American and European travelers can't claim to be the only top luxury travel spenders anymore-and least according to a new survey of Latin American big travel spenders.
International Luxury Travel Market (ILTM), which stages both ILTM Americas and Travelweek Sao Paulo by ILTM, has released findings from a new poll, "Highlighting the Power of Latin American Luxury Travelers," which shows demand for high-end travel from across Latin America.
The survey reveals that 72 percent of Latin American travel agencies reported double-digit growth in their luxury travel business for 2014, with 59 percent saying the average length of trip is now between 10 and 20 days. Latin American travelers also take multiple trips a year with 75 percent booking an average of between three and five trips annually and 23 percent spending more than $11,000 per trip.
"There is much speculation about the travel habits of high net worth Latin Americans," said Alison Gilmore, senior exhibition director for ILTM. "It has always been clear that these travelers are high spending, but this dedicated report now reveals many details about not only this market's actual spending powers, but reaffirms trends such as their multigenerational travel habits and growing interest in long-haul and cruise as high end leisure choices."
Indeed, ILTM's report reveals that families increasingly define the demographic of those traveling from the region, with 89 percent of agencies reporting they are booking luxury family travel.
Where are Latin American luxury travelers going? The survey finds that Thailand is one of the best selling regions for such travelers. It's also one of the most popular projected destinations for growth. The U.S., Europe (including the United Kingdom, Italy and France) and South Africa also are popular destinations. As the market grows, however, China, Japan, Vietnam and India are predicted to be growth destinations.
"We are seeing increasing numbers of luxury travelers from South and Central America and it appears these numbers are set to grow," said Francesco Galli, president and founder of Aqua Expeditions, which owns and operates the new Aqua Mekong cruise in Cambodia and Vietnam. "These are people that appreciate bespoke luxury and appreciate being with friends and family-an exclusive, intimate cruise in an experiential destination ticks all the right boxes for Latin Americans."
The survey polled 90 owners and managers of travel agencies from eight different countries, including Argentina, Chile, Brazil, Mexico, Puerto Rico, Venezuela, Colombia and Peru.
Travelweek Sao Paulo by ILTM takes place May 5-8, 2015 in Sao Paulo. It features luxury travel suppliers from across the globe meeting with luxury travel buyers from Brazil and other countries in Latin America. ILTM Americas is set to take place Sept. 28-Oct. 1, 2015 in Riviera Maya, Mexico. It also will feature luxury travel suppliers from across the globe meeting with buyers from North America, Canada and Mexico. For more information on both events, email [email protected].
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