When it comes to Luxury travel, affluent clients are willing to spend money to see the world. But what does this mean for the industry? While affluent travellers may not be as interested in high thread count sheets and unlimited Champagne, they still want a premium experience that delivers on their expectations. What’s changing is that the meaning of a luxury experience has evolved beyond materialistic indulgences. It now represents an opportunity for personal realization.
Luxury travellers are looking for meaningful experiences, authentic culture, wellness incorporated into itineraries and climate-conscious options. This reprioritization is no surprise given the COVID-19 pandemic and a shift in lifestyle priorities that has left people with more time to travel than ever before.
As a result, there’s a new generation of luxury traveler that is hungrier than ever to see the world. They’re millennials raised on individualism and Instagram, who believe that authenticity is key to a meaningful life. They’re also 23% more interested in exploring the globe than older generations, according to research by Boston Consulting Group.
The resulting upswing in demand for luxury travel is bringing with it a wave of new suppliers that are stepping up to meet the demands of this growing market. They’re offering everything from one-on-one Caravaggio painting lessons to private dinners hosted in a Buenos Aires palace. They’re offering private penthouse suites with sweeping views of the city and butler service, and they’re guiding clients through immersive local activities.
With the return of a sense of safety, some clients are even ready to return to more complex, exploration-style itineraries. This year, for example, we’re seeing a strong increase in interest in rail tours, with new products like Vietnam’s Vietage train between Danang and Quy Nhon and Rocky Mountaineer in the USA offering clients semi-private seating areas, three-course gourmet meals served straight to their seats and overnight hotel accommodation included in the trip.
In addition, many affluent travellers are turning to social media influencers for travel recommendations as they look for more personalized and authentic ways of experiencing the world. The emergence of new platforms like TikTok and Instagram has created a whole community of influencers who are sharing their experiences of luxury travel. In this way, they’re influencing the tastes and preferences of future luxury travelers.
Aside from creating a truly customized and authentic travel experience, another thing that luxury travelers value is efficiency. They’re willing to pay more for a trip that makes their lives easier and gives them peace of mind. This might include a pre-trip survey to find out what amenities are important, or it might be allowing them to pre-check in at the airport.
With all of these trends in play, it’s clear that luxury travel is here to stay. As long as agents keep up with the needs of this evolving market, it will continue to thrive. To stand out from the competition, it’s essential that agents understand what makes a luxurious travel experience for their clients.
