The luxury travel market is segmented by type of tour, age group and types of travelers. It is also categorized by geography. The market is expected to witness vigorous growth during the forecast period due to factors like increasing income trends, strong dollar and rising middle class.
Unlike in the past, today’s luxury travellers are less interested in the tangible. The gold standard has shifted from a high thread count bed and unlimited champagne to authentic experiences, wellness incorporated into an itinerary, and climate-conscious options. In addition, discerning clients are seeking a holistic and customized experience that is more than just a holiday.
It is important for luxury travel advisors to know their clients and understand the value they place on personalization, independence, and social responsibility. Those who are not familiar with the current nuances of luxury travel may find themselves struggling to stay relevant and attract new customers.
To make a lasting impression on luxury travellers, it is important that the design of an experience, hotel or tour is seamless and has a natural flow. This is especially true with luxury travel, where the journey must be as enticing and aspirational as the destination itself. Luxury travelers are also highly influenced by celebrities and influencers, with more than half of them purchasing travel based on an Instagram post or YouTube video. With a clear understanding of the luxury travel market, a travel agent can provide their clients with an incredibly rewarding experience.