"There's a huge opportunity for travel companies to tap into ecosystem partnerships" says expert
Accenture has published the results of its latest consumer surveys to test the pulse of consumer outlook and sentiment since the start of the pandemic.
The survey of more than 11,000 consumers in 16 countries found that even in the face of widespread uncertainty and personal financial strains, consumers consider health and travel to be "essentials", alongside groceries and household cleaning products.
Even with rising travel costs, the survey found that half (51%) of consumers plan to maintain or increase their spend on leisure travel in the next year – perhaps not surprising considering the widely recognised wellbeing benefits associated with a vacation. Furthermore, two in five (39%) high-income respondents have booked a luxury trip or wellness retreat for some time in the next 12 months.
Among millennials, one in five (21%) booked to go away to a wellness retreat this year. In addition, one-third (33%) of all survey respondents said they are willing to sacrifice spending on non-essential household products or electronics so that they can afford to travel.
Accenture senior managing director and global lead of Consumer Goods & Services industry practice, Oliver Wright said: “Despite hard times, it's clear that people have redefined health and wellbeing to be an essential good. [Consumers] plan to maintain or increase their spend in this area this year, regardless of income levels. With the health and wellness market expected to increase to more than US$1 trillion in spend globally by 2025, consumer-facing companies must tap into cross-industry expertise and scientific and technological breakthroughs while also considering consumers’ changing priorities when designing new offerings.”
Accenture senior managing director and head of its Health industry practice globally, Rich Birhanzel added: “People’s desire to take more control of their health and wellbeing is only increasing. It’s vital for the healthcare industry to continue to explore and partner with consumer-facing companies to improve access, experience and outcomes for people and their healthcare journeys.”
The survey also found that respondents seem to be taking a more holistic view of wellness, reframing it as much more of a consumer staple. In addition to more than four in 10 respondents (42%) saying they are increasing their amount of physical activity, one-third (33%) of respondents said that they’re more focused on self-care, such as indulging in a beauty treatment, than they were a year ago.
Responsible for leading the company’s global travel industry practice, Accenture senior managing director Emily Weiss said: “While the focus on personal well-being is not necessarily new, it is now less an indulgence and more of a non-negotiable essential for today’s consumers, even at a time when many are feeling financial pressures.
"There is a huge opportunity here for travel and consumer-facing companies to tap into ecosystem partnerships and the local communities to offer differentiated experiences since wellness tourism today is about much more than the destination or activities – it's an extension of the values and lifestyle of the traveller.”
For more information, visit www.accenture.com/foresight