ITB World Travel Trends looks at Luxury Travel

Travel News Asia Latest Travel News Podcasts Videos Wednesday, 21 April 2010

Economically speaking, the international travel industry cannot afford to do without luxury travellers. Despite a serious drop in the volume of luxury trips costing 2,500 euros and more, so-called luxury travellers and the money they spend continue to occupy a significant share of the travel market. These are the findings of the ITB World Travel Trends Report 2010, compiled by IPK International and commissioned by the ITB Berlin.

In 2009, travellers from Europe capable of spending relatively large sums per trip which as over 2,500 euros, made up only 5% of the travel market but this money spent represented 27% of the market. Luxury travel declined by 18%, more than any other segment of the market.

The number of trips in the medium-priced travel category (750 to 2,500 euros per trip) fell by 9%, representing 33% of trips overall, with spending in this segment accounting for 47% of the market. The number of trips undertaken by holidaymakers who spent a maximum of 750 euros fell by 4%, still 62% of the overall travel market. However, they accounted for only 26% of overall spending.

Dr. Martin Buck, Director of the Travel & Logistics Competence Center at Messe Berlin, said, The findings are clear on one thing: despite its decline, the luxury travel market is due to become even more hotly contested. The winners will be destinations, airlines and travel operators who are conscious of the exclusive needs of a well-heeled clientele and are capable of tailoring their products accordingly.

The financial gap becomes even wider when one considers travellers in the extremely wealthy bracket. According to the report they are capable of spending up to 500 times the average holidaymakers amount on overnight hotel accommodation. Highly personalised and individual products are required to continue to attract this audience. The travel industry will come under huge pressure to satisfy this market segment, added Dr. Martin Buck. 

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