Budding Trend of Philanthropic Holidays among UHNWI to Profit Luxury Tourism Market

Published Date : Jul 05, 2016

ALBANY, NY, July 05, 2016: MarketResearchReports.biz has announced the addition of a report, titled “Opportunities In Luxury Tourism: Trends In UHNWI Demographics And Leisure Interests.” The report covers the market’s competitive landscape and its growth prospects over the years. A comprehensive overview of the global luxury tourism market, including its definition, specifications, classification, application, and industry chain structure, is presented in the report. According to the 2016 luxury travel report by international travel and tourism consultancy,  Resonance, the wealthiest 5% people in the U.S. spend US$3,115 (per person) per vacation, totaling more than US$390 bn per year.

This report helps assess opportunities in luxury tourism among ultra-high net worth individual (UHNWI) in North America, Europe, and Asia Pacific. The US and Canada are the two countries specifically studied in North America,  the UK, Germany, Switzerland, Sweden, and France are the countries studied in Europe. 

In Asia-Pacific, countries such as China, Japan, Singapore, India, and Hong Kong are studied. The report assesses the opportunities in luxury tourism by focusing on the UHNWIs demographic trends, sports, and interests as per the age group. It attempts to define customers in luxury tourism by categorizing them based on their characteristics, interests, sports, and wealth. This enables the high-end tour operators, concierge services, and luxury hotels/resorts to strategize and customize their service offerings.

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There has been a growing demand for new experiences, relaxation and luxury holidays from ultra-high net worth individual. As more and more UHNWIs are looking for broadening their cultural horizons and getting involved with different activities to learn exciting new things, the luxury tourism market is benefitting. The market for luxury tour operators, high end hotels and resorts, private jet companies, and other concierge services are surging due to the high luxury travel spending by UHNWIs.

The only major challenge, which market players in the luxury tourism market face, is the dilemma of tailoring services and offerings that match the high taste and interests of UHNWIs. However, the preference for social work and philanthropic holidays as trending interests among UHNWIs is expected to open significant opportunities in the global luxury tourism market. Further, the growing female UHNWI population across the globe will benefit the global luxury tourism market significantly. According to the report, the female UHNWI population in the different countries studied expanded at a CAGR of 5.3%, and the male UHNWI population expanded at a CAGR of 4.4%, during the review period.

The study suggests that UHNWIs aged above 50 are driving the luxury tourism industry. The analysts have also found that in North America, the people aged above 50 accounted for 64% of the UHNWI population in 2015, over 70% in Europe, and 62% in Asia Pacific respectively. Moreover, married UHNWIs with mid-sized and small families are expected to have an increased demand for family holidays, thus boosting the global luxury tourism market.

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