This report identifies the key challenges that will shape the business environment for tourism and travel over the next 18 months
BRISBANE, February 2020. EarthCheck today released its inaugural trends report, “Navigating the circular economy, disruption and design thinking”. The report was put together with four of the world’s leading thought leaders (BMI, HSBC, Twenty31 and South Pole) to help identify and understand the key challenges that will define tourism and travel over the next 18 months.
In many ways 2020 cannot be treated as business as usual. It heralds a new period of time where societal, economic and environmental uncertainty and disruption will become the norm. Unfortunately the Asia Pacific region has now started to better understand what the new norm looks and feels like.
It is now abundantly clear that not only is regional and global climate change a reality but there are other hazards and vulnerabilities that need to be factored into forward business plans. Managing risk, building resilience and factoring in adaptation and recovery responses have now become standard operating procedures.
“While the trends are somewhat confronting they help to explain the new norm which is beginning the play out across the world. Not all is lost…where there are challenges identified in the report there are also opportunities recognised for new and innovative ways of doing business in the future.” said Stewart Moore, CEO and Founder of EarthCheck.
Each insight provides practical examples of how to respond to changing market conditions in a timely and strategic fashion. The trends include:
- The Coronavirus: Moving beyond monitoring;
- Sustainable Finance, Insurance Premiums and the Reallocation of Capital;
- Moving from Risk to Resilience and Adaptation;
- The Shift to Circularity and Design Thinking; and
- Tourism4Impact…the future of climate action.
EarthCheck’s deep science and patented methodology and software platform was created for the world’s travel and tourism industry by the Australian Government’s Cooperative Research Centre for Sustainable Tourism (STCRC) over a 10-year period. The STCRC grew to be the largest dedicated tourism research organisation in the world. Today, EarthCheck continues its thirty-year journey to support the development of a dynamic, internationally competitive, and sustainable tourism industry.