the next decade — focus on what young people want!
Yes, that’s is fair. But we do overestimate it. What if the next young generation still doesn`t know what they need or want, and companies are already rushing to get on board and be ready for new consumers.
Thinking out loud, I am just now sure that brands are done with covering needs of Millenials, and we are already jumping over the fence to have a quick look at who they are — Generation Z.
So be prepared, and make decisions wisely based on useful analytical reports and a deep understanding of what your company needs are.
Returning to the subject I wanted to write about, yesterday I attended the Skift Megatrends 2020 event in San Francisco. And it was just right no time for, as I am actively preparing my presentation and materials for the next conference where I was invited to speak (4th Global Artificial Intelligence Conference in Santa Clara, CA)
On this, even Skift did an excellent presentation with statistical data (facts and numbers are vital for good reports), focusing on defining the future of travel for 2020.
Of course, you can find the report online and download it for your needs, but I am a firm believer that taking notes and not just listening helps you to analyze new facts, memorize needed information, and more effectively use it for good.
So, let`s go, here are my notes with the top 5 key takeaways from Skift presentation:
Subscription travel is the next frontier of loyalty
Earning consumer loyalty means more than giving them rewards. Subscriptions and memberships represent a compelling ay for travel companies to create lasting relationships with consumers.
The future of travel will be driven by urban living innovations
Cities have always been incubators for innovation, but with two-thirds of the world`s population expected to live in urban areas by 2050, developments being rolled out today to accommodate that new density will serve the travel industry in positive ways.
Gen Z Asserts itself as travel`s next big opportunity
The millennial generation has been at the forefront of the collective mind of the travel industry for years. But starting in 2020, Generation Z ill begin entering adulthood. The travel industry would be wise to shift some focus here if it wants to stay ahead of the game.
Wellness travel makes aging aspirational
Wellness travel isn`t just for the 20-something yogi anymore. Companies are looking at aging as a big opportunity, leaning further into transformational travel with a focus on mind and spirit. There`s a whole lot of people growing old and living longer while trying to figure that all out. Travel is seeing a change to help unlock the mysteries.
Tech`s power grab for corporate travel
Slick new startups have been putting pressure on corporate travel incumbents. This portends a bright future for the average business traveler and travel technology investors alike.
It is far from the full content of the presentation, but I will leave it up to you to download the full report and get a little bit deeper into trends with graphs and stats.
