Travel spending continues to rebound with experiences spending growing, according to GetYourGuide research. GetYourGuide CEO Johannes Reck joins Brad Smith on Wealth! to talk about what the company that connects travelers with activities and tour guides, has learned about the experiences market. “We’ve seen a lot of traction in this space. Research indicates that it’s a $300 billion market a year, and that’s just the beginning of it. The market continues to grow, the market continues to expand. And if you add what people actually are doing on their weekends, it’s a $1.7 trillion market. So it’s one of these generational shifts where people spend less and less on physical goods and more and more on experiences,” the CEO tells Yahoo Finance. “People are turning more and more to online platforms to book experiences. The online platforms are now two times the size [that they were prepandemic in] 2019..” He notes that consumer behavior around booking travel experiences varies across the globe. “What we’re seeing is that people are really wanting to turn to these platforms to explore their passions… There are different behaviors across the globe. In America; for instance, Americans are really deep into social media, and they look at multiple social media platforms, two to three social media platforms before they make a booking. So, that’s really where they get their validation on, you know, the experiences that they want to consume. While in Germany, where I’m sitting today, we are really value-conscious. So they will look at, you know, what’s the best price. They will, you know, look at the reviews.” “We’ve seen suppliers and supply partners and experience creators flock our platform. And this is even more true post-pandemic than it was pre-pandemic. So this is a real movement now. And we have more than 55,000 experienced creators now live on our platform.” He explains that the platform now leverages artificial intelligence tech to allow content creators to determine the right price point for their experience offerings.
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