Trends in the luxury travel market

Specialised and dedicated travel agents wanted
A new report confirms that luxury travel is a market where greater numbers of specialised and dedicated travel agents are needed.
While High Net Worth Individuals (HNWIs) are becoming more modest about displays of wealth, travel is “still a place for unabashedly individualistic and hedonistic experiences” and “a place where around two-thirds of all luxury travellers still rely on specialist advisors and travel agents to make their high-end trips a reality,” said Carolyn Childs, co-founder of MyTravelResearch.com.
She is the author of the report, called ‘Luxury Travel and the Visitor Economy: Key Insights and Trends’, which she presented at a press conference this week at the Luxperience trade show in Sydney.
But she had a warning for would-be entrants in the sector: “When servicing luxury clients, there are no days off and no off days.”
She added: “Luxury travel is a high reward, high investment sector. Suppliers need to invest in service, design, quality and uniqueness at all times.”
The Asia-Pacific region has the fastest accumulation of new HNWIs in the world, growing at around 10% a year. America and Asia-Pacific now have around 5 million HNWIs each, Europe around 4.5 million.
Besides the new emphasis on privacy and less ostentatious displays of wealth, key trends are: less dominance of the 40-60-year-old age group; a new focus on experiential travel; more mindfulness and wellbeing; more events-oriented (such as solar eclipses or music festivals); a new commitment to learning and enrichment; awareness of responsible travel; a new focus on family life in travel; growing interest in old and ancient traditions; and growth in river and ocean cruising and private yachting.
The next Luxperience trade show is scheduled in Sydney for September 17-20, 2017.
TTG Asia

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