PHOTO: Luxury travel is now about experience and access. (Photo courtesy Thinkstock)
Luxury travel is booming at the moment bolstered by several factors driving demand in the industry, reports Forbes.
“Multiple reports show consumers are choosing travel over hard goods when there is a choice,” writes Doug Gollan.
Luxury travel PR firm the Magrino held its first travel summit, bringing together its luxury clients, luxury travel agents and a noted influencer to discuss the future of luxury travel.
One of the biggest trends is the transformation of “Millennial” as the definition of a generation to a term that defines how people would like to travel.
READ MORE: What Are The Hottest Trends in Luxury Travel?
“Millennial is a mindset. Guests in their 50s and 60s are partying like they’re in their 30s. We (need to) cater to the mindset,” Nikheel Advani, co-founder, COO and principal of Grace Bay Club in Turks and Caicos tells Forbes.
Jack Ezon, CEO of Ovation Vacations has a similar sentiment.
“For the first time we see parents wanting to act like the kids,” he tells Frobes.
Experiences are of key importance as well.
“We’re seeing every day a flight from brands. The brands really have to embrace this and create unique identities for their properties,” said Ezon.
For more on this dissection of the luxury travel market and what travelers will be looking for and expecting next year, read on here.