WORLDWIDE Personal relationships, value, simplicity and seamless service will be the key differentiators in the luxury travel market of the near future, according to a report commissioned by trade show organizer International Luxury Travel Market.
The report by consultancy Horwath HTL takes into consideration the impact of the global financial crisis and the rapid increase in demand for luxury from emerging markets. The report highlights four distinct profiles of luxury travelers for 2011 and 2012:
The Independent-Minded, seeking the authentic, active and personalized;
The Explorer, seeking incredible experiences at limitless budgets;
The Candidates to Luxury, seeking high quality and high service;
And the Streetwise Purchasers, who are younger and tend to be social media experts.
The emergence of demand changes indicate that today's international luxury travelers want to be entertained and stimulated rather than simply pampered. The Independent-Minded luxury traveler seeks authenticity, simplicity and a commitment to the local environment, paying greater interest in closer contact with local culture as an integral part of their travel experiences. The Explorer too is ready to pay a high price for an outstanding experience off the beaten tracks.
Emerging destinations are increasingly popular, satisfying the demand for the new and exclusive as well as reflecting local experiences. For Candidates to Luxury, time is tantamount and there is a need for all elements of their travel plans to work seamlessly. Equally important for all three of these groups is the development of the personal relationships between luxury buyers and their clients—knowledge is power, so to speak.
Streetwise Purchasers increasingly use social media in the decision-making process of travel, particularly for obtaining information and comparing rates. These travelers are seeking value for money as well as a return on their personal values.
"There is a continued recovery in and demand for luxury travel, as shown by increasing lead times and rates," says Debbie Joslin, exhibition director for International Luxury Travel Market. "The role of the luxury travel buyer and their relationship with suppliers has never been more important as the demand for high-level personalization continues to grow amongst luxury travelers."
http://www.hotelsmag.com/MembersOnly/webNews/details.aspx?item=24207
The report by consultancy Horwath HTL takes into consideration the impact of the global financial crisis and the rapid increase in demand for luxury from emerging markets. The report highlights four distinct profiles of luxury travelers for 2011 and 2012:
The Independent-Minded, seeking the authentic, active and personalized;
The Explorer, seeking incredible experiences at limitless budgets;
The Candidates to Luxury, seeking high quality and high service;
And the Streetwise Purchasers, who are younger and tend to be social media experts.
The emergence of demand changes indicate that today's international luxury travelers want to be entertained and stimulated rather than simply pampered. The Independent-Minded luxury traveler seeks authenticity, simplicity and a commitment to the local environment, paying greater interest in closer contact with local culture as an integral part of their travel experiences. The Explorer too is ready to pay a high price for an outstanding experience off the beaten tracks.
Emerging destinations are increasingly popular, satisfying the demand for the new and exclusive as well as reflecting local experiences. For Candidates to Luxury, time is tantamount and there is a need for all elements of their travel plans to work seamlessly. Equally important for all three of these groups is the development of the personal relationships between luxury buyers and their clients—knowledge is power, so to speak.
Streetwise Purchasers increasingly use social media in the decision-making process of travel, particularly for obtaining information and comparing rates. These travelers are seeking value for money as well as a return on their personal values.
"There is a continued recovery in and demand for luxury travel, as shown by increasing lead times and rates," says Debbie Joslin, exhibition director for International Luxury Travel Market. "The role of the luxury travel buyer and their relationship with suppliers has never been more important as the demand for high-level personalization continues to grow amongst luxury travelers."
http://www.hotelsmag.com/MembersOnly/webNews/details.aspx?item=24207