Previously exclusive, luxury travel is now more accessible than ever before. It’s no longer just for the ‘connected few’ or very wealthy, and everyone is looking for a touch of luxury in their lives.
Despite the recession and global financial woes, a new wave of travelers are ready to spend their hard-earned money on upscale travel experiences. They’re also increasingly mindful of the impact of their spending on the environment and society.
The resurgence of luxury travel is driven by a variety of factors, from the rise of digital-first Millennials and Generation X to a growing affluent female market. It’s also being bolstered by new social media platforms, such as Instagram and Facebook.
Clients are seeking a sense of exclusivity and privacy from their trip, and they’re also looking for a curated experience that includes local culture. The emergence of boutique hotels and experiential tours has given travellers a more authentic way to immerse themselves in a destination.
They’re also looking for a can-do attitude, and are happy to pay extra for flexibility. No-fee cancellation is top of mind, while early check-in and late check-out are also sought-after perks.
A combination of these factors is driving a boom in the luxury travel industry, which is expected to see strong growth this year and into 2023. As a result, it’s critical for luxury hoteliers to understand the expectations of luxury travelers and how they can cater to them. It’s also important to know what trends are currently influencing the luxury travel market so that you can stay ahead of the game and be the go-to source for your clients.