The rethink in the travel industry is also based on the fact that their customers - the travellers - only want to go on holiday where they see and experience sustainability. So how seriously do travel companies take these wishes?
Amadeus commissioned a survey of 896 senior sustainability decision-makers in nine markets and seven business segments of the travel industry. The study shows that the global travel industry is optimistic about meeting the UNWTO's proposed target of net zero emissions by 2050.
89% of ESG decision-makers are convinced that the industry can achieve its goal. Of these, 36% believe it is achievable without adjustments, while 53% believe it is possible, but progress urgently needs to be accelerated.
The key is to focus on action. 90% of respondents have a strategy in place to progressively achieve their environmental sustainability goals or plan to implement such a strategy by 2024. 94% of respondents are currently or plan to actively engage in social sustainability initiatives that have an impact beyond their own organization. This commitment goes hand in hand with higher investments: 46% of respondents expect to invest more in 2024 than in the previous year.
High costs and a lack of knowledge
Despite the optimism, the study identified obstacles to the implementation of initiatives in the areas of environment, social affairs and governance:
- 40% cited cost as the biggest barrier to environmental engagement, followed by lack of technology and knowledge (30%) and management approval (25%).
- The biggest barriers to social initiatives include lack of technology (32%), cost (31%), lack of knowledge (28%) and management approval (27%).
- Barriers to governance initiatives include lack of knowledge (31%), cost (31%), lack of technology (29%) and management approval (25%).
In particular, the study highlights the clear and recognised role of technology in achieving industry goals, with 92% of respondents stating that technology is important in helping companies achieve environmental sustainability goals. 91% said the same for social goals. Artificial intelligence and virtual reality were particularly important:
- 33% of respondents cited generative AI initiatives as the technology with the greatest potential to accelerate environmental sustainability, as it can inform travellers of more sustainable options throughout their journey.
- 31% said technology to improve operational efficiency and access to data was important for true personalization.
- 38% said they can help drive social progress by improving accessibility to travel on public transport, at airports or on flights through integrated technology.
More cooperation in the industry desired
There is still work to be done for the industry to achieve its sustainability goals. 37% of ESG decision makers recognized that more technological solutions are needed. Those who felt it was unlikely they would achieve their goals within the given timeframe emphasized the need for further collaboration within the industry (33%).
The survey was conducted from September to October 2023 by Opinium Research, a strategic analysis company. The results are based on the statements of 896 senior decision-makers responsible for sustainability and ESG at travel companies, hotels, mobility companies, airports, airlines, DMOs and companies in markets such as Australia, France, Germany, India, Mexico, Singapore, Spain, the UK and the US. / red