LONDON, June 21, 2022 (GLOBE NEWSWIRE) -- Luxury tourism does not take place only in a destination where there is a six-star hotel with a presidential suite. Luxury travel experience also takes place in a mode of transport like an airline’s first-class cabin or a yacht that sails with a private skipper and security. Luxury tourism may also consist of visiting or staying in the most elusive or exclusive of places, where peace, tranquility, or experiential experiences prevail. Here, individuals can enjoy the star-lit night skies or absorb the sounds of nature in remote and largely inaccessible areas.
The Luxury Travel Market Trend and Analysis report offered by GlobalData Plc provides an analysis of the luxury travel industry including insights into luxury travelers, market trends influenced by COVID-19, consumer trends, destinations, sector deals, challenges, and opportunities.
Luxury Travel Market Trends
For some luxury travelers, hyper-personalization is a necessity as some travelers have come to expect a tailormade trip and intuitive service. Given customers’ expectations, luxury travel retailers must respond to the demand for personalized experiences not only to differentiate themselves but also to succeed. When done right, personalization can reduce marketing and sales costs, yield higher customer satisfaction rates, generate customer engagement, and increase brand loyalty. Company leaders within the personalization theme will integrate technology and connect disparate data sources and data-driven insights to understand more about each individual and know more about its target market.
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COVID-19 Impact on Luxury Travel Market
High-net-worth travelers are increasingly turning to products and services that offer high levels of privacy to reduce the chances of virus contraction. Affluent individuals are likely to demand private buy-outs of large villas or boutique hotels, where a family bubble or group could stay without risk of running into anyone else. Furthermore, the pandemic altered travel mode preferences. Due to the infectious nature of COVID-19, people viewed shared modes of travel, such as transit and car sharing, as riskier than individual modes of travel. Within air travel, there was a noticeable increase in the use of private aviation relative to commercial air travel. Some of the demand for private flights is also reported to come from passengers who are looking to fly non-stop on routes that have been dropped by commercial airlines that reduced their networks during the pandemic.
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Key Destinations in the Luxury Travel Market
- Mauritius
- The UAE
- New York City
Located in the southern Indian Ocean, Mauritius is the definitive luxury beach destination. With over 177km of untouched coastline, travelers are guaranteed to find secluded bays, sandy beaches, coral reefs, and glistening waves that create the perfect island escape. Deeper into the island nation’s interior, holidaymakers will discover verdant jungles, impressive mountain outcrops, and cascading waterfalls that tick all the boxes of a tropical getaway.
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Key Players in the Luxury Travel Market
- Marriott
- Kempinski
- Scott Dunn
- Abercrombie & Kent
- Emirates
- Singapore Airlines
- Belmond
- Space X
At Marriott’s St. Regis Hotel located on Fifth Avenue, NY, guests can enjoy a luxury house car service. Moreover, they can also avail the St. Regis Butler Service, where a personal butler is available to assist guests with everything from a perfectly pressed suit for an important business meeting to thoughtful last-minute gifts from a local NYC boutique.
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Luxury Travel Market Overview
| Key Destinations | Mauritius, the UAE, and New York City |
| Leading Companies | Marriott, Kempinski, Scott Dunn, Abercrombie & Kent, Emirates, Singapore Airlines, Belmond, and Space X |
Reasons to Buy
- Gain insight into luxury travel's leading players.
- Understand how they have adapted to the threat of COVID-19.
- Understand the key luxury travelers that companies can look to attract.
- Gain a detailed understanding of the key trends, issues, and challenges facing luxury travel companies.
FAQs
What are the key destinations in the luxury travel market?
The key destinations in the luxury travel market are Mauritius, the UAE, and New York City.
Who are the key players in the luxury travel market?
Some of the key players in the luxury travel market are Marriott, Kempinski, Scott Dunn, Abercrombie & Kent, Emirates, Singapore Airlines, Belmond, and Space X.
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