The Maldives is the most popular luxury holiday destination, Chanel is the most popular luxury brand and a luxury holiday is the most desired luxury product, over cars, jewellery or clothing, according to a new survey on luxury travel trends.
The survey, carried out by Small Luxury Hotels of the World (SLH), reveals significant trends in the luxury sector, highlighting luxury travel habits and favorite luxury travel brands, as well as how the consumption of luxury has changed over the last five years.
The consumption of luxury
Of those surveyed, the large majority of respondents reported that over the last five years, their consumption of luxury products has risen most significantly in the travel (62 percent), technology (62 percent) and food and drink (60 percent) sectors. The consumption of luxury health and beauty products has also increased but in a less significant manner overall (51 percent).
Russian respondents claim the greatest surge in the consumption of luxury products over the last five years with almost 90 percent indicating an increase across both the travel and food and drink sectors, and 80 percent in the technology sector.
When asked to choose just one luxury item, the most popular choice was a luxury holiday (42 percent), followed by a memorable experience (40 percent), highlighting the preference for experiences over other tangible luxury items such as cars, jewellery and clothing.
Favorite luxury destination
In terms of favorite luxury holiday destinations, the Maldives achieves the top spot (13 percent), followed by Italian and French destinations (12 percent and 11 percent respectively). The USA and Canada were the only source markets where the Maldives did not feature in the top three luxury destinations, with both markets favoring European destinations, and in particular France (22 percent and 23 percent respectively for the USA and Canada).
5 star hotels are most popular
When identifying the most important elements of a luxury holiday, five star facilities and authentic experiences were the most popular choices (28 percent and 26 percent).
Eco lodges or spa resorts?
A secluded beach resort is most people’s idea of a luxury holiday, chosen by 43 percent of respondents. Eco lodges are popular with respondents from the USA with almost a third (30 percent) choosing this as their preferred option compared to an average of 14 percent. Those from France, Germany and the UK also showed a fondness for country mansions whilst the Chinese and Russian showed an above average preference for spa and wellness resorts.
How much do luxury travelers spend?
In terms of expenditure on luxury travel, 84 percent of respondents said that they would not be prepared to spend more than £2,000 (some 2,400 euros) on a luxury weekend break. 55 percent of Chinese said that they would spend less than £1,000 (some 1,200 euros) on a luxury weekend while at the other end of the scale, almost a third (30 percent) of Russian respondents said that they’d be willing to spend more than £2,000 on a luxury weekend break.
Favorite luxury brands
When asked to specify their favorite luxury brands, France and the UK stayed loyal to their home nations with the UK opting for Mulberry as their top luxury brand and France opting for Hermés, followed by Louis Vuitton.
Overall, French brands topped the list with Chanel identified as the favorite luxury brand across the board.
The survey was conducted in August 2013 and completed by over 800 SLH customers across the globe with the objective of identifying the luxury habits and desires of SLH customers. SLH has 520 hotels worldwide in more than 70 countries.