Luxury travel puts experiences over dollars

New report outlines what luxury travellers want
Learning and enrichment, giving something back, instant gratification and great service are the key trends defining luxury travel today, according to the Limited Access Luxury Travel Report developed by MyTravelResearch.com, Executive PA magazine and the Luxperience travel show.
Today’s luxury travel reflects wider macroeconomic trends including rising levels of inequality, which make conspicuous public displays of wealth less acceptable.
Also higher spiritual and emotional motives are now coming more into play, such as the need for inner fulfilment, creativity, self-esteem, belonging and contentedness.
In short, experience transcends dollars. The consequence is that demand for luxury experiences seems to be growing faster than the demand for luxury goods.
The report also shows that luxury travellers are placing even greater emphasis on service and insisting on a wider diversity of experiences, empowered by the internet – and a surplus of service providers in the luxury sector.
MyTravelResearch.com founder Carolyn Childs singles out other characteristics of the modern luxury travel market, including a greater number of new younger and women millionaires; the rise of wellbeing; multigenerational travel and learning; the growth of the luxury cruise market; and luxury travellers’ ever-rising expectations regarding value.
TTG Asia

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