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Luxury travel outpaces the rest

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New report says experiences drive choice and demand
Global consumers are increasingly spending their disposable income on experiences rather than material goods, a new report confirms, and this is spurring a growth in luxury travel that is outpacing the rest of the travel industry.
Between 2011 and 2015, luxury travel in terms of outbound flights on business or first class saw a 4.5% compound annual growth rate, versus 4.2% for overall travel.
This trend will continue to accelerate over the next ten years, the Amadeus report Shaping the Future of Luxury Travel predicts, with luxury travel trips projected to grow at 6.2% between 2015 and 2025, much faster than overall travel at 4.8%.
Key findings in the report include that “we have entered a new age of luxury travel, where luxury is curated, real-time and experience-led”; that North America and Western Europe account for 64% of global outbound luxury trips, despite making up only 18% of the world’s population; and that India’s luxury market is expected to outpace the other BRIC nations up to 2025.
The report also identifies a hierarchy of luxury travel needs, ranging from 5-star quality and service standards to exclusive VIP privacy and security. A free copy of the report can be found here.
TTG Nordic

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