5 min read

How Australian Businesses Can Capture The $375 Billion Global Experiences Market

Discover the latest trends and strategies to thrive in the surging travel experiences market. Check out the key takeaways from the free webinar by GetYourGuide and Rezdy.

Jacob Waugh
Destination Manager Australia - GetYourGuide
In this article:
Jacob Waugh
Destination Manager Australia - GetYourGuide
Posted on:
April 4, 2024
Latest Trends

Are you a tour operator, activity provider, or attraction in Australia looking to thrive in the travel experiences industry? 

Recently, we hosted a webinar in collaboration with Rezdy for Australian experience creators and included destination specific insights that reveal the latest trends, strategies that help you capture the surging demand from travelers for authentic, immersive activities.

Rezdy is the world’s leading independent online booking and distribution platform, powering the experiences industry. They are proud to work with thousands of tour and activity operators and agents of all sizes in over 130 countries to help them get more bookings and grow their business.

The travel experiences industry is forecasted to be worth a staggering $375 billion by 2024. 

Even more encouraging, in-destination experiences are the last thing travelers are willing to cut from their budgets, even as costs for flights and hotels soar. People are craving unique, local experiences more than ever before, and the 2024 Travel Experiences Trend Tracker Report shows this emerging trend.

So how can you ensure your travel business is well-positioned to ride this wave of growth? Here are a few key takeaways from the webinar.

Rise of online and mobile bookings

The rise of online and mobile bookings

One of the most important shifts to emerge from the pandemic is the accelerated move to online bookings. Travelers now see pre-booking experiences as essential, with a growing risk for operators who aren’t working with online distribution partners.

Mobile apps, in particular, are becoming the booking method of choice. In our Travel Experiences Trend Tracker, we reported that app bookings saw the highest growth, as travelers use apps for easy research, booking, and last-minute changes before and during their trips. Making your experiences bookable on mobile is critical for converting those "couch to booking" moments.

Catering to the valuable "Explorer"

Catering to the valuable "Explorer"

Not all travelers are created equal when it comes to spending on experiences. We have identified a high-value psychographic called the "Explorer" that is driving a major share of revenue.

Explorers are defined by their values rather than traditional demographics. They crave authentic, immersive experiences that connect them with local culture. They love researching to discover new places and hidden gems. With more disposable income and time, they are taking more trips and spending more on activities than the average traveler.

To appeal to these discerning explorers, focus on offering insider knowledge, local insights, and unique itineraries that go beyond the standard tourist trail. Tailor your marketing to highlight the authenticity they seek. And critically, ensure you are visible on the online platforms where they are searching and booking.

Maximizing exposure across booking windows

Maximizing exposure across booking windows

Another key finding is that travelers are booking experiences further in advance than ever before.

We saw a 94% year-on-year increase in bookings made more than 16 days ahead of the activity date.

At the same time, last-minute bookings are still very important, with 0-3 days out being the second-highest growth window. The takeaway? Maximize your opportunity by ensuring your availability is always up-to-date and bookable across all time frames.

Connecting your reservation system to automatically update pricing and availability removes manual work and empowers you to capture both the advance planners and the spontaneous bookers without missing a beat.

Download the free Travel Experience Trend Tracker

The untapped potential of the Australian market

For operators and distributors in Australia, the data reveals some compelling opportunities. Demand for experiences is surging across all states, from both domestic and international travelers. However, supply hasn't kept pace, with many areas having relatively low listing density.

The numbers show a clear correlation - markets with more available experiences capture a greater share of total bookings and revenue. There is ample room for savvy operators to list more products and claim their piece of the growing pie.

While domestic travelers still make up the bulk of bookings, the revenue generated by international customers increased by over 2000% from 2019 to 2023. With the right targeting and timing, operators can tap into the higher-spending international audience as tourism continues to rebound.

By optimizing your online presence, focusing on authenticity, and maximizing availability across booking windows, you'll be well on your way to turning these valuable insights into growth. The experiences boom is here - make sure you're ready to seize it.

Key takeaways

  • Industry resilience: Experiences are emerging as the most resilient travel vertical.
  • Booking trends: A shift towards early bookings and last-minute bookings.
  • Digital footprint: Maximizing exposure on online channels is crucial.
  • Device preferences: The growth of app bookings is on the rise.
  • Target audience: Catering to the explorer's need for authentic experiences.
  • Revenue growth: International bookings in Australia have seen a significant increase.

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