Luxury Travel Market Trend and Analysis of Traveller Types, Key Destinations, Challenges and Opportunities, 2022 Update
As COVID-19 spread worldwide in early 2020 resulting in global travel restrictions, international departures declined. However, as travel restrictions have eased and vaccination rates rise, growth in international travel is finally expected in 2022. Coinciding with a global downfall in international travel due to COVID-19, many luxury travel industry players have suffered, including hotels, airlines, travel agents, and destinations. However, it has been well documented that the pandemic has transformed many travelers into high-net-worth individuals and made the super-wealthy even wealthier. This trend will no doubt benefit the luxury tourism market as more travelers can now afford to indulge in luxury products and services during future trips.
The luxury travel market research report 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.
What are the key 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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What is the impact of COVID-19 on the 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 more risky 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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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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Market report scope
| Key players | Marriott, Kempinski, Scott Dunn, Abercrombie & Kent, Emirates, Singapore Airlines, Belmond, and Space X |
Reasons to Buy
- Gain an 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.
Key Players
Table of Contents
Frequently Asked Questions
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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