About the market:

Luxury has become more about the ability to realise a passion, not just about expensive and trendy brand names. This is especially true for travel industry products and services. Luxury or upscale travel has become about offering what the consumer wants – ie having the product customised to his or her tastes and preferences. For consumers, luxury travel is about dreams coming true.

Travel is seen by many as the number one non-material way to express success. There are also consumers who think it is important to experience places and adventures first, before others. The luxury travel market has become much more diverse over the years, moving away from the standard ‘old-world, five-star hotel’. Many affluent travellers have also become more concerned about privacy and are willing to pay for the privacy of villas with private pools and spas.

Indeed, according to estimates by the International Luxury Travel Market (ILTM) – the largest global trade event for the luxury travel market – the top 3% of travellers in the world spend 20% of the total tourism expenditures. With more widespread affluence and travel being associated with being a way for people to relax and express themselves, the luxury holiday market is booming. With baby boomers set to inherit $3 trillion each year over the next ten years, prospects for this travel sector are excellent.