Luxury Travel Market is predicted to grow rapidly during the forecast period. This segment consists of high-end hotels and resorts offering unique and exotic services to travelers. The demand for luxury travel is driven by a rising number of tourists who prefer to experience once-in-a-lifetime experiences and are willing to spend more money on them. Millennials are the leading consumers of luxury travel, as they were raised on individualism and independence and are more inclined to spend on experiences and vacations.
They want to be pampered during their trip and expect quick and efficient service. They also want to disconnect from their work and regular life, and focus on relaxing and enjoying their vacation to the fullest. This is a big reason why they often opt for luxury accommodations with the best service and amenities.
For some, luxury means five-star hotels, fine dining, and exclusive once-in-a-lifetime experiences. Others define it as a more visceral experience such as tented adventures or other sensory treats. After a year of zoom calls, many discerning travellers are defining luxury more by the things that represent all that is authentic about a place and less by the thread count on their bedsheets.
Luxury travel agencies often have specialists that specialize in a specific niche such as gastronomy, adventure, wellness and art. This allows them to provide detailed and expert advice on their clients’ specific interests. They can also leverage their relationships with suppliers to negotiate exclusive rates and secure priority bookings.