KUALA LUMPUR: Trip.com Group, a world leading travel service provider, said the travel and tourism industry had witnessed a US$4.5 trillion drop in gross domestic product (GDP) and losses of 62 million jobs globally.
However, the industry was projected to bounce strongly with its GDP growing 30.7 per cent this year and 31.7 per cent in 2022, Trip.com said in a global consumer trends report published in cooperation with the World Travel & Tourism Council (WTTC).
The report observes the global travel and tourism landscape for 2021 as well as forecasts for the short-term and long-term future.
It uncovers the global trends for consumer travel by evaluating the booking data analysis and consumer survey responses acquired by Trip.com platforms as well as those from industry sources, in a bid to better understand the changing consumer behaviour as a result of Covid-19.
Trip.com Group - which comprises Trip.com, Ctrip, Skyscanner and Qunar - said the pandemic had widely promoted a dynamic shift in consumer preferences for travel.
This is reflected in three broader clusters notably booking trends, consumer considerations and consumer profiles.
According to WTTC research, the pandemic had greatly impacted how consumers choose to travel, giving rise to the acceleration of existing and emerging trends.
Jane Sun, chief executive officer of Trip.com Group, said: "Travellers around the world have shown their eagerness to travel, whether limited to domestic travel or able to cross borders, we see a huge amount of pent-up demand steadily being released. To better evolve with the recovery we must understand travellers, and as an industry adapt to emerging trends."
WTTC president and CEO Julia Simpson said people were really looking forward to travelling again.
"Consumers are curious, they are looking at new destinations, 'the great outdoors' and travel that benefits the places and people they visit.
"As travel and tourism represents over 10 per cent of global GDP this is good news for jobs and economies. The impact in some countries has been devastating for local communities and this report shows that business is returning in earnest," Sampson added.
As international travel continues to face persisting limitations or restrictions, travellers remain compelled to search for travel experiences within their home countries.
Therefore, the report identified that domestic travel would continue to lead the recovery of the travel and tourism sector, especially in the short to medium-term.
In particular, the concept of staycations may continue to be in demand and more so for countries with prolonged restrictions on outbound travel.
Globally, the report found that more than half of global travellers plan to travel for a domestic holiday in the next 12 months.
Trip.com data analysed a surge in overall global domestic hotel bookings in 2021 compared to previous years, with an increase of over 200 per cent for 2021 compared to 2019.
The report said 2021 had shown a pent-up demand for extended stays with about one in four global travellers preferring longer stays of over 10 nights.
This suggests a trend towards extended stays as travellers attempt to make the most of trips taken.
The pandemic has also incited an appetite for hybrid models of travel, which combine work and school with leisure travel.
Termed "Bleisure", in the form of "workcations" or "flexcations", this form of travel is also a key force to aid the recovery of the travel and tourism industry.
In Asia Pacific, a majority of Thai (69 per cent), Vietnamese (57 per cent) and Chinese (54 per cent) respondents indicated that remote work during quarantine and travel would encourage them to stay longer during their trips.
The report also uncovered that travellers today value flexible bookings for travel products.
This led to the need for the industry, including airlines, hotels and travel providers, to adapt and review cancellation policies to accommodate changes that may affect traveller itineraries.
Global data from Trip.com also identified shorter booking windows for hotel and flight bookings made on the site - where flight booking windows decreased by 56 per cent to 23 days, and hotel bookings dropped by 22 days to 10 days in the first half of 2021, compared to H1 2019.