Luxury travel market anticipates 2012 growth

Luxury travel market anticipates 2012 growth

Travel industry buyers of the International Luxury Travel Market (ILTM) are anticipating that 2012 will be the first significant growth year since 2007. Discussion at the Leaders Forum, which includes representatives from 24 uxury tour operators and hotel groups, revealed that the Indian and Chinese markets would drive the increase. “The Indian luxury market comprises regular guests rather than aspirational travellers saving for a one-off luxury holiday,” said Paul Kerr, CEO of Small Luxury Hotels of the World. “And just like any other luxury traveller, the Indian millionaire wants freedom of choice.” This market is predicted to grow 15 percent in the next five years. Meanwhile, the panellists also agreed that discounting hotel rates in bad times does more damage than good and said the industry should now focus on the 65 and over baby boomers.  “The luxury traveller is constantly evolving: the industry needs to adapt - and remain adaptive in the future,” said Debbie Joslin, group exhibition director of ILTM. “Consumers are more cautious with their travel decisions and the industry must adhere to the promises we make.”

Gary Marshall
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Gary Marshall
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