Premiumization in Travel and Tourism – Thematic Intelligence
All the vital news, analysis, and commentary curated by our industry experts.
Premiumization in Travel and Tourism Thematic Report Overview
Premiumization refers to the process of elevating products, services, or experiences to a higher quality and offering luxury and exclusivity. It is influenced by factors such as age, lifestyle, experiences, and income. To effectively implement premiumization strategies, players are focusing on the preferences of the target audience and market dynamics. Businesses need to understand the unique wants and expectations of customers to offer products or services that reflect and align with their definition of premium. This enables companies to create meaningful and desirable premium offers for their consumers, which in turn enables them to build loyalty and attract affluent travelers.
The Premiumization in Travel and Tourism thematic intelligence report provides an overview of the premiumization value chain and its several layers. The report further entails a deep-dive analysis of the industry, including real-life case studies that showcase how companies have responded to the impact of this theme on their operations. It also identifies the key market trends that will shape the travel and tourism sector over the coming years and gives an insight into the market players and the competitive landscape within the premiumization theme.
|· Primary Suppliers
· Secondary Suppliers
· Third-Party Suppliers
|Leading Public Companies
|· Carnival Corporation
· Deutsche Lufthansa
|Leading Private Companies
|· Black Tomato
· Hong Kong International Airport (government-owned)
|Enquire & Decide
|Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase.
Premiumization – Key Trends
The main trends shaping the premiumization theme over the next 12 to 24 months are technology trends, macroeconomic trends, and regulatory trends.
- Technology trends: A few of the key technology trends impacting the premiumization theme are advancements in AI, the use of robotics, and investment in smart city projects.
- Macroeconomic trends: The key macroeconomic trends explained in the report are the rise in affluent travelers, social media’s impact on consumption, and the increase in inflation rates globally.
- Regulatory trends: The rising focus on health and wellness, niche tourism, and sustainability are a part of the regulatory trends impacting premiumization.
Premiumization – Industry Analysis
This industry analysis section covers the distribution of high-net and ultra-high-net-worth individuals globally, the top domestic and source markets for average expenditure, and the destinations for expensive hotels. Additionally, use cases are then provided from each part of the premiumization value chain to add context. Finally, M&A activity from the past two years is covered within the theme of premiumization, and a timeline is constructed to show the emergence and evolution of this theme over time.
Luxury hotels: The occupancy rate of luxury hotels globally increased from 2022 to 2023. Many countries entered the top 10 list of luxury hotel countries with a few dropping out. Countries within the APAC region witnessed significant growth in luxury hotel occupancy rates. Australia experienced high growth from 2022 to 2023 owing to increased spending from travelers. Moreover, Vietnam witnessed a significant increase in its occupancy rate for luxury hotels owing to the surge in Vietnam’s economy and rising disposable income of the middle class. Additionally, companies such as Dior, Louis Vuitton, Tiffany & Co., and Berluti recently opened stores in Vietnam. This further increases the appeal to consume premium products, which is expected to propel the market growth.
The Premiumization industry analysis also covers:
- Case studies
Premiumization - Value Chain Analysis
The premiumization value chain has three main segments, primary suppliers, secondary suppliers, and third-party suppliers.
Primary suppliers: These are the most important distributors in the creation of premium trips and offer premium services and products that are experience-driven and unique. The sub-layers of primary suppliers are lodging, cruise, airline, destination, and integrated resorts. The companies in this layer must specialize in providing exclusive and upscale travel experiences to affluent travelers as services and products need to be refined to meet the needs of wealthy travelers.
Premiumization Value Chain Analysis
Buy the Full Report for More Insights into the Premiumization Value Chain
Download a Free Report Sample
Leading Public Companies
A few of the leading public companies making their mark within the premiumization theme:
- Carnival Corporation
- Deutsche Lufthansa
Leading Private Companies
A few of the leading private companies associated with this theme:
- Black Tomato
- Hong Kong International Airport (government-owned)
Buy the Full Report for More Insights on Leading Companies into the Premiumization Theme
Download a Free Report Sample
Travel Intermediaries Sector Scorecard
At GlobalData, we use a scorecard approach to predict tomorrow’s leading companies within each sector. Our sector scorecard has three screens: a thematic screen, a valuation screen, and a risk screen.
- The thematic screen ranks companies based on overall leadership in the 10 themes that matter most to their industry, generating a leading indicator of future performance.
- The valuation screen ranks our universe of companies within a sector based on selected valuation metrics.
- The risk screen ranks companies within a particular sector based on overall investment risk.
Lodging Sector Scorecard – Thematic Screen
Buy the Full Report for More Insights on the Sector Scorecard
Download a Free Report Sample
This report provides:
- An overview of the impact premiumization has on the travel sector and seeks to understand some of the contributory factors.
- Analysis of key trends within this theme that are split into three categories: consumer trends, enterprise trends, and industry trends.
- Several case studies to analyze the multiple ways countries and companies have responded to the impact of this theme’s growth and what they are doing to grow with this theme.
Reasons to Buy
GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying important themes early, enabling companies to make the right investments ahead of the competition and secure that all-important competitive advantage. This thematic report will help in:
- Understanding the premiumization trends within the travel landscape today and how these will escalate in the near future.
- Assessing how travel and tourism companies such as tour operators, OTAs, and DMOs are utilizing Premiumization to drive revenues.
- Identifying the potential pitfalls of using Premiumization by understanding the social, cultural, and environmental effects on the destination.
- Discovering recommendations for businesses involved in Premiumization.
- Understanding opportunities to capitalize on Premiumization with examples and case studies.
One & Only
Abercrombie & Kent
Carnival Cruise Line
Melco Resorts & Entertainment
Singapore Changi Airport
Hong Kong International Airport
Royal Caribbean Cruises.
Table of Contents
- 1. Executive Summary
- 2. Players
- 3. Thematic Briefing
- 4. Trends
- 4.1. Technology trends
- 4.2. Macroeconomic trends
- 4.3. Regulatory trends
- 5. Industry Analysis
- 5.1. Case studies
- 5.2. Timeline
- 6. Signals
- 6.1. Company filing trends
- 6.2. Social media trends
- 7. Value Chain
- 7.1. Primary supplier
- 7.2. Secondary suppliers
- 7.3. Third-party suppliers
- 8. Companies
- 8.1. Public companies
- 8.2. Private companies
- 9. Sector Scorecards
- 9.1. Lodging sector scorecard
- 10. Glossary
- 11. Further Reading
- 12. Our Thematic Research Methodology
- 13. About GlobalData
Frequently asked questions
What are the components of the premiumization value chain?
The premiumization value chain consists of primary suppliers, secondary suppliers, and third-party suppliers.
Which are the leading public companies associated with premiumization?
A few of the leading public companies making their mark within the premiumization theme are Carnival Corporation, Deutsche Lufthansa, and LVMH among others.
Which are the leading private companies associated with premiumization?
A few of the leading private companies associated with premiumization are Black Tomato, Hong Kong International Airport (government-owned), and IYC among others.
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.
Business Intelligence & Marketing Manager, SAL Heavy Lift
“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.
GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”
Market Analyst & Management, Liebherr-Werk
“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”
Head of Key Accounts, Saab AB
Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.
Marketing Intelligence Manager, Portugal Foods
Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.
Head of Customer Insight and Research, Standard Chartered
Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.
I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.
I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.
Head of Consumer Sensory Insights, Givaudan
“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.
Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”
Senior Account Manager, TSYS
GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise. The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.
I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.
One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.