Luxury Travel is an industry that involves the provision of travel services with a high price point. This includes accommodation, meals and other expenses associated with traveling to and from a luxurious destination. This is different from traditional tourism in that it is focused on providing an experience to travelers where their sense of achievement is heightened. For example, luxury travelers might want a specific trip that focuses on the arts or adventure activities.
The key to success in this market is the ability to provide personalized service and unique experiences. Having a deep understanding of the customer’s needs, desires and expectations is important for luxury travel companies. In addition, it is crucial to understand the salient product features that will determine customer loyalty.
Whether they are celebrities, tycoons or heirs to multimillion-dollar dog food empires, the newest generation of consumers has a hunger for exploration that is undeniable. Millennials are 23% more interested in experiencing the world than older generations, and they are quickly becoming the largest segment of travelers.
The majority of these individuals say they are interested in luxury travel, but for many, it still feels out of reach. The most important thing for marketers to know is that a majority of luxury travelers do not feel that they can afford the luxury trip that they are interested in. As a result, it is critical for marketing teams to focus on creating content that is relatable and emotionally resonant for the luxury traveler.