Why You Should Start Selling Luxury Travel (2023)
Selling luxury travel can be very profitable, that we know. Understanding the evolving needs and desires of luxury travelers is crucial for hotel resellers to stay ahead in the industry. Today's luxury travelers are seeking more than exclusive resorts and isolated retreats; they want immersive experiences and the opportunity to explore hidden gems and local neighborhoods.
One significant trend is the convergence of luxury travel and conscious travel, where authenticity and sustainable practices are highly valued. To cater to this demand, offering sustainable accommodations and implementing green initiatives has become increasingly important.
Cater to Chinese Luxury Travelers
The reopening of China's tourism industry presents a promising opportunity for luxury travel. With the growing wealth in the region, outbound travel from China is expected to increase significantly, creating a new market for luxury experiences. Destinations like Bali, Hong Kong, and the Middle East are popular luxury destinations for Chinese travelers. Make sure to have robust inventory in those regions
Premium & Environmentally Conscious Travelers
While luxury travel and premium travel are not identical, there are similarities in motivations, needs, and travel styles. Premium travelers, often found at the front of the plane, travel more frequently, spend more, and stay longer in their chosen destinations. The recovery of the premium and private travel segment is outpacing the economy segment, offering revenue opportunities for hotel resellers that include luxury hotels and resorts in their inventory.
High-impact conservation has emerged as an exciting opportunity within the luxury travel segment. Luxury travelers are increasingly interested in experiences that contribute to preserving and protecting the environment. Destinations like Costa Rica, Switzerland, and New Zealand are perfect fits for such travelers.
Wellness tourism is also gaining momentum in the luxury travel industry. Mindful movement and holistic wellness experiences are sought after by travelers looking to prioritize their mental and physical well-being. Adding hotels that offer all-inclusive wellness packages as part of their stay will help you stay relevant for that niche market as well.
Big Secret for Luxury Hotel Resellers (shhhh…don´t tell anyone)
So for those of you who sell luxury hotels (north of $1000/night), let me tell you that hotel reselling just became much more lucrative. Here at Pruvo, we have select customers that cater specifically to luxury travelers, where the average reservation amount is $15,000. Our repricing system tends to find price drops of up to 50% on those reservations for approximately 30% of all luxury reservations (so for every 10 luxury reservations, 3 experienced a price drop of up to 50%), far outpacing any other hotel niche.
In conclusion, the luxury travel industry is evolving, and hotel owners must adapt to meet the changing needs of luxury travelers. By incorporating sustainability practices, targeting emerging markets, catering to Generation Alpha, recognizing the value of premium travel, embracing high-impact conservation, and offering wellness experiences, hotel resellers can position themselves to thrive in the luxury travel segment.