Kwon Ping Ho, founder of Banyan Group, has over 30 years of experience in the hospitality industry. His Luxury Hotel Chain, launched in 1994, now operates more than 90 hotels worldwide. Ho observes that modern tourists have markedly different expectations compared to earlier generations. While past travelers often opted for group tours and hotel dining, today’s youth seek unique, immersive experiences that allow interaction with local communities.
This shift in travel preferences aligns with findings from a McKinsey survey, which revealed that 52% of Gen Z travelers are willing to spend more on experiences, compared to 29% of baby boomers. The typical tourist demographic has also diversified, moving away from predominantly Western travelers to a more global mix, including individuals from developing countries.
Ho notes this evolution as a “rainbow tourism” phenomenon, highlighting the increasing complexity and richness of global travel experiences. The UN projects that 1.4 billion tourists will travel internationally in 2024, marking an 11% increase from 2023.
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