After a turbulent period for the tourism sector, pent-up customer demand will fuel its recovery. “But it won’t be plain sailing,” warned Christopher Sanderson, the co-founder of market research, trends and intelligence service, The Future Laboratory.
The good news is that, according to a report by Bain & Company, the experiential luxury sector has grown by 5-6% annually over the past five years, and is projected to grow to a global value of $1.2 trillion by 2025.
“But luxury travel providers must embrace sustainability, innovation and ever-merging categories to stay ahead of the curve,” warned Sanderson speaking at the TTG Luxury Travel Summit at the Kimpton Fitzroy, London. He said those brands and services that allow individuals to enjoy the ’human qualities of travel’ once again will find a firm way forward.
“We are embarking upon a new era in luxury travel driven by the Transformation Economy - where throwaway interactions are traded for more meaningful, purpose-driven moments,” Sanderson explained.
But what does that entail and how can luxury travel brands forge a place in consumers’ lifestyles in a sustainable way? Here are Sanderson’s top takeaways…
