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What:A newly released report, “The Future of Luxury Travel,” by Sabre Hospitality Solutions in collaboration with TrendWatching, reveals five areas that will impact how customers choose luxury travel in the years ahead. Some key trends from the report include customization, no-frills chic, luxury on demand and travel that promotes personal and social values.
Why It Matters:As the world’s ideas of wealth and status change, consumers’ ideas of luxury are changing, too. More than ever, upscale travelers are gravitating toward trips that enable them to live out their personal values and fulfill their dreams through exclusive experiences. Travel agents should be aware of these trends in order to create successful luxury vacations for their high-end clients.
Fast Facts:- The five key luxury travel trends in the report include “The Quintessential Self,” luxury travel that promotes personal growth; “No Frills Chic,” welcome to the era of low-key luxury; “Premium Redeemed,” luxury that makes the world a better place; “Extravagance on Demand,” luxury when you want it; and “Customyzed,” bespoke luxury travel.
- According to figures from the Global Wellness Institute, the global wellness tourism segment is expected to grow by over 37 percent to USD $808 billion over the next three years. A major driver of this growth will be luxury travelers looking for opportunities to better themselves.
- Another factor driving consumer choice is a desire for guilt-free luxury. The report cites examples of emerging high-end products and services whose selling points include positive environmental or social impact.
What They Are Saying:“The evolution of high-end travel is creating a marketplace where ‘luxury’ is defined by the most exclusive, unique experiences that reside at the intersection of affluence and access,” said Sarah Kennedy Ellis, vice president of global marketing and digital experience for Sabre Hospitality Solutions. “We see guests moving beyond traditional ideas of status and embracing highly bespoke travel opportunities that focus more on the individual traveler’s personality and values and less about expressing opulence.”