Luxury Travel Trends: Contrasting Scenario of Luxury Travel Industry In Asia and Western World
Shaping the future of the luxury travel industry, Asian markets are getting decked up hastily while expanding its dimensions beyond expected horizons to meet the impulsive growth of luxury travel needs in recent years. The unthinkable travel interests of today’s sophisticated travelers looking for immersive experiences are the main drivers of this revolutionary growth in the luxury travel industry of Asia. ‘Luxury‘ is not what we used to understand a decade ago. Today it has got a new meaning and this is significantly reflected in the changes in the travel market. Outpacing all figures and trends of the entire industry, luxury traveling is now the future of the travel industry.
Present Scenario Of Asian Luxury Travel Industry
According to the industry experts and market statistics, the luxury travel market of Asia, most importantly Southeast Asia is developing at a fast pace and is expected to outsmart the market as compared to the rest of the world tentatively by 2025. Compared to Asian luxury travel industry, both European and North American luxury travel market are expanding at a slower pace. According to Amadeus Report, the Compound Annual Growth Rate (CAGR) in luxury outbound trips is expected to be 6.3% for the Asia Pacific whereas Europe is expected to experience 5.8%. Hazem Hussein, Executive Vice President, Airline Commercial, Amadeus Asia Pacific said, “Some of the fastest growth in the luxury travel market is being driven out of Asia Pacific. Asian luxury travelers have a unique set of motivations and needs – understanding what drives their travel behavior and providing a personalized experience will be critical for travel providers.”
On the other hand, the luxury travel industry of North America experiences the lowest growth of only 3%. As per the Financial Times, the Middle East and Asia will be experiencing the highest CAGR which may be higher than 6%. Amadeus Report reflects on how India and China have become the driving leaders of Asia’s luxury travel market with CAGR of 12.8% and 12.2% respectively.
How Asian Luxury Travel Industry Differs From Europe And North America?
1. Flexibility of Luxury Traveling
The Asian cultural perception is probably the biggest strength and the leading factor in the accelerated growth of luxury travel services. Loaded with plenty of choices, enhanced adaptability and 100% tailor-made travel itinerary, the luxury segment of the travel industry in Asia is completely focused on the flexibility of travelers. All types of travel inquiries are honored and treated with equal importance and sometimes the tour operators take an extra step beyond their edge to plan for an unforgettable vacation for their clients. Moreover, the touristic places, as well as the offbeat locations, provide more flexible options for tourists which is undeniably an advantage over European and North American destinations.
These are some of the most important reasons why Asian destinations like Vietnam, Cambodia, Singapore, Thailand, and Philippines are outsmarting the overall travel trends with their luxury travel industry. Laid back Myanmar has also joined the competition recently and experiencing a steady growth and development with a prospective future ahead. Price is also a factor but of course not the most important one. Asian currencies are relatively lower than Euro, Pounds or US Dollars and hence travel expenses are comparatively lesser in Asian destinations than European or North American spots.
2. Style of Experiential Traveling
Staying in the homestay with the locals and experiencing a rustic life in Asian villages is called luxury traveling. Exploring the caves and camping under bare night sky is known as a luxury. Cruising to some unknown island and enjoying the charm of the untouched nature can also be termed as a luxury. In recent years, the discerning travelers have redefined the concept of luxury traveling in their own way. Complementing and adapting the travel trends of the sophisticated travelers, many travel agencies have specialized their expertise in luxury travel services. In today’s date, it is very important to understand for the travel agents that who are the luxury travelers and what are their needs?
The lust for experiential traveling is increasing significantly. This market demand can be catered exhaustively by the travel agencies through highly personalized tours and extensive network with business partners from different disciplines of travel and hospitality industry. Earlier, tourists used to get satisfied by just tasting the local cuisines and visiting the significant sightseeing destinations. But today, there is a limitless boundary to the preferences and interests of traveling. Stepping far ahead of just tasting the local food, travelers are more interested in a culinary tour that allows them to sample and learn the preparation of local dishes. So the art of experiential traveling has been fused completely with a learning experience that can act as a souvenir for lifelong.
3. Redefining Ultimate Luxury
Introducing the concept of offbeat luxury, Vietnam, Thailand, Cambodia, and the Philippines have outperformed and redefined ultimate luxury while traveling. Emperor Cruises on the Halong Bay in Vietnam sails artfully through the limestone landscape while allowing the guests to drench into the luxury of an all-inclusive tour through art, food tour, spa services and butler on board. Emperor Cruises introduced the first ever onboard floating art museum in Vietnam leading the guests to experience and admire the cultural highlights of Vietnam through impressive artworks and paintings.
Who will ever imagine of enjoying a romantic dinner on tree pods suspended in the rainforest? Boutique resorts like Soneva Kiri in Thailand on spectacular Koh Kood Island offers the ultimate essence of luxury in a unique style providing such dining experience amidst nature, escorting the guests by private planes and pampering them with a host of luxury services. South of Cambodia is outlined beautifully by an extensive coastline with romantic beaches but Song Saa Private Island exudes an aura of oriental exoticism in a naturally harmonious and romantic ambiance.
With the rapid changes in the luxury travel industry of Asia and South East Asia, the reputable travel agencies are gearing up fast to move on with the pace. The global statistics show that the rising trend of customized holiday seekers will increase further and soon will syn with the luxury category. The next-generation travel style is more interested in Asian destinations rather than enjoying a sheer luxury holiday in Europe or North America while savoring the grandeur and opulence of five-star services in a five-star hotel with lavish pool, fine dining and so on. Enrichment is more preferred over materialism in today’s new insta-generation luxury traveling.
About Luxury Travel Ltd.
Dedicated to cater to the luxury travel needs of sophisticated travelers, Luxury Travel Vietnam is specialized in luxury travel services since its inception in 2004. The company is always on the move to analyze the market trends, demands and needs to come up with innovative ideas of experiential traveling for its clients. Luxury Travel Ltd. offers luxury travel services and holiday packages in Vietnam, Cambodia, Myanmar, Laos, and Thailand. Get in touch with Luxury Travel experts here for designing 100% private, tailor-made holidays to Southeast Asia.