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5 Disruptive Luxury Travel Trends Shattering the Status Quo

The hospitality industry is gearing up for elevated demand among both leisure and business travelers. Last year, the global luxury market collectively grew 4 percent to an estimated $1.15 (€1.08) trillion, according to a recent Bain & Company Luxury Study. Coupled with optimistic forecasts that the luxury goods market will pick up this year, this comes amid evidence that, despite widespread geopolitical uncertainties, luxury consumers are redirecting their spending toward new and more personalized high-end experiences like luxury travel, food and wine.

"The luxury market has reached a maturation point," said Claudia D’Arpizio, lead author of the study. "Brands can no longer rely on low-hanging fruit. Instead, they really need to implement differentiating strategies to succeed going forward. We are already starting to see clear polarization when it comes to performance with winners and losers emerging across product categories and segments."

D’Arpizio also underscored that personal luxury market brands that “take an omni-channel, customer-centric approach will rise to the top." Such is the prevailing wisdom for both the B2C and B2B luxury travel sector, specifically, with personalized experiences, quality of service and private booking options serving as primary distinguishing factors for luxe brand positioning throughout 2017 and beyond.

Here is how these key drivers will converge with evolving luxury travel trends to greatly influence various vertical sectors—and, in doing so, the marketplace at large—in the months ahead:

 

 

Merilee Kern

Forbes Business Council Member Merilee Kern, MBA is an internationally-regarded brand analyst, strategist and futurist who reports on noteworthy industry change makers, movers, shakers and innovators across all categories, both B2C and B2B. This includes field experts and thought leaders, brands, products, services, destinations and events. Merilee is Founder, Executive Editor and Producer of “T...(Read More)

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