2012-09-25 17:19:34 - Luxury travel market is the fastest-growing segment of the travel industry
Despite the worldwide recession, there is one area of the tourism market that is expanding rapidly, that is the luxury travel market. After a significant decline in 2009, the global luxury travel market recorded healthy growth in 2010, and cemented its recovery in 2011.There is no one definition of luxury travel. Upscale or luxury travel is determined by a range of products, from offering the unusual in the way of scenery and cuisines to breath-taking decors, to an integrated travel experience that combines everything from gourmet foods to spa experiences.Business travellers have fuelled the majority of growth within the luxury travel market. These travellers have discovered that the cost of arriving tired at a destination outpaces the cost of the
first-class ticket.Asian airlines, for example, have not only increased their first-class capacity, but continue to offer a wide variety of new luxury travel products. In fact, the luxury travel market is the fastest-growing segment of the travel industry worldwide. For example, in North America, luxury travel produces almost a trillion dollars in annual sales.Italy, France and the UK remain the most popular destinations for luxury travellers. However, Cuba, Vietnam and Cambodia are emerging as new destinations for the wealthy.While a high level of comfort and service, and exclusivity are still key elements for luxury travellers, experiential travel and sustainability are playing an increasingly important role.Luxury consumers have embraced technology, with social media playing an important role for luxury brands in order to engage with their customers, receive valuable feedback and gain loyalty.For more information on the luxury travel market, see the latest research: Luxury Travel MarketFollow us on Twitter @CandMResearch
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