The luxury travel industry has ushered lavish vacations and novel tailor-made holiday experiences for all ages and classes in the new era.
Think private jets, swanky yachts, rejuvenating spa appointments, and world-class fine dining culinary experiences. Picture the opulence of ritzy cruise trips, magnificent hotel suites, and exclusively tailor-made holiday experiences at exotic destinations. Luxury travel has set itself apart as a class of ultra-luxe travel for the affluent and indulgent customers. The rise in the levels of disposable income among the world populace has triggered an exponential growth of the luxury travel industry. This is also stimulated by the fact that an increasing number of customers, including middle-class and upper middle-class are not shying away from spending extravagantly on a rewarding travel journey.
The globe-trotting craze has caught on splendidly, and millennials are sparing no expense to spend a memorable holiday with families, away from all work stresses. Moreover, the demands for excellent service standards and unique holiday extravaganzas has augmented the market for luxury travel. Analysts at Allied Market Research predict a flourishing growth for the luxury travel market in the next few years. The industry is set to scale new heights in 2014–2022, as travel expenditure becomes a top priority for twenty-first century population.
Luxury for less: Targeting the middle-class traveler
The number of middle- and upper middle-class travelers has shot up, as there is a rise in their disposable income. Splurging on family holidays and investing in unique experiences to soak in diverse cultures has become a priority for this class of travelers. Attractive deals by a large number of travel companies are luring in luxury travelers on a budget. The industry is thriving by appealing to a large number of families and individuals who are looking for affordable luxury experiences a part of the entire holiday package.
Today’s budget luxury travelers want complete value-for-money and have pushed the demand for excellent service standards. Top players in the industry are offering tailor-made packages and custom experiences on economical deals to accommodate the whims and requests of travelers. Providing luxury for less has become the focus for travel companies, who recognize the major potential in targeting the middle-class traveler. The ever-expanding customer base of budget luxury travelers is ensuring a rapid growth of the luxury travel industry at a global level.
Cruising along in world-class ocean liners
Holidaymakers associate a holiday or a vacation with a valuable memory to cherish for a lifetime. Online travel companies are fast including extensive services in their portfolio to cater to customers looking for unique and richly appealing vacation experiences. Trending on almost every traveler’s bucket list is a unique holiday cruise vacation. Boarding a world-class liner that promises to stop at exotic holiday destinations and provides the best of opulence and grandeur in onboard facilities has appealed to many explorers. Destinations such as Naples, the Caribbean, Greece, Venice, Miami, Copenhagen, and Seattle make for stunningly beautiful locales to anchor at and allow cruise travelers to explore the city with private tour guides.
Luxury liners are leaving no stone unturned by bringing in top-notch culinary experts, swanky hotel decks, shopping malls, refreshing spas, and even infinity pools, all aboard these cruise ships. The passengers cruise along on these ocean liners in the beautiful waters, enjoying the finest of travel, care & living. All the while stopping at beautiful exotic locations and allowing the soaking in of diverse cultures along the coastal cities. This segment sees a majority of baby boomers (between ages 41 and 60) who possess higher income and savings and see luxury travel as a leisure activity. The fascinating experience offered by a luxury ocean liner is inviting a lot of new customers in the market.
Luxury culinary travel-the flavor of new vacations
Globetrotters are as excited at the prospects of savoring gourmet food as traveling to exotic locations. Sampling the local authentic cuisine and dining out at the city’s finest dining locations is appealing to the increasing number of culinary enthusiasts. Travel companies are hiring experienced and amiable locals to act as tour guides with their customers and help them soak in the food culture of the particular destination. Travelers staying at five-star restaurants and resorts also get to taste gourmet food prepared by the finest of chefs. Breathtaking locales coupled with exotic fresh flavors of the local food are augmenting this class of culinary travel enthusiasts. The industry is set to take vacations to a whole new level by redefining flavors with local sights and shopping.
The world luxury travel market is ensuring that a rewarding and memorable holiday is accessible to all ages and classes of people. Travel companies are striving to provide valuable memories for travelers to look back on and amazing travel experiences to cherish. The Asia-Pacific region is proving to be very lucrative for the industry players, as it witnessed a large number of outbound trips in recent years. The European countries and North American region also boast of stunningly beautiful locations which have allowed many players to tap their potential and lure customers there. The luxury travel industry is constantly evolving to meet the needs and expectations of the customer. The industry is driven by standards that ensure the traveler walks away refreshed, reenergized and satisfied from a remarkable holiday experience.
Snehal Chougule is a keynote senior consultant on digital marketing at Allied Market Research. She has been recognized for developing a robust social network strategy for the company. Chougule has written several whitepapers, case studies, and articles. She is a visiting faculty member at various educational institutions and has expertise in life sciences and medical devices.
