Travel related to asset purchases on the rise among the world’s affluent population
The ever-expanding middle class in Asia is driving the growth of international arrivals in Asian cities. In 2017, Asian cities dominated the top 10 rankings of international arrivals. International travel is viewed as part of an aspirational lifestyle by affluent consumers and the affluent nationals of Indonesia, Turkey, Singapore and Mexico are the ones saving most for luxury holidays.
Many holidays undertaken by UHNWIs and HNWIs are often related to asset purchases such as yachts and second homes. When these cohorts acquire assets, it is often very common for them to habitually return to the same home or yacht several times a year, boosting the demand for luxury tourist services.
GlobalData’s “Tapping into the Luxury Travel Market”, the report provides an in-depth analysis of the key industry and consumer trends in luxury tourism for 2018. It offers a particular insight into the preferences of UHNWIs and HNWIs and by country, gender, and age. The report also examines successful industry case studies, allowing clients to understand how players have sought to capitalize on the emerging trends in the luxury travel segment.
- The luxury travel market is growing and diversifying. While Upper middle class, high-net-worth (HNWI) and ultra-high net worth individuals (UNHWI) were the main consumers able to afford to go on luxury trips, other groups are showing increased interest in luxury travel.
- The concept of luxury travel is changing from opulence to exclusive, once-in-a-lifetime opportunities.
- The quest for authenticity, health and wellness, responsible and adventure travel are the key trends for luxury tourism.
- Customization and personalization are gaining increasing importance in luxury tourism. Technology will also play a key role in attracting younger, luxury travelers.
The report allows clients to understand how different groups present opportunities for luxury tourism businesses. By analyzing consumer and market trends, it provides an insight into how such businesses must proceed to successfully target such consumer segments.