Do you know the 5 types of luxury travelers that make up the diverse luxury travel market? If not, then continue reading and learn how you can tap into this lucrative market.
Each of the descriptions that follows includes basic characteristics and a judgment of whether they are good prospects for travel agents who wish to sell luxury travel products.
1. Elite Luxury Lovers are the most traditional of the affluent consumers. Historically, these are the customers who most travel sellers targeted for luxury travel business. And, 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 want the best of the best and exclusivity, and they like to be with people with similar likes and dislikes.
Characteristics:
- They want the best of the best. Being highly materialistic, they demand top quality and are prepared to pay for it.
- They want exclusivity. Their expectations are high, and they desire products and experiences that are unique.
- They enjoy being cocooned. They want to be isolated with people with similar likes and dislikes – people with whom they are comfortable. Privacy and an exclusive country club atmosphere are important to them.
2. Aspiring Luxury Lovers also constitute a good market for luxury travel. Unlike the elite luxury lovers, these aspiring luxury lovers are not necessarily wealthy. Nevertheless, they have an affluent mindset. They typically seek status, value appearance for appearance’s sake, and usually spend what they earn. They also believe strongly in what the experts and media say.
Characteristics:
- They seek status. They enjoy standing out in a crowd and are clearly brand-conscious.
- They value appearance for appearance’s sake. Designer labels are highly important to them.
- They usually spend what they earn. Nevertheless, they usually spend wisely.
- They use credit cards regularly.
3. Savvy Luxury Shoppers constitute an interesting and sometimes challenging group. They appreciate luxury per se and, hence, luxury travel. However, they work very hard to purchase luxury travel.
In other words, they demand excellent value for their money. They’re highly capable of using computers and the internet, so, often, they are characterized by their ability and inclination to do it themselves.
Characteristics:
- They must find a bargain. They are always looking for discounts and the best deals.
- They avoid purchasing at retail prices. They have raised this skill to an art form.
- They are highly capable of using computers and the Internet. At times, they are characterized by their ability to “do it themselves.”
- They are aggressive and motivated by value.
4. Luxury Explorers seek a highly unusual travel experience. They typically are experienced travelers, and they are willing to spend well for what they consider the ideal travel product. They are good prospects for luxury travel but only if it meets their criteria.
Characteristics:
- They want adventure. They seek enrichment and don’t shop for image.
- They want authentic experiences. That which is glitzy or glamorous is frequently seen by these consumers as pompous and arrogant.
- Learning and experience are important objectives for these travelers.
5. Satisfied Luxury Admirers are not the best prospects to sell luxury products to. They tend to be savers and not spenders. Their offspring actually may be better prospects. However, there is a trend for older satisfied luxury admirers to spend for multi-generational travel.
Characteristics:
- They are savers, not spenders. These consumers typically are asset savers. They store their money in savings accounts and often deny themselves the fruits of their hard work.
- They save for the second generation. Research shows that the offspring of Satisfied Luxury Admirers, while not necessarily spendthrifts, almost always receive more enjoyment from their money than their parents do.
