A recent Boston Consulting Group (BCG) report has highlighted that a massive market exists for luxurious travel offerings, as increasing numbers of the world’s super rich vie for most exclusive travel experiences.
Super luxury travel adventures, or one of a kind trips are what the world’s millionaires are searching for these days, according to the BCH report.
One of the key findings in BCG’s ‘Luxe Redux: Raising the Bar for Selling of Luxuries’ report, was that the global super rich population is on a drive to acquire exclusive experiences, with around 55 percent of total luxury spending worldwide being on experiential luxury, a sector which is poised to grow at a rate of more than 50 percent faster than the sale of luxury goods.
High on the list of expensive holiday treats for the super-rich is Helicopter skiing in Alaska, or a vacation at luxury goods group, LVMH’s, exclusive hidden leisure spot in the Maldives. The luxury experiences business, which offers services as diverse as art auctions, exclusive five-star hospitals with a personal butler service, and limited-access travel packages, is worth an estimated $770bn, says the report.
Jean-Marc Bellaiche, a BCG senior partner, said, ‘More and more luxury shoppers tell us they love experiences that make them feel pampered. But if luxury-goods players are to capitalise on the ‘experience’ trend, they have to move quickly and forcefully. To date, very few have been successful in adding experiential elements to their offerings, websites, or in-store execution. While the lack of such elements may not yet be hurting the providers’ financials, it is a missed opportunity to boost performance.’