2010s: The Decade Travel Lost Control of Its Destiny

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 biggest companies in both hospitality and aviation face increased pressure from competitors and shareholders. The global backlash against tourism, as well, presents an existential threat to travel's future growth — as do political realities like those seen in Hong Kong and with Brexit. This was the decade travel lost control of its destiny, entering a new phase in its evolution. The sector's lack of digital innovation and increased consolidation has led to serious questions about the sector’s future as new entrants do their best to build new paradigms. Most importantly, communities around the world woke up to the reality that increased tourism doesn’t bring a windfall or a better quality of life for residents. The most important trend line has been the pushback against globalization in communities around the world and the phenomenon of overtourism giving a title to the destructive forces wielded by the travel sector. Politics has skewed to the right across the world, giving pause to the dream that increased travel and connection will bring the world into a new, more distributed era of prosper