2021 was a rough year for the travel and tourism industry. As governments across the world implemented travel restrictions, complete bans, and stay-at-home measures to contain the spread of coronavirus, it meant that the global market size of the travel sector saw its biggest drop in the last decade.
From $1,868.5bn in 2019 to $1,094.8bn in 2020, the tourism sector fell by 41%. More than 33 airline companies declared bankruptcy or similar. The European Federation of Travel and Tour Operators estimated that the pandemic caused the sector turnover to plummet by almost 90%.
However, between 2020 and 2021, the industry saw a massive boom again as countries turned to domestic tourism and travel.
As countries begin to open up again, customers are desperate for the holidays they have missed. Industry experts are predicting an inundation of travel in the next few years. While the industry is at a low, now is the time to invest in travel and leisure franchises so you can meet that industry boom coming shortly.
1. Do it for the coveted travel experience
When you invest in a travel franchise, you open yourself up to new opportunities and adventures. So many have been eager for the chance to travel again. With so long spent working from home, now is the perfect excuse to invest in a travel franchise and say goodbye to the remote office and hello to the world.
Not only will this be a fantastic experience for you, but it can help to improve your foreign languages if you travel to a franchise across the world or in another country. It can also open up your investment portfolio and make you a great candidate for future investment. This leads us to our next point.
2. Never was there a more diverse and multinational market than the travel industry
With so many different cultures across the world and in the travel industry, investing in a travel franchise is a diverse experience that opens the border to a multinational market. Each year, more travel franchise opportunities in the UK open in more countries – tourism in Arab and African countries has boomed over the last decade and represents huge profitable markets.
Travel franchises are one of the most ideal choices for investing in foreign franchises and diversifying your investment portfolio. There is a wide list of franchises available in the travel industry that make it suitable for immense and constant expansion.
3. Travel is a long-established market with constant potential for expansion
As we’ve discussed, the diverse potential of travel franchises opens it out to a potential for almost constant expansion with limitless opportunities. Because it is so long-established, it has a stable ground from which to develop. This means that expansion can be gradual and rely on that sound base.
Companies like Airbnb are revolutionising the travel industry by taking these long-established market trends, such as hotels, and seeing how they can innovate them. Airbnb offers affordable and diverse options for travelers of all kinds, opening travel up to lower-income travelers and opening BnB ownership to anyone.
4. Get to experience the turning trends first-hand and discover new culture
That’s another thing about investing in a travel franchise: because this is one of the most swiftly and often evolving sectors, you’ll be right there when a market trend opens up and the first to envision how to implement this across your investments.
However, thinking more outside of the box, when you invest in foreign franchises and experience that culture first-hand, you get to experience the new trends first-hand as well. So much of the UK’s culture is influenced by other cultures from overseas. For example, the poke bowl trend in restaurants across the nation came from Hawaii and the pastel trend sweeping clothing franchises originated in Japan.
5. There are plenty of affordable investment options
Because travel franchises are so diverse, there are plenty of affordable options open to investors without the big banks behind them. In fact, there is such a wide range of potential investment opportunities available.
6. Franchisors never leave their franchisees on their own
One thing universal about travel franchises is that the franchisors care about their image and how you represent them once you invest in the company. As a franchisee, you will never be left to navigate the business by yourself.
Most franchisors will organize for regulated training of all new managers and franchisee operators to make sure that staff all know how to follow the standards already delivered by the franchise.