Euromonitor International has recently released their Global Luxury Travel Trends Report with some interesting findings on the luxury travel industry. The research primarily pointed to emerging trends in luxury travel, where expensive consumerism is out, making room for more meaningful and authentic experiences and an increasing conversion to mobile technology as a means of boosting the entire luxury package. Furthermore, while luxury tourism is still popular in developed markets such as Europe and the US, there is an increasing interest in international luxury travel to emerging destinations, predominantly in the southern hemisphere.
Read more about the value on luxury experiences over luxury items
This growing trend is largely driven by a booming demand from an ever increasing middle class with more liquid income. From this emerging group, the report highlighted four distinct profiles of luxury travelers;
– The independent minded traveler who is looking for authentic experiences that are also active and personalised.
– The explorer who wants extreme experiences and is willing to put a limitless budget on it.
– The classic luxury traveler, who still holds great value on high quality and high service.
– Streetwise purchasers, a younger generation of traveler that are more social media savvy.
The purpose of the Global Luxury Travel Trends report is to provide insight into the luxury travel industry by determining the size and shape of the luxury goods, highlight hot topics, identifies emerging trends and addresses industry issues. Forecasts in the report seek to illustrate how the market is expected to change, including criteria for successful marketing techniques. Primarily by highlighting the emerging opportunities that are expected to develop.
