Global Luxury Travel Trends Identified

A report commissioned by International Luxury Travel Market (ILTM) has revealed the changing pattern of luxury travel demands globally. The report takes into consideration the impact of the financial crisis and the rapid increase in demand for luxury from the emerging markets.

ILTM's 'The Future of Luxury Travel' report - delivered by Horwarth HTL - is published at ILTM Asia in Shanghai – an invitation only event for the most elite of luxury travel buyers from across Asia Pacific to meet with the world's most incredible luxury travel experiences.

The report highlights four distinct profiles of luxury travelers for 2011/2:

- The independent minded – seeking the authentic, active and personalized
- The explorer – seeking incredible experiences at limitless budgets
- Candidates to luxury – seeking high quality, high service
- Streetwise purchasers – younger, social media experts

The emergence of demand changes show that internationally luxury travelers of today look to be entertained and stimulated rather than simply pampered. The Independent-Minded Luxury Traveler seeks authenticity, simplicity and a commitment to the local environment, paying greater interest in closer contact with local culture as an integral part of their travel experiences. The Explorer too is ready to pay a high price for an outstanding experience off the beaten tracks.

Emerging destinations are increasingly popular, satisfying the demand for the new and exclusive as well as reflecting local experiences. For Candidates to Luxury, time is tantamount and there is a need for all elements of their travel plans to work seamlessly. Equally important for all three of these groups is the development of the personal relationships between luxury buyers and their clients - 'knowledge is power'.

Streetwise purchasers increasingly utilize social media in the decision making process of travellers, including the luxury travel element of the market, particularly for obtaining information and comparing rates. These travelers are seeking value for money as well as a return on their personal values.

Photo above: Recently opened CastaDiva Resort on Lake Como, Italy.