Driving travel bookings -- and increasing revenue growth -- are four main factors and by catering to these factors, hospitality and tourism professionals can ensure continued revenue growth.

Learn what's driving travel bookings, so you can tailor your service accordingly.

1. New Money

New money brings with it the capital to achieve long-held dreams, so it should be no surprise that many newly wealthy individuals are choosing international travel. When incomes rise and home economies are stable, people across the world feel free to use their capital on pleasurable experiences rather than save for an uncertain future.

Across the Asia/Pacific region, Africa, and the Middle East, newly wealthy individuals emphasize values such as living richly and enjoying new experiences. Travel fulfills these values.

2. Affordable Airfare

Ticket prices are dropping thanks to a blend of factors, from lower fuel prices, carrier competition, and a rise of low-cost airlines. While this news is unwelcome in the airline industry, which is using ancillary fees to increase profit margins, it benefits travelers who can get more from their purchasing power.

3. Corporate Travel

This year, business travel is projected to grow by over 6 percent. In China and India, the growth of business travel is particularly steep due to the relentless pace of economic growth in those countries. Industry consolidation, pressure to book directly instead of though online travel sites, and stricter cancellation policies help hotels capture a greater share of every business dollar.

4. Experiential Travel

The buzzword of recent years, experiential travel is still a major driver of tourism. Consumers in general are spending more money on dining out, travel, and recreation, and less money on material possessions. Experiential travel focuses on experiences rather than consumer goods, for instance offering travelers the chance to create once-in-a-lifetime memories through a cultural exchange or wildlife encounter.

When you keep pace with tourism trends, your hospitality business will thrive.

This article first appeared on the SSTH blog.

Ecole hôtelière de Lausanne (EHL) is an ambassador for traditional Swiss hospitality and has been a pioneer in hospitality education since 1893. It has created and inspired a unique professional community of over 25,000 hospitality managers, united by the values and the legacy of EHL.

EHL is a leading university that provides learning solutions for enthusiastic, talented and ambitious students from over 100 different countries. With undergraduate, graduate and certificate programs, EHL offers its students a range of on-campus and online education opportunities at different stages of their professional journey.

EHL is regularly recognized as the best hotel management school in the world with the highest graduate employment rates in the industry. EHL is a member of EHL Holding SA, a Group dedicated to hospitality management education.

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