It was fascinating listening to Greg O’Hara, one of the world’s leading travel investors, discuss the opportunities he foresees in the next decade.
His key takeaway was that if you believe half the AI rhetoric, the average worker’s leisure time per week will increase from 2 to 4 days, thereby doubling the opportunity for travel or other leisure activities.
Therefore, in his opinion, investing in “Wellness”, which encompasses hotels with spas to golf course complexes, is a no-brainer. This is particularly true in the wellness sector, where demand already surpasses supply, such as digital detox retreats, immersive wellness experiences, or digital nomad workspaces designed to foster environments that are optimal for mental health in the workplace.
Most workers only have 25-30 days of holiday a year; however, that could easily double to 60 days in the next 10 years if AI advances at its predicted rate, so what travel products will UK travellers flock to moving forward?
The answer is probably a mix!
Logically, Airbnb will continue to expand rapidly if local tourist authorities do not hinder it, as more travellers seek the extra space and “Home from Home” experience provided by this service as they aim to extend their stays and possibly even work from their holiday destination.
Since Covid-19, I have been running my various businesses from a pod in my garden in Rochdale. With my virtual background always switched on, few people ever realise when I change location. Therefore, spending a month working in Spain or France, when necessary, becomes much easier for me and many other Brits. However, hotel rooms would not provide the space and comfort needed for such a long period; a rented Airbnb house meets many more of my needs at a significantly lower cost.
Increasing sporting activities such as running, cycling, and golf seem inevitable, fostering the opportunity to create niche travel businesses focused on these specialist sectors. Personally, this appears to be an attractive investment prospect for my retirement, especially if they can meet my own travel needs.
Many people will wish to travel further and longer than ever before. My Meta Ray-Ban sunglasses are more of a toy than a travel tool at present, but hearing Spanish conversation and having the translation whispered into my ear is already a fantastic experience.
Being slightly older, I remember the fictional character Arthur Dent dropping a “Babble” fish into his ear to understand various languages in The Hitchhiker’s Guide to the Galaxy. However, AI is rapidly turning this into a reality, making global travel much easier for all of us.
Inevitably, this will in turn greatly expand the world’s range of holiday destinations, revealing unexplored yet more affordable regions such as Indonesia and South America.
The most significant increase in volume, however, is likely to occur with increased short breaks to Europe’s beaches and cities, propelled by the seemingly endless expansion of the UK’s low-cost airlines.
I already have friends who travel virtually every weekend after working Monday through Wednesday, in the less-than-sunny Rochdale. How many UK residents will this become a lifestyle choice?
Of course, some commentators may be having a fit at this stage, worried about the emissions and Global warming impact of so much travel.
However, if you listen to the leaders of the AI technology giants, the age of “Radical Abundance,” delivered by AI, will quickly provide us the economic wealth necessary to meet the investment required to address global warming.
Importantly, we already know the solution to Global Warming. Still, we are not making the necessary investment to greenify our electricity production, ban all combustion engines, and insulate our homes to eliminate the need for gas central heating.
I am quickly becoming a Green “Optimist” who, although deeply concerned about Global Warming, believes it’s a threat that humanity can easily address with the right focus and that it’s not a reason to halt our wanderlust and desire to explore new cultures in foreign lands.
Getting ahead of this investment trend seems a smart way to use my remaining years in the travel industry, so reach out if you have ideas and need to secure funding to develop them.