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Now more than ever, the feeling of discovering a new experience or place for the first time is a highly sought after commodity. The luxury travel industry has long satisfied this desire for adventure by facilitating exclusive experiences on private jet planes and yachts, and setting travelers up with exotic island rentals, decadent spas and exclusive gourmet menus.
No longer the realm of the economic elite, luxury travel is steadily becoming accessible to the upper middle class. As a result, the luxury travel industry is steadily gained traction and is projected to boom by 2020. According to a recent Luxury Travel Market report, the industry has a compound annual growth rate of 6.4% and is expected to reach $1.2 billion in this timeframe.
As a leading luxury limo service serving Washington, DC, and 700 cities around the globe, we’re looking forward to the opportunities and challenges posed by growth in the luxury travel industry. Here are a few takeaways from the aforementioned report:
Demographics
Baby boomers between ages 51 and 69 years old are the leading demographic when it comes to the luxury travel market for a number of factors including:
The travel objectives for this demographic include a second honeymoon, eco-tourism, medical tourism, passion, adventure and something to cross off a bucket list. Due to their well-paying jobs and having no children in the house, these travelers have ample resources to take a long cruise or enjoy a safari.
The next group that pays the most for luxury travel is the Gen X generation, which is comprised of people from ages 31 to 40. According to the findings, they prefer multi-generation traveling with grandparents, parents and kids.
Top Market
This study found that the most lucrative market is the Asia-Pacific market, led by China and Singapore. This is due to an increase in disposable income and growth in the middle-class population in China, Hong Kong, Malaysia and India. Asia-Pacific millionaires, according to the report, are now wealthier than millionaires in North America.
In-Demand Locations
The two most sought-after luxury travel locations of the coming decade couldn’t be more different in terms of climate. According to the report, Iceland and Cuba will be the most popular locales for luxury travelers to visit through 2020. Iceland’s glacial landscape satisfies travelers’ thirst for both beautiful scenery and adventurous experiences, while the fact that Cuba’s borders have recently been opened to US travelers creates an opportunity untapped for decades.
Whether you are seeking adventure in Sydney, Panama City, Rome or Miami, our limo service EmpireCLS is dedicated to cultivating a memorable travel experience with our five-diamond service around the world. Learn more by visiting http://www.empirecls.com.
