Key Trends in Luxury Travel: Key market trends, opportunities, and challenges in the luxury market
This report provides analysis of traveller types and key market trends which are contributing to a key segment within tourism currently - luxury travel. Major and upcoming destinations are assessed, along with an analysis of key trends to provide valuable insight. Challenges along with opportunities in the industry are explained in relation to industry examples.
Perceptions of luxury travel differ from person to person but it is often associated with traveling first class, staying at five-star hotels, and receiving impeccable and personalized service at every stage of a trip.
Increasing world wealth will also mean more opportunity to offer experiences at the luxury end of the scale. Credit Suisse’s Global Wealth Report 2018 reported that aggregate global wealth rose by $14 trillion to $317 trillion in 2018, which represents a growth rate of 4.6% for the year. Wealth per adult grew at a record-breaking 3.2%.
Hotel chains with the most famous luxury brands include Marriott, Hilton, Hyatt, and Accor. Companies such as the Four Seasons and Kempinski are fully focused on premiumization and do not want to dilute their brands by offering lower-end accommodation options. In terms of airlines, most full service carriers (FSCs) are involved with luxury travel in one way or another through their business and first class offerings.
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