Tapping into the Luxury Travel Market: Analysis of luxury tourist profiles and trends, market performance, and key opportunities
GlobalData’s Tapping into the Luxury Travel Market, report provides an in depth analysis on the key industry and consumer trends in luxury tourism for 2018. It offers a particular insight into the preferences of UHNWIs and HNWIs and by country, gender and age. The report also examines successful industry case studies, allowing clients to understand how players have sought to capitalize on the emerging trends in the luxury travel segment.
Whereas luxury travel was once associated with first-class transportation, five star accommodation and Michelin starred restaurants, upscale tourism is gradually changing, with travelers shifting from opulence to exclusive experiences. Changing consumer perceptions and priorities are redefining the concept of luxury in travel; high appreciation of different cultures and a prioritization of experiences over ownership of goods has resulted in travellers seeking deeper travel experiences.
Upper middle class, high-net worth (HNWI) and ultra-high net worth individuals (UNHWI) were the main consumers able to afford to go on luxury trips. However, as the concept of luxury tourism is changing, so does the target audience for such holidays. For instance, millennials are not among the wealthiest generations and hence would not be considered a target demographic for luxury tourism under its traditional meaning. However, the concept of luxury is interpreted differently by different people; whereas millennials may not be willing to spend much on upscale accommodation, they may be willing to trade up on exclusive activities.
The report allows clients to understand how different cohorts present opportunities for luxury tourism businesses. By analysing consumer and market trends, it provides an insight into how such businesses must proceed to successfully target such consumer segments.
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