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On today’s show we are taking a look at what is happening in the world of travel and tourism. These changes could have an impact on the world of hospitality as a result, and I believe an impact to where you might choose to invest.

The so-called revenge travel wave from the pandemic is largely over. Travel patterns are starting to normalize. They’re not reverting to pre-pandemic, since you can never truly go backwards. You can only go forward to a new normal.

Here are a few things I’m observing in the world of travel.

There is pent up demand for cruise ship travel. Back in 2019 there were 29.7 million cruise ship passengers. That went to essentially zero during the pandemic. Even in the second quarter of 2023, cruise lines were rebuilding, and getting back to pre-pandemic levels. Carnival Cruise line reported their latest financial results for 2Q2023. They reported record bookings and record deposits for future sailings. How will this affect the world of travel and tourism?

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“Revenge travel.” It’s what a lot of people are doing these days–hitting the runways in big numbers to make up for time lost during the pandemic. McKinsey recently partnered with Skift, a leading travel industry news site, to write a report about travel in the age of AI. McKinsey partners Alex Cosmas and Vik Krishnan join global editorial director Lucia Rahilly to discuss a new report on travel in the age of AI: what the technology’s promise and pitfalls are and what it may mean for the travel industry overall.

Theme music produced, composed, and performed by Joy Ngiaw.

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