Travel companies develop alternative payment methods for frugal consumers
Implications - Seeking to appease sightseers on a budget, companies in the travel industry are developing alternative payment concepts that allow people to pay with personal skills and contributions. This is in step with consumer demands for discounts and exclusive offers.
Workshop Question - As more consumers prioritize budget-friendly products and experiences, how will your brand stay competitive in your market?
Trend Themes
1. Alternative Payment Methods - Travel companies develop payment concepts that allow people to pay with personal skills and contributions as a solution for customers who need discounts.
2. Skill Exchange Platforms - Platforms like Worldpackers, GigRove, and The Backpacker Intern enable travelers to find lodging accommodations by exchanging personal services or skills instead of monetary payment.
3. Volunteer Travel Programs - Organizations such as Love Volunteers offer affordable travel programs for members to gain valuable travel experience while contributing to foreign community development.
Industry Implications
1. Hospitality & Tourism - Hospitality and Tourism industries can consider implementing alternative payment methods and accommodations that cater to budget-conscious customers.
2. Human Resource Management - Human resource management professionals can develop more efficient and effective ways of recruiting candidates who can trade their skills and expertise while driving business growth.
3. Non-profit Organizations - Non-profit organizations can develop more meaningful and sustainable travel programs for volunteers that align with their mission and vision for community development.
