Luxury travel trips are on the rise. What once was a niche sector, is now starting to boom. Between 2015 and 2025 we expect a compound annual growth rate (CAGR) of 6.2%, almost a third faster than overall travel at 4.8%.
By better understanding the values and needs of future luxury travellers and by anticipating on them, the travel industry can tap into the potential of this emerging lucrative market segment.
That is the basis for our latest in-depth research, which is available for free: “Shaping the Future of Luxury Travel – Future Traveller Tribes 2030”. If it looks familiar somehow, then you’re absolutely right: this is part of our 2030 journey, where we get into the mindset of future travellers and discern different traveller tribes, each defined by their own set of motives, preferences and values.
Future luxury travellers 2030 in 6 tribes
Like in any market travel segment, really, personalization remains key. What some consider luxurious, others might find average. Attracting these travellers requires learning how to satisfy each traveller’s appetite for luxury throughout their journey. How would you adapt your offerings based on individual preferences?
That is where our tribes come in again. Part of our research involves identifying different kinds of luxury travellers who do share behaviours and intentions: we call them future luxury traveller tribes.
- Always Luxury
money is no object, discrete lives
- Cash-rich, Time-Poor
leisure time is rare, so it’s private and precious too
- Special Occasion
luxury travel as a treat
- Strictly Opulent
want the best and most glamourous, involved in social media
senior corporate travellers combining business and leisure
- Independent & Affluent
treating themselves to something new
Interesting finding too: the more accustomed a traveller or a regional market of travellers is to luxury, the higher they will need to travel up the pyramid for their expectations to be met – and for their idea of luxury to be fulfillled. A hierarchy of luxury needs emerges:
Future luxury market trends
Our research gives you food for thought too by predicting luxury market trends. For example:
Between 2011 and 2025, Asia Pacific’s luxury travel market will see a faster overall growth than Europe’s. But from 2015 to 2025, it will deaccelerate while Europe’s will continue to grow steadily.
What kind of luxury traveller would you be?
Are you more likely to be found on a catamaran than a camel? Are you #Bluxury traveller, an #IndependentAffluent, or perhaps an #AlwaysLuxury kind of person? Find out which of the #LuxuryTravellerTribes you belong to, and what it says about you.
Get your copy of “Shaping the future of luxury travel”
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