Horwath HTL Report identifies ‘The Future of Luxury Travel’
Horwath HTL Report at the International Luxury Travel Market (ILTM) identifies ‘The Future of Luxury Travel’
Global luxury travel research project identifies personal relationships, value, simplicity and seamless service as key.
A Horwath HTL report commissioned by International Luxury Travel Market has revealed the changing pattern of luxury travel demands globally. The report, jointly produced by Horwath HTL offices in France, Singapore and New York takes into consideration the impact of the financial crisis and the rapid increase in demand for luxury from the emerging markets.
The report highlights four distinct profiles of luxury travellers for 2011/2:
– the independent minded – seeking the authentic, active and personalised
– the explorer – seeking incredible experiences at limitless budgets
– candidates to luxury – seeking high quality, high service
– streetwise purchasers – younger, social media experts
The emergence of demand changes show that internationally luxury travellers of today look to be entertained and stimulated rather than simply pampered. The Independent-Minded Luxury Traveller 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’.
Streetwise purchasers increasingly utilise social media in the decision making process of travellers, including the luxury travel element of the market, particularly for obtaining information and comparing rates. These travellers are seeking value for money as well as a return on their personal values.
Robert Hecker, Chairman of Horwath HTL said, “The report has been fascinating to produce because of the implications for travel in a post credit crunch environment. The high end of the market is often seen as the barometer for trends that will be picked up in other areas of the industry.”
Read the entire article on Hospitality net
If you are interested in Luxury Hotels, don’t miss this article