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Premiumization in Travel and Tourism (2022) - Thematic Research

Premiumization in Travel and Tourism (2022) - Thematic Research

  • February 2022
  • 39 pages
  • ID: 5868050
  • Format: PDF
  • GlobalData

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Premiumization in Travel and Tourism (2022) - Thematic Research

Summary
It has been well documented that the pandemic has transformed many travelers into high-net-worth individuals and made the super-wealthy even wealthier. This trend will no doubt benefit the luxury tourism market, while increasing the importance of premiumization for more travelers that can now afford to indulge in luxury products and services during future trips.

This thematic research report takes an in-depth look at premiumization in travel and tourism.Firstly, the players section identifies some of the leading and challenging companies in this theme and categorizes their position in the value chain.

A trends section is then provided, describing technology, macroeconomic, and enterprise trends connected to premiumization.An industry analysis follows, providing insight into the global distribution of wealth, tourism expenditure, lodging trends, use cases, mergers and acquisitions, and a timeline which showcases the emergence of premiumization in travel and tourism.

Penultimately, the premiumization value chain is reviewed, with each segment of the chain being given an in-depth description. Finally, the leading and challenging companies in the premiumization theme are outlined, along with their competitive position in the industry.

The increased need for privacy, greater focus on health and wellbeing, desire to tick off ‘bucket list’ experiences, unintentional saving of money, tendency to take longer trips, rise of digital nomads, and increase in millionaires means the theme of premiumization will continue to grow in importance

Key Highlights
- As well as being the driving technology behind smart cities and destinations, IoT technology allows for ultra-comfort and convenience in the upscale and luxury markets.According to Q3 2021 Emerging Technology Sentiment Analysis Survey, 48% of respondents stated that they have become ‘more positive towards this technology’ in the past year when asked about their perception of IoT.

This growing appreciation for IoT has especially been seen in the lodging sector.For example, a traveler may return to the same upscale hotel every winter.

The hotel company using a smart thermostat could set the heating to the customer’s preferred temperature when they return, which is remembered from last year. Such small, personalized services could go a long way for many customers, especially in the luxury market where attention to small details is greater than in the midscale or budget segments.
- According to Q3 2021 Consumer Survey, 56% of global consumers stated that they ‘somewhat’ or ‘completely’ agree that they are more loyal to brands that support environmental causes. When looking at Boomers (that are most often the wealthiest generation in many countries), 51% echoed the same sentiment, demonstrating that the need for sustainable offerings is not just required by the likes of Millennials. Because of this, sustainability and luxury are becoming increasingly intertwined in travel and tourism. ESG matters are now of high importance for many luxury consumers. If a company is not able to demonstrate that it is acting responsibly, it could now lose out on valuable business. Many luxury consumers now also perceive sustainability to be an important pillar of premium offerings, with responsible services and products reflecting quality.
- The highest average overseas expenditure channel for the US, Spain and Australia was transportation, with these source markets spending an average of $1,198.70 on this channel. One particular reason why these markets spend significantly more than the global average is due to the destinations they most frequently visit. For example, within Australia’s top 10 outbound destinations for 2021, seven of them would be classed as long-haul destinations, due to the average flight time being more than six hours. For the US, six out of its top 10 outbound destinations in 2021 are classed as long-haul. This point fits in to the theme of premiumization as the developed economies of these nations allow many travelers to pay premium prices for flights to visit and experience far-flung destinations that boost their social status.

Scope
- This report provides an overview of premiumization in travel and tourism.
- This report explains why premiumization will continue to grow in importance.
- This report outlines how premiumization will be adopted in the future.
- This report provides examples of what companies and organizations in the travel and tourism industry are doing in reaction to this theme, and how they create differentiation.
- We highlight travel and tourism companies that are leading in this theme, such as Four Seasons, Sixt, Royal Caribbean, Las Vegas Sands, and Flexjet.

Reasons to Buy
- To understand the key theme of premiumization and its current and future impact on the industry.
- To assess the strategies that leading companies are adopting in the theme of premiumization.
- To identify the leading and challenging companies in this theme.
- To understand how this theme is being shaped by a range of different technology, macroeconomic and enterprise trends.
- thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying the important themes early, enabling companies to make the right investments ahead of the competition, and secure that all-important competitive advantage.

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