Luxury travel has been doing quite well in recent years. In 2016, the industry experienced a record-breaking 32 percent growth rate. Travel Experts Inc., a host agency for independent luxury travel agents, now predicts a continuing climb throughout 2017. In fact, the company’s luxury travel agents have already reported a 58 percent increase since 2016 numbers were recorded.
Corporate Travel a Key Driver
Travel Experts also highlighted a few trends impacting the luxury travel industry. The study found that luxury travelers travel for both work and pleasure, but work generally takes up much more of their travel time—33 days per year, compared to 18 days per year. Corporate travel for meetings and incentives remains an important driver of luxury travel growth.
Examining generational preferences was another area of interest. Generation X continues to dominate the luxury travel market, which makes sense considering their age and ability to travel. Millennials prefer to experience adventure in their travels. However, “soft” adventure, opposed to “extreme,” is becoming more popular amongst older groups as well.
Another key factor to note is that river cruising was the largest growing area in luxury travel and is most popular among baby boomers.
Most Popular Locations
The study ranks the top six continents for luxury travel. Despite safety concerns, Europe remains the most popular luxury travel location—72 percent of Luxury Experts’ requested trips to Europe. North America came in second. Still, exotic locations are still on the rise. Iceland qualified as a “hot” destination trend for 2017 and will likely remain one in the upcoming years.
The full report can be accessed here.