THE TRAVEL INDUSTRY TURNED UpSIDE DowN

THE TRIANVDEULSTRY turned

upside down

Insights, Analysis and Actions for Travel Executives

In Partnership With September 2020

This work is independent, reflects the views of the authors, and has not been commissioned by any business, government, or other institution.

The Travel Industry Turned Upside Down

AUTHORS

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Seth Borko is a Senior Research Analyst at Skift and is based in New York. Seth's research focuses on online travel, travel economics and company financials and investments. Seth is an avid scuba diver and has traveled to dive sites across the globe.

Wouter Geerts is a Senior Research Analyst at Skift and is based in London. Wouter's research focuses on the hotel sector, short-term rentals, and technology. Whenever possible he actually prefers to stay in less formal accommodations, and is excited to see the current boom in camping and outdoor events.

Haixia Wang is the VP of Research at Skift and is based in Seattle. Haixia's work focuses on advertising and marketing, ecommerce, and consumer trends. As a first-time resident of the west coast from New York City, Haixia is looking forward to many long road trips in this part of the country.

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Supporting contributors

McKinsey & Company, the global management consulting firm, provided analytical support and industry perspectives to this research.

Jasperina de Vries is an engagement manager in McKinsey's New Jersey office. Jasperina serves travel clients and specializes in digital solutions. Jasperina loves camping and road trips and once traveled 15,341 kilometers in a tiny car from Europe to Mongolia.

Vik Krishnan is a partner in McKinsey's San Francisco office. Vik leads McKinsey's travel practice in North America and also serves clients in the Aerospace & Defense and Private Equity sectors. He has visited 101 countries and all 50 US states, and is eager to start traveling again.

Ellen Scully is a consultant in McKinsey's Seattle office. Ellen specializes in service operations and is a part of the travel practice COVID-19 response team. While she patiently awaits the opportunity to visit her seventh continent, she loves getting outside and exploring the beautiful US national parks.

Jules Seeley is a senior partner in McKinsey's Boston office. Jules works with companies across travel and logistics and leads QuantumBlack North America, an advanced analytics firm operating at the intersection of strategy, technology and design. Jules also leads Digital & Analytics for McKinsey's global travel practice. Jules is looking forward to catching up on missed trips with his family as we emerge from this crisis.

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Acknowledgments

The authors would like to thank the following travel executives and corporate travel managers who generously shared their perspectives through interviews with us: Alex Alt (Senior Vice President & General Manager, Oracle Hospitality), Andy Cassidy (Corporate Travel Manager, AMC Networks), Arne Sorenson (CEO, Marriott International), Brett Tollman (CEO, The Travel Corporation), Chris Nassetta (CEO, Hilton), James Thornton (CEO, Intrepid Travel), Keith Barr (CEO, InterContinental Hotels Group), Mandy Chan (EU/CA Workplace Resources Manager & Global Travel Manager, The Mozilla Corporation), Matt Roberts (CEO, Vacasa), Pam Booth (Group Procurement Manager, Impellam Group), Steve Kaufer (CEO, Tripadvisor), Taimur Khan (General Manager and Vice President, Travel, Transportation, and Hospitality, Salesforce). We have also spoken with a few corporate travel managers on condition of anonymity and would like to thank them for their contribution as well.

We also would like to thank IATA, WTTC, trivago, ADARA, and OTA Insight for making available their data.

We also acknowledge Skift's Rafat Ali, Carolyn Kremins, Tom Lowry, and Dennis Schaal and McKinsey's Chris Bailey, Urs Binggeli, Margaux Constantin, Alex Cosmas, Melissa Dalrymple, Alex Deshowitz, Alex Dichter, Will Enger, Guenter Fuchs, Dwayne Henclewood, Evgeni Kochman, Ryan Mann, Alicja Mokwinska, Esteban Ramirez, Steve Saxon, Nathan Seitzman, Jonathan Steinbach, Peimin Suo, Jillian Tellez, Nina Wittkamp, and Jackey Yu for their contributions to this report.

We'd also thank Skift's Joanna Gonzalez, Brian Quinn, Dawn Rzeznikiewicz, Kat Townsend, and Danielle Wagstaff and McKinsey's Kelly Kolker, Rene Nunez, Karen Schenkenfelder, and Anchit Sood for their creative, editorial, external relations and communications support.

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