Luxury Travel Sees Growth Despite Recession
October 17, 2009 phamha 0
A variety of key panelists, travel experts, distinguished speakers and an international audience of professionals and agents created a successful and flourishing event.
The Travel Convention spoke to the future of luxury travel, with an overall consensus of success and positivity.
Despite the ongoing recession which has had a well documented negative effect upon the travel industry, a number of luxury operators have recorded increases in revenue by up 30 per cent.
Luxury travel companies are predicting an upturn in business in 2010– but expect to deal with a markedly different customer, according to a report by PricewaterhouseCoopers.
Internet-savvy deal hunters who will not stint on cost but do demand value for money will be the norm in 2010, the report, released at this year’s Abta Travel Convention stated.
It also found that luxury tour operators have managed to maintain margins and market share despite the economic downturn.
Guy Gillon, leisure director, PricewaterhouseCoopers LLP, said:
“The vast majority of businesses expect trading conditions to improve in 2010.
“Luxury is chartering a new course through these turbulent trading times with a resourceful and deal savvy consumer requiring value for money.
“Despite being a big ticket item – this consumer preference has partially insulated luxury travel operators from the discretionary spend cull felt elsewhere in the market.”
In a survey of more than 7,000 luxury club members when asked what items they would cut back on during the recession, only 18% cited their main holiday, which fell ninth in the selection behind designer labels, electronics, and restaurant meals.
And only a fifth of respondents said they would downgrade to a cheaper destination despite the squeeze on their investments.
In a similar survey, polling all demographics, 41% said they would cut back on holidays and weekends away first. Holidays came second only to dining and nights out.
“The difficult economic climate has led all customer demographics to reassess their travel habits,” said Gillon.
“The high net worth individuals and ABs are not moving to packaging or changing length of stay, but they are utilising the internet to scour the landscape for the right deal and right location at the right price.
“While some of these changes may be temporary the ‘buying clever’ trend is here to stay,” he added.
“To make it to the finish line, luxury travel businesses need to improve and develop their online presence and increase their portfolio of products in 2010,” he stated.
Luxury Travel Company announces their best selling luxe tour package titled ‘the best of the best Vietnam 18 days’ upon this tour has been launched in September 2009. The tour can be booked at last minute, and each day on tour can be customized to suit individual interests, energy and schedules.
Vietnam has established its reputation as a unique and genuine Southeast Asian experience. And now, there is ample opportunity to explore it in style and luxury.
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