Page 48 - Kuwait-Three-Years-Business-Outlook-2019-2020-2021

. .
Kuwait Hospitality Sector by World & Travel Tourism Council

KHOA

DATA, REVOLUTIONISED Data, through the Internet of Things and machine learning, has become a driving force of the economy- enabling unprecedented
personalization and connectivity. The Internet of Things (IoT) and machine learning will deliver unprecedented ability to better understand and predict outcomes,
becoming the lynchpin of new applications, strategies and business plans. These technologies offer tremendous opportunities for the Travel & Tourism sector to
provide connected, personalized and integrated customer experiences. Crucially, though, trust and accountability are also required. Data collection via smart devices
enables consumer empowerment through access to information – but it also increasingly makes consumers uneasy when it comes to their safety, security and privacy.

POWER, REDISTRIBUTED Power and demographic shifts from West to East and nations to cities are redefining centers of influence and reshaping global markets,
while individuals increasingly mobilize and demand accountability. The coming decades will be marked by changing power dynamics resulting in the emergence of new
centers of influence. A geographical shift toward the East and South, a growing, predominantly Asian middle class, and increasing urbanization will have dramatic
effects on global markets. This power revolution will require the sector to keep up with the demands of the most sought-after consumers and may also compel them to
address the repercussions of these shifts in today’s hyper-connected world. There is significant potential for Travel & tourism organizations to embrace new
opportunities, but they will also need to deeply understand and develop a point of view on social issues to shape their own future. CONSUMPTION, REIMAGINED As
a response to escalating environment risks, consumer awareness has translated into more ethical and resource-efficient lifestyles and which are driving the decision-
making of younger generations. As the availability of resources and health of our planet are increasingly threatened, there is a need for responsibly balancing short
and long-term priorities. The durability of existing business models are called into question, with the private sector facing increased scrutiny and pressure to act. In this
context, sustainable business practices can become the core of a robust growth strategy for the Travel & Tourism sector, one that makes safeguarding destinations,
environmental leadership and community health integral to the customer experience.

TRAVEL & TOURISM IMPLICATIONS Cater to the lifestyle traveler. As the structure of people’s lives become more fluid and self-directed, and traditional boundaries
between work and leisure time diminish, individuals integrate travel more deeply into their daily lives. Consider ways to offer travel experiences that provide continuity,
access, and that accommodate a variety of daily activities. Encourage connectivity and outreach. Invest in opportunities that will allow travelers to immerse themselves in
new cultures, engage with diverse perspectives and support local communities and issues they stand for. Take a fresh look at business models. Sharing assets could
enable expansion into new markets that would otherwise require significant new resources. Turning assets and inventory that would otherwise go unused into offerings
that deliver on consumer desire for self-expression through spontaneity could create new revenue streams. Assess pivotal challenges. How organization's resolve

48