News hot off the press: despite the pound’s recent fall and fears that Brexit will change our spending habits, the luxury travel market is still flying, with an annual growth rate of 6.4%. In a new Luxury Travel Market report undertaken by Allied Market Research, results show that this type of travel is no longer exclusively for the elite traveller, with those aged between 51-64 enjoying it most, particularly in China which is the most popular luxury travel destination.
“The global luxury travel market is expected to garner $1.154 billion by 2022, registering a CAGR of 6.4 percent during the forecast period 2016-2022,” said Priyanka Bisht, research associate at Allied Market Research.
Full article and more information here: www.luxurydaily.com/luxury-travel-industry-to-reach-1-2b-by-2020-report/
More details of research undertaken here: www.alliedmarketresearch.com/luxury-travel-market
So what in particular is going to be big in Luxury Travel in 2017?
We’ve gathered predictions from leading private jet company JetSmarter (https://jetsmarter.com/) and recommendations from Virtuoso®, the global network of luxury travel agencies (https://www.virtuoso.com/):
Top travel trends for 2017 according to JetSmarter:
- More personalized experiences to create custom travel packages
- Top notch service rather just a brand that’s supposedly ‘high end’
- Increased connectivity/routes between international locations to allow for multi-destination vacations, instead of back and forth trips
- Long-lead holidays: no more last minute trips, luxury means planning ahead (sometimes an entire year in advance)
Top travel recommendations for 2017 from Virtuoso:
- Go to the places that are changing, rapidly! Cuba, The Arctic, Hawaii…
- Think about actively exploring; adventure travel is both trendy and healthy
- Consider exclusive-use travel is a key trend for 2017, whether it is renting a villa in a prime destination such as St. Barts or even a private island, or chartering a yacht for a Croatian sail.
- Consider Expedition Cruising – use a cruise as a luxurious means to see off-the beaten track destinations
More about Virtuoso’s recommendations at Forbes.com