How is the Luxury Travel Market Taking Shape?

by Aarnav K. Digital Marketing The luxury travel publications industry is unique in that it continues to thrive in the form of the traditional magazines and the new digital magazines. Luxury travelers worldwide continue to be enthralled and amazed by the glossy paper and ink for some unknown reasons. From the most popular travel destinations on the planet to the biggest resorts, everyone seems to be benefiting from the widespread reach and power of these travel magazines. While people do go online to compare prices and book flights and hotels, they prefer pre-experiencing their potential destinations on glossy paper.

Who are these Luxury Travel Magazine Readers?
Luxury resorts and destinations target a specific market comprising of highly passionate travelers in the up market segment. This includes highly educated, wealthy, and upper-middle-age couples or individuals who have the time and resources to explore the world. It also includes people who are eager to invest in adventures and new experiences. Some of the key traits of this market that loves luxury travel magazines are as follows:

• Their luxury travel plans aren’t influenced by tight budgets, strict timelines, or vacation schedule
• They begin their travel plans years or months in advance, as these are part of their long-term goals or often life goals
• Their decisions aren't influenced by affordable hotel or flight rates or last-minute deals

What makes them different from other travelers is that they don't chase the best deals or make their decisions for the best rates being available for a short period of time.

The Wellness Tourism Trend
There is a growing trend of wellness tourism and this is again another area that is finding widespread popularity with luxury travelers and luxury travel magazine. Wellness travels are different from other forms of travels in that they are focused on improving, maintaining, or initiating a healthy lifestyle. They are focused on increasing your sense of wellbeing. The pursuits from the travel can be of spiritual or physical nature.

Traditionally, this form of travel has been focused more on luxury spa holidays. While that is still part of the theme, it has taken many forms including the following:

• Digital detoxification
• Sleep enhancement
• Fitness concierge

And much more. And even in the wellness travel segment there are different kinds of travelers:
Primary Wellness travelers: Their primary goal is to improve wellbeing.
Secondary Wellness Travelers: They are focused on leisure or other travels and maintaining wellness is a secondary priority.

And luxury travelers seek these amenities at luxury holiday destinations. While North America and Europe dominate the numbers for wellness trips worldwide, the emerging markets are growing at a very fast rate.

Segmentation of Luxury Market
Brands are increasingly realizing that the luxury travel market can be segmented. A few years ago luxury travelers were mostly grouped into a single segment. Today, these travelers are grouped based on both demographics and psychographics. Even Millennials are categorized into different groups. Brands now know that they cannot use the same marketing strategies to reach out to older and younger millennials.

They are different in terms of their:

• Preferences
• Purchasing powers
• Education levels

The luxury travel industry is now learning how to touch upon the sensibilities of all the different categories of luxury travelers.

While the luxury travel market is both evolving in terms of options and growing in terms expenditures and travelers, the luxury travel publications industry is also keeping up with the pace. As already mentioned, luxury travelers prefer experiencing their destinations on glossy prints that provide them a more physical touch and feel. It is hoped that the digital luxury publications segment can also provide more innovative solutions in near future to boost its readership.

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Created on Jun 25th 2019 07:26. Viewed 639 times.

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