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LUXURY TRAVEL


According to luxury travel agency consortia Virtuoso, high-value travellers account for more than 50% of global travel spending.


Upmarket hotel firms saw global sales rise by 9% last year; there was also a 5% growth in the luxury cruise market. Key trends include the increased use of concierge-style and personalised services, and demand for sustainable, experiential and adventure travel.


Virtuoso chairman Matthew Upchurch says: “In luxury travel, it’s not just what you know but who you know. It’s really understanding and having the contacts that make travel - particularly luxury travel - special."


The number of multi-millionaires in Europe will continue to be higher than anywhere else in the world with around 76,000 individuals across the continent, despite the growth of emerging markets such as China and India. (23)


However, it is predicted that the number of multi-millionaires in Asia will surpass that in North America by 2025 – making it the second biggest region in the world after Europe. (24)


TAKEAWAY: LUXURY BRANDS LOSE 50% OF THEIR TOP CUSTOMERS BECAUSE THEY “MISIDENTIFY THEIR DEMOGRAPHIC AND ECONOMIC PROFILE” AND FAIL TO CREATE PERSONALISED SALES EXPERIENCES. (25)


MEETINGS, INCENTIVES, CONFERENCES & EXHIBITIONS (MICE)


The global value of the meetings market has been estimated at around $30 billion per year. (26)


But there are major


variations in demand from different corporate markets around the world, which are set to continue in 2016. During 2015, demand for events in North America continued to “grow at a rate that


exceeds new supply, and the result is a seller’s market causing challenges for meeting owners”, which is expected to lead to an increase of 4.3% in the region’s hotel rates in 2016. (27)


But for meetings planners in Europe there has been “slow but steady growth” demand,


HOTEL PRICE FORECAST FOR 2016:


2 3 4 5


0 1


while in Asia “economic challenges are causing uncertainty”. (28)


“Many companies will try to harness their combined spend as they look for ways to cut costs and improve programmed efficiency and control,” says David Moran, executive vice president of CWT Meetings & Events.


+4.3% +3.7% +3% +2.5% +2% +1% +0.7% Source: Carlson Wagonlit Travel 2016 Global Travel Price Outlook


“IN SOME DESTINATIONS, MICE REPRESENTS MORE THAN 25% OF BUSINESS, AND WITH NEW RESORT DEVELOPMENTS IN THE REGION, WE’RE OPTIMISTIC ABOUT THE FUTURE OF THE SECTOR,” – CHTA CEO AND DIRECTOR GENERAL, FRANK COMITO


Sources


1 Cruise Lines International Association (Clia) www.cruising.org/docs/default-source/research/2015-cruise-industry-outlook.pdf


2 Seatrade www.seatrade-cruise.com/Orderbook.html 3 Cruise Market Watch www.cruisemarketwatch.com/growth/ 4 Clia www.cliaeurope.eu/images/downloads/reports/CLIA_Europe_ Economic_Contribution_Report_2015.pdf


5-6 Clia www.cruising.org/docs/default-source/research/2015-cruise-industry-outlook.pdf 7 Pierfrancesco Vago, CLIA Europe chairman www.cliaeurope.eu/images/downloads/press_2013/CLIA_Europe_press_release_ Seatrade_Europe.pdf


8-9 SRI/Global Wellness Summit www.globalwellnesssummit.com/industry-resource


10 Transparency Market Research transparencymarketresearch.com/medical-tourism.html 11-12 World Food Travel Association worldfoodtravel.org 13-14 LGBT Capital www.lgbt-capital.com 15-17 Travel Trade Gazette LGBT www.ttgmedia.com/news/lgbt 18 Barclays www.investmentbank.barclays.com/research.html 19 Uber newsroom.uber.com/ 20-21 Euromonitor– 2015 Trends go.euromonitor.com/white-paper-top-10-global-consumer-trends-2015.html


22 caribjournal.com/2015/06/12/airbnbs-top-caribbean-markets/ 23-24WealthInsight www.wealthinsight.com 25 Epsilon/The Luxury Institute luxuryinstitute.com/LuxuryInstitute 26 Institute of Travel & Meetings www.itm.org.uk/go/site/news 27-28 Carlson Wagonlit Travel Meetings & Events www.carlsonwagonlit.com


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“Technology is also top of mind for more clients than ever, with a younger generation of attendees spurring an interest in tools like meetings apps.” The Caribbean caters well for the MICE market, offering both large resorts capable of handling major conventions and small remote getaway properties ideal for board retreats and incentive travel.


Predicted increase in hotel prices, %


Global North


America


Latin America & Caribbean


Asia Pacific Eastern Europe


Middle East & Africa


Western Europe


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