A Horwath HTL report commissioned by International Luxury Travel Market has revealed the changing pattern of luxury travel demands globally. The report, jointly produced by Horwath HTL offices in France, Singapore and New York takes into consideration the impact of the financial crisis and the rapid increase in demand for luxury from the emerging markets.
ILTM's ‘The Future of Luxury Travel' report - delivered by Horwarth HTL Chairman Robert Hecker - was published Monday at ILTM Asia in Shanghai - an invitation only event for the most elite of luxury travel buyers from across Asia Pacific to meet with the world's most incredible luxury travel experiences.
The report highlights four distinct profiles of luxury travellers for 2011/2:
- the independent minded - seeking the authentic, active and personalised
- the explorer - seeking incredible experiences at limitless budgets
- candidates to luxury - seeking high quality, high service
- streetwise purchasers - younger, social media experts
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'.
Streetwise purchasers increasingly utilise social media in the decision making process of travellers, including the luxury travel element of the market, particularly for obtaining information and comparing rates. These travellers are seeking value for money as well as a return on their personal values.
Robert Hecker, Chairman of Horwath HTL said, "The report has been fascinating to produce because of the implications for travel in a post credit crunch environment. The high end of the market is often seen as the barometer for trends that will be picked up in other areas of the industry."
Debbie Joslin, Exhibition Director, ILTM commented:
"The ILTM 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 personalisation continues to grow amongst luxury travellers."