2010s: The Decade Travel Lost Control of Its Destiny
Skift Take
Despite explosive growth, cracks in the global travel sector began to multiply over the last decade. More change and trouble will come before the industry can figure itself out again.
It's been a long decade for the global travel industry.
In 2010, many questioned what kind of future travel had following the global economic crisis of 2008. Hotel chains withered from reduced demand, selling off properties around the world. Global airlines were forced to reorganize and consolidate. Online travel companies increased their focus on building apps to capitalize on the explosive growth of smartphone usage in wealthy countries.
Looking back, the doomsaying across the industry is almost laughable. Travel bounced back to extreme growth despite austerity in Europe and a slow recovery in North America. Asian travelers began to travel in record numbers, bringing new demand to the market.
Despite the growth of the travel business in new regions, with fresh concepts like short-term rentals, the sector at large currently sits on shaky ground due to fundamental shifts in global commerce and consumer behavior. Longtime power players like Thomas Cook have collapsed, while the
