The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreFeb 2017
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The luxury travel industry is once again in the grip of major upheaval, with rising geopolitical tensions, such as the spill-over effects of the Middle East conflict, giving rise to mass migration and terrorist attacks. At the same time, luxury travel has entered a new phase, in which conspicuous consumption is giving way to conscientious consumption and more meaningful and “authentic” luxury travel experiences.
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Luxury consumers continue to reassess their values and are increasingly focused on getting the most out of life. Luxury travel has entered a new phase, in which conspicuous consumption is giving way to conscientious consumption as well as a desire for wellbeing and luxury “experiences”.
Travel continues to be a target for terrorist attacks across the world. Atrocities cause a short, sharp decline, followed by a rebound. However, sustained and frequent attacks, as in Turkey and Egypt, have a more long-term effect.
An increase in international leisure travel is expected within luxury travel, driven by growing tourism flows from emerging markets, in particular aspirational middle class consumers.
Seamless luxury services require the establishment of up-to-date real-time interaction with all stakeholders servicing all stage of the passenger journey. Airlines are also reviewing the creation of more open ecosystems, which can support such a seamless experience.
Tier two and three cities in China are set to see more luxury hotel investment, as they become increasingly accessible and see large business flows.
Luxury wellness travel is on the rise, which has resulted in an increased number of traditional holidays and safari breaks being accompanied by meditation, fitness, yoga and spa services.
Luxury accommodation providers and start-ups are offering pay-as-you-go convenience by offering designer clothing to buy or rent in hotel rooms.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.