As evidenced by the nearly $1.1 billion spent on holidays last year, the luxury travel industry is expanding quickly. Travel businesses are placing greater emphasis on adventure, which is planned to appeal to younger consumers who prefer adventure over things. However, some of the luxury travel experiences are facing new obstacles in their quest for growth. The newest obstacle to high-end travel is the latest coronavirus outbreak.
A number of luxury travel companies have already announced major expansions in areas outside of the Caribbean due to the recent outbreak. In many cases, vacationers from the younger generation – aged 29 and below – are cancelling future vacations in response to the current outbreak. In a number of locations, adventure travellers have even been instructed to forego the use of traditional antibiotics, opting instead for natural remedies and alternative health care practices. The result is a major shift in the way that younger travellers are viewing luxury vacations.
Luxury travel companies have long had a difficult time competing with chain establishments for the attention of younger travellers. However, with so much focus on adventure and safety during travel, many luxury resorts are finding themselves having to step up their marketing strategies in light of the recent developments. Some luxury properties have already added in-house boutiques and shops to address the needs of the growing younger traveller. While these efforts are beginning to pay off, others are finding themselves struggling to find enough excitement and attention within the industry to help promote their brand names. This issue is particularly troubling for younger travellers, who have grown accustomed to skipping the mall and sticking to well-secured stores.
In response to this growing demand, luxury properties are turning to innovative payment solutions to help make their vacations affordable. Some of these luxury vacation clubs offer all-inclusive discounts on travel, accommodation, tours, and activities without the need for any additional membership fees. However, many of these programs require members to pay their own separate fees in order to join. With so many adventure travellers choosing these new all-inclusive programs, it is no wonder that the industry is looking toward innovative payment solutions to address the needs of savvy travellers.
It is clear that there is a strong need for innovative pricing solutions to help bridge the gap between the older generation that made a tradition out of taking expensive vacations, and the younger travellers of today that prefer to pay only the bare minimum when it comes to expenses in order to fully enjoy their luxury vacations. As the millennial generation ages, and the number of luxury properties that cater to the younger generation increases, the once exclusive club that was available only to the elderly will become even more restricted, and expensive vacation spots will likely be more difficult to find. Fortunately, innovative solutions are available, and luxury vacationers do not have to look too far when it comes to finding affordable luxury vacation spots.