049 ⎢ The Evolving Experience Economy in Australia and New Zealand

In this insightful episode of the Tourism Hub Podcast, host Despina Karatzias delves into the evolving experience economy in Australia and New Zealand. With a focus on the latest report from Arrival, Despina unpacks key trends, challenges, and opportunities for tourism experience makers in the region. As she navigates through the comprehensive insights from the report, she reflects on what these findings mean for businesses across the region.

Despina discusses the importance of the experience economy, especially in the post-pandemic landscape where local and domestic tourism has rebounded more quickly than international markets. She highlights the critical nature of adapting to new trends, such as the rise in online and mobile bookings, and the necessity for businesses to leverage digital marketing and mobile optimisation.

The episode also covers the adoption of dynamic pricing models, which allow businesses to maximise profitability during peak times and encourage bookings during quieter periods. Despina emphasises the need for small tourism operators to embrace technology and reduce reliance on OTAs to remain competitive.

Tune in to discover actionable insights and strategies, including the use of booking software and channel managers, to optimise operations and improve business performance. Despina wraps up with key takeaways and an action plan designed to help tourism operators thrive in this ever-evolving landscape.

01:43 - Breaking down the data: Key takeaways from the arrival report

03:33 - The pivotal role of the experience economy in modern tourism

04:54 - Survey of 318 operators on dynamic pricing across Australia and New Zealand

08:46 - 44% of operators report booking volumes surpassing 2019 levels post-pandemic

10:30 - Half of all operators now use channel managers for efficient booking management

12:59 - Austrade report: 5,000 small tourism businesses projected to close between 2019-2023

15:44 - Reflecting on the evolution of the experience economy in Australia and New Zealand

References:

Arival - The Outlook for Experiences in Australia and New Zealand

Austrade - Tourism Businesses in Australia

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Show hosted by Despina Karatzias and brought to you by Tourism Hub in association with Institute Of Excellence.

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