July 13, 2018

The evolution of traveling - from leisure to luxury


The premium travel market, traditionally composed of affluent consumers and senior business executives, is being transformed by aspiring upscale travelers and shifts in consumer demands.

World outbound travel is booming and, according to IPK’s World Travel Monitor®, the global travel industry set new records over the first eight months of 2017. The luxury travel sector, in particular, has embarked on a paramount transformation fueled by changing consumer preferences that will have far-reaching ripple effects in the years to come. While luxury travel only accounts for 7% of all international trips, it encompasses nearly one-fifth of global travel spending due to its high prices. Bouncing back from an underperforming 2016, the International Luxury Hotel Association (ILHA) forecasts that the global luxury travel market is to generate $1,154 billion by 2022, growing a compound annual growth rate (CAGR) of 6.4%.

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