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The trend towards luxury holidays is being fuelled by consumers around the world who are increasingly spending their disposable income on experiences rather than material items, according to the new 'Shaping the Future of Luxury Travel' report.
The new Amadeus report featuring data from Tourism Economics says that a growing desire for life experiences is pushing growth in luxury travel and it is outpacing other areas of the travel industry.
Good news for luxury travel sector
The report reveals that between 2011 and 2015 luxury travel, as determined by outbound flights on business or first class, rose by a 4.5% compound annual growth rate (CAGR ), whereas normal travel recorded a 4.2% increase.
It projects that the trend will continue to accelerate over the coming decade and that luxury travel trips will grow at a CAGR of 6.2% between 2015 and 2025. Overall travel is estimated to only rise by 4.8% in that period. North America and Western Europe account for 64% of global outbound luxury trips.
Different things to different people
Rob Sinclair-Barnes, Strategic Marketing Director, Amadeus IT Group, said: “Luxury means different things to different people and this is especially true today. As emergent middle classes seek the material aspect of luxury travel, more mature markets are craving a new, evolved kind of luxury.
“This is why offering luxury customers a relevant personal and exclusive experience will become even more crucial than it is today – it will be a differentiating factor between old and new luxury.”
The report argues that the trend is being driven by a basic human desire for more rewarding experiences and that this provides an essential catalyst to improve travel industry service and quality standards.
The way that the latest technologies and innovations are being adopted by the travel industry also offers opportunities for providing a new level of luxury that has never existed before.
If you are planning a luxury trip and are looking for Specialist Travel Insurance you can get a great deal online today.
Date Created: 20/05/2016