What is luxury travel? It’s a question that’s difficult to answer because the definition of luxury travel varies from person to person. For some, luxury travel might mean staying in a 5-star hotel. For others, it might mean taking an exclusive, once-in-a-lifetime trip. And for others still, it might mean simply being able to relax on vacation without having to worry about the day-to-day grind.
How do you define luxury travel? Is it the same as premium travel?
Luxury and premium are terms that are often used interchangeably in the travel industry. According to market research on this topic, they actually have very different meanings.
- Premium travel refers to any travel that is above average in terms of cost or quality.
- Luxury travel, on the other hand, is defined as travel that is excessive in cost or extravagant in nature and typically involves a unique experience.
So, what does that mean for luxury brands?
Luxury brands should focus on creating unique experiences that are extravagant in nature. This could mean anything from providing private jet service to offering exclusive access to VIP events. Whatever the experience may be, it should be something that is truly unique and not easily replicated.
Whether it’s a 5-star hotel, an exclusive, once-in-a-lifetime trip, or relaxing on the beach sipping Pina Coladas, however you define it, one thing is for sure: luxury brands should focus on creating experiences that are special and extravagant in nature. By doing so, they can stand out from other brands, providing their customers with unique experiences.
To learn more about luxury travel market research insights, contact The Olinger Group today.