ILTM Asia will be divided into two independent events from 2018, namely ILTM China and ILTM Asia Pacific, which will make its debut in Singapore, May 21-24, writes Alexandra Marill.
The news was announced at the ILTM Opening Forum in Shanghai this week by ILTM portfolio director Alison Gilmore.
Gilmore explained the Asian markets now demanded two different events which each had their independent audiences.
“Many companies are now separating their current and future business plans and marketing strategies to focus on China and Asia as two independent opportunities,” she said. “ILTM has listened to the market and is responding with these two dynamic events, each dedicated to their own audiences.”
ILTM Asia Pacific has now moved from Shanghai to Singapore and is designed to represent product from the whole of Asia as well as focusing on the development of the region’s outbound luxury market.
The Asia-Pacific region had the highest number of high-net worth individuals (HNWI) in the world in 2016, according to the World Wealth Report, and is expected to double that population to 11.7 million by 2025.
ILTM China will be held in Shanghai in October 2018 but will be an exclusively Chinese event to meet the increasing demand from Chinese luxury travel planners and their clients.
According to the most recent Cap Gemini World Wealth Report (2016), the number of HNWIs escalated by 16.2% in China, the largest gain for any country worldwide last year.
“Everything about ILTM China will be dedicated to supporting the growth of this outbound luxury travel industry,” added Gilmore.
The company’s other event held in Asia, ILTM Japan will continue as a standalone event and will explore new opportunities for the country’s luxury brands from February 26 to 28, 2018 in Tokyo.