A recent study by Virtuoso, a global network of travel advisors, set out to answer the question: What do luxury travelers want? The study polled 1,274 luxury travelers from around the world to get their thoughts on everything from where they want to travel to what they want from their travel experiences. Here are some of the key findings.
When it comes to luxury travel, market research is essential in order to understand what travelers are looking for.
Market research studies show that luxury travelers are often motivated by a desire for new experiences, and they are willing to pay a premium for accommodation and services that offer exceptional quality.
In addition, luxury travelers often seek out destinations that offer a sense of privacy and exclusivity. As the market for luxury travel continues to grow, it is important for travel businesses to stay up-to-date on the latest trends in order to meet the needs of their customers. By understanding what luxury travelers want, businesses can ensure that their products and services are always in high demand.
Let’s unpack this a bit more:
- Luxury travelers want unique experiences: When it comes to luxury travel, one size does not fit all. Insights from market research found that luxury travelers are looking for unique experiences that cannot be found anywhere else. This could be anything from staying in a villa overlooking the Amalfi Coast to taking a cooking class in Tuscany. No matter where they go, luxury travelers want their trip to be an experience that they will remember for a lifetime.
- They’re willing to spend more for those experiences: Luxury travelers are not afraid to spend money on their trips. In fact, market research has found that 56% of respondents said they were willing to spend more on their trip if it meant getting a unique experience. So, if you’re looking to attract luxury travelers, be sure to offer experiences that are worth their money.
- They want personalized service: Luxury travelers expect and demand personalized service. They want their travel advisor to get to know them and their preferences so that they can tailor the perfect trip for them. This could include everything from booking the perfect hotel room to making sure they get reservations at the hottest restaurants.
- They’re looking for value: Even though luxury travelers are willing to spend money on their trips, they still want value for their money. This means finding the perfect balance between offering unique experiences and providing excellent service at a fair price.
Luxury travelers are looking for unique experiences that cannot be found anywhere else. They’re willing to spend more for those experiences, but they still expect value for their money. If you’re looking to attract luxury travelers, be sure to offer experiences that are worth their money and provide excellent service at a fair price.
Interested in learning more? Grab the 2022 US Luxury Traveler Study