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The Luxury Travel Market is Changing - Don't be Left Behind - Insights
luxury travel

The Luxury Travel Market is Changing – Don’t be Left Behind

With general attitudes towards the luxury travel market changing, companies cannot afford to be left behind. Whilst luxury travel accounts for only 7% of all international trips it does account for as much as around 20% of global travel spending due to high prices. This is also expected to grow in the coming years. The International Luxury Hotel Association is forecasting that the global luxury travel market will reach $1.154 billion by 2022.

As with most markets, it is so important to keep up with digital trends. Research by Adobe has shown only 63% of respondents believe mobile web development is important over the next three years. Even though 40% or more of the travel industry’s traffic comes from mobile, more than any other industry. In Q4 2017, mobile-based search queries for luxury travel grew by 172% year on year. This is whilst the overall travel market only grew by 12%. Research undertaken by Phocuswright for Bing has found that companies are spending 61% of their marketing budget on online channels. 44% of their digital marketing budget is spent on mobile.

Popularity of Social Media

Social media has become increasingly popular in the luxury travel industry, in particularly Instagram. During a Facebook podcast, Stephen Gray, Consumer Insight Analyst at Facebook, said that 67% of travel enthusiasts use Instagram to find inspiration for places to travel. A survey by home insurance company Scholfields Insurance found that “how Instagrammable the holiday would be” was the most important factor for millennials when picking a holiday destination.

A hotel in the Maldives is taking advantage of this by introducing the world’s first Instagram butler. The butler offers advice and tours to their guests to ensure they get the perfect photo shots.

However, with the increase of bots in the digital world, WTM Insights believes that due to their busy lives, luxury travellers still prefer one contact who they can call to organise their travel itinerary.

Written by: Thomas Coughlan
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