Travel & Tourism in the Recession

For my reflection blog, I decided to read and critique Lacey Elick’s blog about her final paper. She had decided to do her paper over the travel and tourism industry which is something that really interests me. However, she is primarily focusing on how they are striving to keep customers and stay alive during these tough economic times. Companies, families, and people are cutting back and a nice summer vacation to Mexico is one of the first things to go. Lacey is also looking at how luxury resorts are going to maintain their exclusive status on a smaller budget while still attracting their customers who want the prestige luxury.

One of the first things Lacey mentions that is dependable for the travel industry are corporations hosting company retreats. While many companies may still plan on having a yearly retreat, I believe they will decide to stay in house to do so. I think that all companies are having to watch their costs at this time and an overnight or weekend retreat would be the first thing that would cut. Instead, most companies are bringing in leadership groups and key speakers into the company buildings and just setting a Friday aside to do these activities. It is key for marketing communications representatives at these travel retreat hot spots to stay well connected to their loyal corporate customers. I also agree with Lacey on that these travel retreats should try to create a great package specifically designed for the companies for the retreats. By providing transportation, catering, entertainment, and any other retreat needs, companies will feel better about spending their money on a well planned and beneficial retreat.

Another target market Lacey mentions that travel destinations should focus on is upper class retirees. I think the research and information she found backs this up entirely. Retirees want comfort and ease in a vacation along with relaxation and pampering. This is a perfect segment for travel destinations to target on instead of the usual young family with two kids. Retirees are also not going to pay for extravagant activities such as white water rafting or snow skiing so the luxury vacation hot spots need to aim their marketing at this group. However, this market segment are professionals at traveling and vacations by now and will want things to run smoothly and exactly their way. This means that customer service needs to be top notch so that these people can plan and enjoy their vacation hassle free. For instance, my parents have not retired yet, but will in the next 2-5 years so are pretty close to this market segment. They are planning a vacation for this summer to go on a cruise through the Mediterranean and Greek Islands. My parents have been on multiple cruises and vacations so have the system down and are ultimately looking for great customer service and help with planning and booking this trip. My dad faced problems when buying plane tickets which caused him to almost cancel the cruise all-together and settle for a vacation at the Fredricksburg Bred & Breakfast instead. These travel destinations need to focus in on this market and make their vacation enjoyable so they will keep coming back year after year no matter what the economic condition may be.

Overall, I thought this blog was researched very well and I think it will turn into a great paper. I know in the past my family has had to downgrade certain vacations to lower ones but no matter what we always have a wonderful time. This industry is developing facing a difficult time in this economy and therefore, should focus on a particular market segment. With a good marketing team, they will be able to have their destination packed by summer!