1. Market Research
  2. > Travel and Tourism
  3. > Tourism Market Trends
Premiumization in Travel and Tourism, 2021 Update - Thematic Research

Premiumization in Travel and Tourism, 2021 Update - Thematic Research

  • February 2021
  • 34 pages
  • ID: 6020567
  • Format: PDF
  • GlobalData

Summary

Table of Contents

Search Inside

Premiumization in Travel and Tourism, 2021 Update - Thematic Research

Summary
Luxury travel has historically been centered around the use of premium products and material possessions to create a luxury holiday. As the millennial generation becomes a larger percentage of the luxury traveler population, their preference for transformational experiences over material goods will change the premiumization industry.

This thematic research report takes an in-depth look into the theme of premiumization and its role within the travel sector today.This report analyzes key leaders in this theme, the industry in the after-effects of COVID-19, alongside key macroeconomic and premiumization-specific trends in the theme.

This thematic report dives deep into the industry, whilst giving case studies as real-time examples of how premiumization has impacted the travel industry, especially after COVID-19. Recommendations are then offered for the travel sector on how to adapt to and maximize return from this theme.

“The Oxford Dictionary definition of premiumization is ‘The action or process of attempting to make a brand or product appeal to consumers by emphasizing its superior quality and exclusivity’. Premiumization can occur at many points of the travel process, however each different traveler’s perception of premium and luxury will be different. This gives scope within the theme to attract a wide, and new range of travelers. The overall identity of luxury has changed massively over past decades, where premium travelers are now looking for new ways to premiumize their trip”

Key Highlights
- Premiumization is linked with personalization, improving the service given in the travel and tourism space, something that is highly regarded by premium travelers.
- COVID-19 is the biggest macroeconomic trend to impact the theme in 2021. The effect it can have on the premiumization theme has the possibility be two-fold.
- Transformational travel is still at the forefront of the theme. With more millennial luxury travelers, the search for an experience and more meaningful travel is still present, and is even heightened amid COVID-19. This will allow for a future focus on health and wellness luxury tourism.
- Worldwide travel restrictions and lockdowns have caused occupancy rates to drop across the board, however luxury hotels have not responded by reducing prices to maintain brand and premium image.
- Examples of how some companies have ‘overdone’ the premium aspect and resulted in a loss, and the implications of this.

Scope
- This thematic report provides an overview of the Premiumization role within the travel & tourism sector today and how it is important for continued revenue growth.
- The key trends within this theme are split into macroeconomic trends and general premiumization trends that will impact how the theme impacts the industry.
Includes several case studies that analyze the ways that travel companies have adapted to the theme.
- Our unique thematic analysis then dives deep into how other industry themes, such as personalization and ‘Big Data’ have aided the expansion of premiumization, and the impact of COVID-19 on this theme.

Reasons to Buy
- Understand the current premiumization trends within the travel landscape today and how these will develop in the near future.
- Assess how companies are implementing premiumization into operations, and if they are not, why.
- Acknowledge both advantages and disadvantages of attracting a premium customer, and how it is important to remember the wider picture when doing so.
- Discover recommendations that will help attract the premium traveler and help to develop strategies in doing so.
- 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.
- All across the travel and tourism supply chain now have an opportunity to capitalize in the premiumization market and there are notable examples of this. Therefore, all should buy this report to fully understand how this theme will continue to be a key theme in the future travel landscape.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.

ref:plp2021

Reportlinker.com © Copyright 2021. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on