For Young Affluents, The Experience Really Is ‘Everything’
Matt Ferebee | May 25, 2023
By Matt Ferebee The world of leisure travel continues to change, particularly as it relates to younger affluent travelers. Raised on the internet and fed a steady stream of content via social media, these younger guests are seeking out travel that delivers what they have become so accustomed to online and on social: relevant content that is as immediate as it is immersive. In the context of hotels and resorts, that ‘content’ includes everything destination-related that a guest experiences before, during and after their stay. This desire to be surrounded by a more integrated, memorable experience is not, of course, a new expectation ...
Growth in Worldwide Wealth Vaults Global Luxury Travel to New Heights Creating Increased Investor Interest
JLL | May 17, 2023
JLL Hotels & Hospitality Group releases The Evolution of Global Luxury Hospitality report CHICAGO, May 17, 2023 – The global luxury hospitality industry is undergoing a transformation as luxury hotels have risen in popularity in tandem with rising global wealth and consumers’ increased prioritization on immersive experiences. The number of luxury hotel brands and supply have increased by more than one million rooms over the past 40 years. Investors have taken notice as luxury hotels have become an increasingly institutional investment and changing consumer preferences give rise to new investment opportunities. As the world becomes i...
High Demand for Luxury Travel Continues Unabated
The Olinger Group | December 6, 2022
NEW ORLEANS, Dec. 6, 2022 -- Luxury travelers are taking more trips and spending more money as the demand for luxury travel and experiences continues unabated, according to a study conducted in Q4 2022 by The Olinger Group, a market research firm whose specialties include luxury travel and luxury brands. The Q4 study is a follow-up to The U.S. Luxury Traveler Study 2022, which was conducted in the spring to provide baseline information on the identity, expectations, and behaviors of luxury travelers. The Olinger Group timed the studies to coincide with the summer and holiday peak travel periods, thereby providing timely information to com...
Travel Edge Releases New Trend Insights for Spring 2022
Travel Edge | March 3, 2022
TORONTO – March 3, 2022 – As travelers dust off their passports and prepare for 2022 travels, the insiders at Travel Edge, the North American leader in luxury travel, have compiled data and insights that showcase the trends their advisors are seeing for spring 2022 and beyond “As we look forward to a promising year in travel, our Travel Edge Network insiders have noted major spring travel trends that will impact the industry,” states Nadiya Makarenko, senior vice president of Travel Edge Network. “Most notably, these trends include a refocus for bucket-list trips, the evolution of workcations and bleisure travel, extended t...
The Subscription Model Part II: Marrying the Benefits of Luxury Travel and Home Ownership
Brent Handler | December 15, 2021
By Brent Handler Luxury travel and real estate ownership are changing. To an extent, this is a byproduct of the post-pandemic era. For example, even as the advent of new built-to-rent communities provides incentives for renters, owners and builders, the Washington Post declared that “the post-covid luxury spending boom has begun, and it is reshaping the economy.” This includes how owners buy and market their properties for rent in the luxury vacation home segment. Smart owners anticipate the movement of cash flow and the creation of new markets – as many did in the last decade, getting in early on the creation of t...
Luxury’s Next Competitor Is Not a Hotel
Larry and Adam Mogelonsky | February 10, 2021
By Larry and Adam Mogelonsky Every hotel property aspires to be luxury in one way or another, even as the word ‘luxury’ has become a bit overused in the past decade. As such, there are always new entrants testing out concepts and evolving various features, amenities or service offerings, all in an attempt to get one step ahead of the curve. The pandemic has, of course, shifted priorities but the pursuit of luxury still remains as a means of capturing guests’ hearts. Concurrent to this arms race amongst traditional hotels – and now also alternative accommodations – it is important that hospitality brands consider those accommod...
The Evolution of Traveling – From Leisure to Luxury
HEBS Digital | July 16, 2018
World outbound travel is booming and, according to IPK's World Travel Monitor®, the global travel industry set new records over the first eight months of 2017. The luxury travel sector in particular has embarked on a paramount transformation fueled by changing consumer preferences that will have far-reaching ripple effects in the years to come. While luxury travel only accounts for 7% of all international trips, it encompasses nearly one-fifth of global travel spending due to its high prices. Bouncing back from an underperforming 2016, the International Luxury Hotel Association (ILHA) forecasts that the global luxury travel market i...
Luxury Travelers Outspend the Rest by Over 600% and the Gap is Growing
EyeforTravel | September 27, 2017
Over the course of a year, luxury consumers spend over six times as much on travel than the average consumer and the trend is for the disparity to get even bigger finds EyeforTravel's The Global Luxury Travel Consumer report. Whilst the average traveller spends $1,690 per trip, luxury consumers on average lavish $5,365 per trip according to the report. The different levels of spending become even bigger over the course of a year as luxury consumers take double the trips per year at just over 5.6, meaning a per annum outlay of over $30,000, or six times the average traveller's spend. This gap is more likely to widen than diminish says th...
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