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Between 2011 and 2015, luxury travel, in terms of outbound flights on business or first class, saw a 4.5% compound annual growth rate, versus 4.2% for overall travel. This trend will continue to accelerate over the next ten years, with luxury travel trips projected to grow at a CAGR of 6.2% between 2015 and 2025, almost a third faster than overall travel at 4.8%.
The report also reveals fresh challenges and opportunities that the luxury travel market will face over the next decade. Some key findings from the report include the observation that tourism has entered a new age of luxury travel, where luxury is curated, real-time and experience-led.
Rob Sinclair-Barnes, strategic marketing director, Amadeus IT Group, said, “Luxury means different things to different people and this is especially true today. As emergent middle classes seek the material aspect of luxury travel, more mature markets are craving a new, evolved kind of luxury. This is why offering luxury customers a relevant personal and exclusive experience will become even more crucial than it is today – it will be a differentiating factor between old and new luxury.”
Source: travelnewsdigest.in