This month, we’ve been focusing on YOU as an advisor who might like to specialize in luxury travel. But what about your target audience? What clients would make good luxury prospects?
To help you immerse yourself in luxury education, The Travel Institute is proud to announce our 4th edition of the new Online Luxury Travel Specialist Course launched earlier this month! This super-sized, self-study course incorporates expertise from several expert luxury travel insiders and industry suppliers to provide practical advice and tangible tips for aspiring and seasoned advisors alike.
The following is an excerpt from the new course:
With no single definition of luxury today, one traveler’s luxury is another’s ordinary. While some luxury travelers define luxury as white-glove service and bottomless champagne, others may assume luxury is a stay in a remote treehouse or an immersive cultural experience. Knowing your target luxury market is more important than ever.
Let’s consider what makes the luxury traveler different by reviewing three types and by examining notable traits of each. Note: It is important to keep in mind the inevitable overlap among the different categories, as well as the interchangeability of types of luxury travel depending on the specific reason for the trip.
Absolute Luxury Travelers usually are the most traditional of the luxury travelers. Historically, these are the clients or potential clients whom most travel sellers traditionally targeted for luxury travel business. But, while they remain a significant part of the luxury travel market, they do so to a lesser degree than they did a decade or two ago. They tend to require luxury across their entire travel experience.
How can you recognize Absolute Luxury Travelers? One characteristic they tend to share is their desire for exclusivity. They enjoy being with people with similar likes and dislikes—people with whom they are comfortable. Privacy and an exclusive country-club atmosphere may be important to them.
Selective Luxury Travelers are a fast-growing target market because luxury travel is becoming increasingly attainable, and more and more people are gaining access to at least some elements of luxury travel.
Unlike Absolute Luxury Travelers, these Selective Luxury Travelers are not necessarily wealthy. Nevertheless, they have an affluent mindset, and they are ready to trade up to luxury in specific situations.
How can you recognize Selective Luxury Travelers? Look for clients who are interested in enrichment and exploration. Selective Luxury Travelers seek the right experience. These can include Millennials as well as mature travelers who are looking for adventure and immersion travel. More and more Baby Boomers and Gen Xers are wanting to explore off-the-beaten path destinations and are looking for personal enrichment, like their younger counterparts, when they travel.
Ethical/Eco Luxury Travelers may include those socially conscious travelers who prefer inconspicuous and responsible luxury travel. Their approach to luxury travel may be influenced by ethically and environmentally friendly living, local artisanship, authenticity, and sustainability.
How can you recognize Ethical/Eco Luxury Travelers? One characteristic that these travelers share is the desire to “do good.” They are looking for luxury options allowing them to give back to the local culture, its people, and the planet.
Luxury may be more subjective today, but what remains consistent among all luxury travelers are their expectations. Those expectations are high, and today’s luxury travelers desire products and experiences that are fulfilling and possibly life-defining.
Curious about other ways to recognize the three types? Enroll in the Luxury Travel Specialist Course today and find out!