The luxury tourism market might not be booming at 2008 levels, but barring a complete Euro-zone meltdown and an attendant global economic crisis, reports of its demise have been greatly exaggerated, according to the buzz at the International Luxury Travel Market (ILTM) conference in Cannes, France, in early December, according to a report posted on December 27, 2011 by Felicity Long in Travel Weekly.
But while hoteliers at the event remained at least cautiously bullish, the issue for travel agents is less about trying to predict the vagaries of the economy than staying on top of trending luxury destinations and a changing client base. "Around the world, we've been seeing the average age of our guest trend downward," said Cory Hagopian, Executive Director, Travel Industry Sales, Fairmont Hotels & Resorts. "Globally, younger people are booking more luxury travel than ever and are expecting personalized, unique experiences for their money. This younger demographic is also demanding different kinds of amenities, such as upgraded fitness centres and cutting-edge restaurants." The new generation of luxury travellers is also culturally diverse, Hagopian said, which creates a greater challenge for today's hoteliers. "Hotels need to have greater flexibility in accommodating different segments and need to be not only thinking about the demographics of customers but the psychographics, as well; being able to customize experiences the exact way guests want them today," Hagopian said. Laura Fairweather, Manager - Corporate Public Relations, Four Seasons Hotels and Resorts, agreed, adding, "If you consider the demographic powerhouse of Generation Y, which is growing in size and influence around the world, there is truly a seismic shift ahead in terms of where the hotel consumer will come from and how we will address their specific needs."
Click here to see the original article>But while hoteliers at the event remained at least cautiously bullish, the issue for travel agents is less about trying to predict the vagaries of the economy than staying on top of trending luxury destinations and a changing client base. "Around the world, we've been seeing the average age of our guest trend downward," said Cory Hagopian, Executive Director, Travel Industry Sales, Fairmont Hotels & Resorts. "Globally, younger people are booking more luxury travel than ever and are expecting personalized, unique experiences for their money. This younger demographic is also demanding different kinds of amenities, such as upgraded fitness centres and cutting-edge restaurants." The new generation of luxury travellers is also culturally diverse, Hagopian said, which creates a greater challenge for today's hoteliers. "Hotels need to have greater flexibility in accommodating different segments and need to be not only thinking about the demographics of customers but the psychographics, as well; being able to customize experiences the exact way guests want them today," Hagopian said. Laura Fairweather, Manager - Corporate Public Relations, Four Seasons Hotels and Resorts, agreed, adding, "If you consider the demographic powerhouse of Generation Y, which is growing in size and influence around the world, there is truly a seismic shift ahead in terms of where the hotel consumer will come from and how we will address their specific needs."