Fifth run of TravelRave festival due in late October
The Singapore Tourism Board has released its first TravelRave report, recapping key highlights from the travel trade festival TravelRave 2013. Among the issues raised, the report underscored talent, technology and the “Asian millennial traveller” as key areas that need to be addressed.
TravelRave is billed as a “unique week-long platform for Asian-focused knowledge and insights from the region’s prominent travel and tourism leaders”. The fourth edition last year attracted more than 10,800 attendees across related sectors in tourism, helping delegates get a more extensive understanding of Asia’s changing landscape and its increasingly sophisticated consumers, as well as to discover new business opportunities.
The report sets the tone for the fifth run of the festival, which takes place in Singapore on October 27 to 31 this year.
One of the prominent themes highlighted was the challenge of attracting, retaining and developing high quality talent at all levels in Asia’s travel and tourism industry. These challenges include high turnovers, skill mismatches and employees unprepared for leadership roles.
In response, working groups were formed out of the Asia Travel Leaders’ Summit, a thought leadership platform in TravelRave. An initiative that arose from this process was the Executive Development Program, led by Marc Dardenne, CEO Patina Hotel and Resorts, in collaboration with Shatec and DePaul University. The inaugural program will be launched this month.
Asia continues to drive international tourism growth. A joint study by the Singapore Tourism Board, Visa and McKinsey & Company delves into the profile of the Asian Millennial Travellers, a segment touted as the most educated and connected generation in modern history. The study reveals that over the next decade, millennial travellers (born between 1981 and 1995) will enter their peak earning and spending years, presenting significant business opportunities for the travel industry.
The Asian Millennials’ expenditure on international travel is expected to increase by 1.6 times to $340 billion by 2020.
[pictured: Haji Lane; © Singapore Tourism Board]