Luxury tourism has made a comeback with travellers in 2014 and the UAE stands to gain from this rising trend.
According to new research from global travel consultancy, Resonance, a revival in demand for luxury and ultra-luxury travel will go unabated as the number of the world’s millionaires continues to rise.
The trend is good news for the UAE with its core tourism proposition of ‘affordable luxury’.
Luxury Travel Trends
Resonance has identified the top trends that will impact tourism for the next decade or more. These include:
Strength of luxury travel
The number of millionaires in the world is expanding, while the numbers of newly affluent travellers in their early 30s and 40s are also growing.
Impact of Millennials
Millennials – 18- to 30-year-olds – are more interested in international travel than non-Millennials. They’re also more interested in urban destinations than resorts, are twice as likely to share experiences via social media and view online reviews as ‘somewhat’ or ‘very’ important.
Estimated at 1.3 to 1.6 billion people worldwide, Unstoppable Elders are the world’s most affluent and demanding travel demographic. Elders favour off-peak travel, while high standards of customer service and security are crucial.
Rise of Conspicuous Leisure
Driven by the prevalence of social media, Conspicuous Leisure is the signalling of social status through consumption and sharing of experiences rather than through consumer goods.
Today’s seniors are healthier and live longer. As a result, multigenerational travel is on the rise. More than 40% of families took such a holiday in 2013, with 70% of these trips planned around a milestone event.