Reed Travel Exhibitions (RTE) has acquired 100% of International Luxury Travel Market (ILTM), a leading…
Reed Travel Exhibitions (RTE) has acquired 100% of International Luxury Travel Market (ILTM), a leading international event for the specialist luxury travel sector.
The annual event in December and held in Cannes, France, has consistently out performed with numbers of exhibitors and trade buyers and amount of exhibition space increasing since it was launched three years ago.
The acquisition means RTE now owns or wholly operates 13 regional and global exhibitions for the travel, tourism and meetings industry worldwide.
Luxury travel is an industry in its own right and the fastest growing sector of travel and tourism, said Mr. Tom Nutley, Chairman of RTE. Although 20% of annual travel expenditure is made by just 3% of travellers there has been little recognition of its highly significant global economic and social importance.
One of the secret`s of ILTM`s phenomenal success over the past three years is their determination to pursue strict criteria for exhibitors and buyers, he continued. ILTM provides the only exclusive global forum where the top end of the luxury market can meet and discuss.
There are now more households in the world who are in the top bracket of high earners than ever before – and its still growing dramatically year on year.
Billionaires such as movie moguls, rock stars and international financiers demand impeccable service of the very highest calibre with either opulent accommodation and sumptuous cuisine or enriching and unique experiences that are accessible to very few.
This is an industry where travellers are prepared to pay for what they want at a premium price.
Debbie Jackson Appointed ILTM Chief
Debbie Jackson, new Exhibition Director for ILTM is no stranger to travel and tourism. For the past five years she has been Global Meetings Industry Director for RTE, responsible for building the world`s largest and most ambitious meetings industry exhibition portfolio.
Under her guidance EIBTM, the world`s leading meetings industry event was joined by AIME, Australia; LACIME in Brazil; and ICCA Exhibition, which in 2005 is in Uruguay.
She said: Without doubt the luxury sector commands its own environment and specialist forum and ILTM has demonstrated beyond doubt that it is able to fulfil this need.
The future is an exciting one for luxury travel with many new and different opportunities opening up. Today`s top earners receive at least six times more than the average worker and increasingly luxury travel is competing with other large expenditure such as property investment for a share of that money.
ILTM will remain in the forefront of what is new and different.
Until now luxury travel has been very much a closed book to the outside world.
The sector needs to retain its total exclusivity while at the same time achieve greater recognition as one of the most important elements of travel and tourism.
The Success of ILTM
The story of ILTM is a remarkable one. With help and encouragement from Tom Nutley, three former employees of RTE – ILTM`s Chief Executive, Serge Dive, Managing Director, David Hammond and Sales Director Ronan McCarthy carefully researched a gap in the marketplace.
ILTM was launched in 2001 with the first event taking place 18 months later in December 2002. RTE stimulated the project by taking a 25% investment.
Since then the event has taken off with participation soaring.
In the first year, there were 1,656 square metres of exhibition space, 320 exhibiting companies and 352 Hosted Buyers in the appointment system. This has increased to 4,811 square metres of exhibition space, nearly 1,000 exhibitors and 825 Hosted Buyers flown in from around the world.
We are delighted that RTE is taking over ILTM to take the event on to the next chapter of its development, said David Hammond.
Currently 40% of expenditure in luxury travel comes from the United States but wealth is rapidly exporting around the world.
For example, New York is still the epicentre of luxury travel but now there are more dollar millionaires in Moscow than New York.
Besides spending more in the traditional areas of luxury travel a younger and more adventurous wealth is spending to attain unique experiences with space travel being the ultimate example.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
