Exemplar: The Travel Industry

While tourism has always been in the experience business, it has evolved over the past 50-75 years in a way that mirrors the Progression of Economic Value.

Initially, it operated as a production-oriented industry, catering to the more tangible needs of traditional consumers. The focus was on offering concrete and well-defined aspects of travel, such as comfortable accommodations, reliable transportation, and other material comforts. The industry's main goal was to produce and deliver a tourism product (often, a standardized package) that met the fundamental and straightforward requirements of past consumers who valued stability, familiarity, and the assurance of quality in their travel experiences.

As the Service Economy displaced the Industrial Economy, the industry transitioned to a more service-oriented approach, emphasizing excellent quality, standard processes, and useful amenities. In today’s Experience Economy, the focus further evolved to meet the desire for memorable and authentic experiences with such additions as inviting lobbies, blissful beds, spacious bathrooms, and signature scents.

And now the travel industry – the biggest industry in the world in terms of employment, according to the World Travel & Tourism Council[i] – has started to shift in alignment with the forthcoming Transformation Economy. In fact, what’s know as “transformational travel” is one of its fastest-growing segments.

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