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Report Examines The Future of Luxury TravelJune 13, 2011 By: George Dooley Travel Agent
|// (c) 2011 SeaDream|
Personal relationships, value, simplicity and seamless service are keys to success in the luxury travel market, according to a new report commissioned by the International Luxury Travel Market (ILTM). The report focuses on the changing pattern of luxury travel demands on a global scale.
ILTM’s report ‘The Future of Luxury Travel’ was released at ILTM Asia in Shanghai, an event for luxury travel buyers from across the Asia-Pacific region.
The report highlights four distinct profiles of luxury travellers for 2011/12. This includes the independent minded--those seeking the authentic, active and personalized; the explorer--those seeking incredible experiences at limitless budgets; candidates to luxury--those seeking high quality, high service; and streetwise purchasers--those who are younger, social media experts.
“The emergence of demand changes show that, internationally, luxury travelers of today look to be entertained and stimulated rather than simply pampered. The independent-minded luxury traveler seeks authenticity, simplicity and a commitment to the local environment, paying greater interest in closer contact with local culture as an integral part of their travel experiences. The explorer too is ready to pay a high price for an outstanding experience off the beaten tracks.
“Emerging destinations are increasingly popular, satisfying the demand for the new and exclusive as well as reflecting local experiences. For candidates to luxury, time is tantamount and there is a need for all elements of their travel plans to work seamlessly. Equally important for all three of these groups is the development of the personal relationships between luxury buyers and their clients. "Knowledge is power," the ILTM report says.
Streetwise purchasers increasingly utilize social media in the decision making process of travelers, including the luxury travel element of the market, particularly for obtaining information and comparing rates. These travelers are seeking value for money as well as a return on their personal values.
Debbie Joslin, ILTM exhibition director said, “ILTM's Global Trends report confirms there is a continued recovery in and demand for luxury travel, as shown by increasing lead times and rates. The role of the luxury travel buyer and their relationship with suppliers has never been more important as the demand for high-level personalization continues to grow amongst luxury travellers.”