The financial crisis of 2008 put a long-lasting dent in the luxury travel market. Only recently has it been making a comeback. With the improving economy, travelers are again turning to luxury vacations, but this time with a whole new spin. The new trends we are seeing are redefining the luxury travel market as a whole. And it’s 
affecting every segment, the traveler, luxury travel concierges, and the resorts and hotels themselves. Luxury travel is thriving and you have to hop on board with the new trends to reap the benefits. Here’s a peek into why the next 10 years of luxury travel will smash the last 10.
The Luxury Traveler
The common demographics of the “luxury traveler” is someone in their 50s and 60s, with a well establish career and the discretionary income to spend on traveling in style. While that is still the norm, we are seeing more and more of the younger generation turning to high-end travel. With the economy in an upswing, younger people now have the funds to spend being pampered on a week at the beach.
Not only are we seeing a shift in who the luxury traveler is, the vacation experiences they are looking for have transformed. Gone are the days of the cookie-cutter vacation, where there is a set itinerary for everyone. Luxury travelers now want personalized vacations tailored specifically for them. This is where luxury travel concierges are now playing a big role.
The Travel Concierges
While the slow economy proved travel agents and concierges almost obsolete, they are now returning bigger and better than ever. Luxury travel concierges have a whole new set of expectations, and in order to be successful in such a competitive market, it is imperative to go above and beyond to satisfy clients.
A recent trend of luxury travel agents is working within niche markets. If you’re traveling in luxury, you know specifically what kind of experience you’re looking to get out of your vacation. By providing more tailored and targeted experiences, travel agents are delivering higher value to their clients. There is no shortage of traveler interests out there. Whether it be sports, rest and relaxation, medical tourism or to explore a new culture, travel agents are catering to the consumers wants and needs. Customized itineraries for every single client are at the forefront of the booming luxury travel industry.
According to a Zicasso report, “42% of [travel] specialists noticed a marked increase in requests for expert advice”. This statistic goes to show how much travelers are leaning on the experts to organize their next vacation.
Hotels and Resorts
The new luxury travel market trends don’t stop at the traveler and the travel agents, it is going as far as affecting the way luxury hotels and resorts do business.
Nowadays, hotels and resorts are just as concerned with providing personalized experiences for their guests as travel agents are. If you are dishing out the big bucks for a vacation, you want the hotel you are staying at, as well as the staff, to treat you like royalty. Hotels are now ensuring they make connections with each guest on a personal level.
The booming luxury travel market doesn’t appear to be slowing down anytime soon. The bottom line is that the preferences of affluent travelers are changing, thus travel agents and hotels need to keep up. Ensure you are catering to them and everyone will be satisfied. Use a luxury travel concierge today to book your next adventure.
