Affluent consumers aren’t just interested in the 24 carat version of things. They are looking for experiences that offer a deeper connection to the world around them. This can include a range of experiences from cultural heritage to cuisine to community to content. These trends are transforming the industry as a whole and creating new opportunities for travel brands that understand how to tap into these new consumer demands.
Luxury travel is no longer just about private jets, bespoke pajamas and the best food in the world. It’s about a deeper connection to the world and the desire to build a story that makes you stand out from the crowd. Whether that’s a once-in-a-lifetime experience like seeing rare wild animals in far flung destinations or spending a week getting to know the local artists and artisans behind a favorite painting. It’s about finding the “wow” factor and sharing that story with friends and family.
These new definitions of what constitutes luxury are largely being driven by the generation of high net worth individuals who are now in their prime travel years. While the characteristics of these travelers can vary wildly from one person to the next, there are some key commonalities. These are the 5 C’s of Luxury Travel:
Culture
The growing population of affluent travelers is characterized by their interest in local culture and the desire to experience it firsthand during their travels. This is manifested through the increased demand for a more immersive travel experience versus simply visiting a city’s main attractions and checking off a vacation bucket list. It is also driving a rise in the popularity of more culturally-focused excursions, such as attending a live performance or taking a one-on-one Caravaggio-inspired painting class with a professional artist in Rome.
Cuisine
For this group, it’s not just about the taste of the food but the authenticity and craftsmanship behind the production process. They want to find restaurants that use organic ingredients, are eco-friendly and serve meals that are sourced ethically and locally. These are the types of places that these travelers are willing to pay premiums for in order to get a true taste of the place they are visiting.
Community
Luxury travelers are more concerned with connecting with a local community while traveling than ever before. This can be as simple as a coffee shop where they can sit down with the barista and chat about the day’s events or it could be as elaborate as a guided visit to a nearby village to meet artisan producers of their favorite local drink or handcraft.
Content
A large segment of this travel market is heavily influenced by the recommendations of others. This is why it’s important for travel brands to provide valuable and engaging content for their audience. Well-curated branded content can help to deepen relationships and encourage future bookings. It is also a great way to demonstrate the expertise of a brand and create trust in consumers.