Opportunities in Luxury Tourism: Trends in UHNWI Demographics and Leisure Interests
Luxury tourism has become a fast-growing industry, as an increasing number of UHNWIs are spending wealth on vacations. In the US alone, the wealthiest 5% spend US$3,115 per person per vacation, totalling more than US$390 billion a year, according to the 2016 US Luxury Travel Report by international travel and tourism consultancy Resonance.
At the same time, there is heightened demand for experiences: rest and relaxation are not the only objective of luxury holidays. UHNWIs are increasingly looking to broaden their cultural horizons, get involved in local activities and learn something new or unique.
A boom in luxury travel spending also leads to a surge in high-end hotels and resorts, private jet companies, luxury tour operators and other related concierge services to serve super-wealthy clients. The key question is how to tailor service offerings to match UHNWIs’ leisure and interests on holidays.
This report identifies opportunities in luxury tourism among UHNWIs in North America (the US and Canada), Europe (Germany, the UK, Switzerland, France and Sweden) and Asia-Pacific (Japan, China Singapore, Hong Kong, India) based on trends in UHNWI demographics and leisure interests.
This report identifies opportunities in luxury tourism among UHNWIs in North America, Europe and Asia-Pacific.
It firstly looks at the needs of UHNWIs in the three regions. The report’s main chapter examines opportunities in luxury tourism by highlighting UHNWIs’ demographic trends, sports and interests by wealth band and age group.
The report aims to define customers in luxury tourism by segmenting them based on their characteristics, wealth band, interests and sports. In this way, high-end tour operators, luxury hotels and concierge services can plan strategies and customize product and service offerings accordingly.
It uses WealthInsight’s proprietary HNWI database comprising over 120,000 individuals.
The report is divided into three main chapters, covering the following areas:
The needs of UHNWIs in luxury tourism
Global market opportunities in luxury tourism
Key opportunities in the luxury tourism industry
Reasons To Buy
Understand the needs of UHNWIs in luxury tourism in North America, Europe and Asia-Pacific.
Be informed about trends in UHNWI demographics and leisure interests, and address each trend with regards to luxury tourism.
Be aware of new opportunities in luxury tourism among UHNWIs, and its future outlook.
Build robust expansion strategy and marketing strategy to target UHNWIs in luxury tourism more effectively.
The growing female UHNWI population offers significant opportunities in luxury tourism. WealthInsight analysis shows that the female UHNWI population in countries studied grew at a review-period CAGR of 5.3%, as opposed to a CAGR of 4.4% for male UHNWIs.
Married UHNWIs with small and mid-sized families drive demand for family holidays.
UHNWIs aged above 50 offer significant opportunities in luxury tourism. In North America, they accounted for over 64% of UHNWI population in 2015, over 70% in Europe and over 62% in the Asia-Pacific.
Social work a preferred interest of UHNWIs offering significant opportunities for philanthropic holidays.