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Key Trends in Luxury Travel, 2020 Update - Key Market Trends, Opportunities, and Challenges in the Luxury Market

Key Trends in Luxury Travel, 2020 Update - Key Market Trends, Opportunities, and Challenges in the Luxury Market

  • December 2020
  • 28 pages
  • ID: 6003595
  • Format: PDF
  • GlobalData

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Key Trends in Luxury Travel, 2020 Update - Key Market Trends, Opportunities, and Challenges in the Luxury Market

Summary
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.

Key Highlights
- Luxury holidays can be defined differently by each individual person. Some travelers will embark on one luxury holiday in their lifetime, some will go on only luxury holidays, and some will go on none at all. What is defined by luxury differs from traveler to traveler, and perceptions can be influenced by previous experiences.
- Making the traveler feel welcome and appreciated for their custom, the individual attention will go a long way and separates any normal holiday from a luxury trip. Luxury travelers will expect the best service and products for the price they are paying for it. Personalization is important in this process as it makes the traveler feel valued and helps to secure future business.
- Technology will aid in the move to more personalized stays. Loyalty programs are a useful way to gain information on traveler habits, where technological advances such as app-enabled trip itineraries and voice assistants will aid personalization on the trip.
- Some travelers will travel luxury for every trip they take, however some will embrace a little luxury on a trip for a special occasion, such as a honeymoon, a ‘babymoon’ (holiday taken before a child is born), a promotion or retirement. These trips are usually ‘once-in-a-lifetime’, and will take years of saving up for this special occasion. Casual luxury travelers have different characteristics to frequent luxury travelers.
- High Net Worth travel is a lucrative industry, where travelers would spend an amount on a single trip that others may not spend on a number of trips in their lifetime. This is for the ultra-rich, who have very high expectations, and they come with certain characteristics. This type of traveler has money but is often time poor.

Scope
- Tourism Insights Report "Key Trends in Luxury Travel", looks at the key trends & issues within the luxury travel segment, as well as the opportunities and threats. It also offers an insight into key destinations, traveler groups, and into the strategies of the leading companies.

Reasons to Buy
- Gain an insight into the luxury travel segment
- Understand the key traveler types luxury travel facilities and hotel companies can look to attract
- Look at the key destinations and why they appeal
- Gain a detailed understanding of the key trends, issues and challenges facing operators in the luxury travel space

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