• Luxury travel trends affecting the industry

    2010-07-13

    As the economy slowly begins to recover, travelers are finding themselves with a bit more money than before to spend on luxury trips. The luxury sector took a big hit during the downturn, but analysts are saying that the industry is slowly bouncing back, although not yet to pre-recession levels.

    According to the Huffington Post, a number of trends are affecting the industry. One is value in luxury accommodations. While luxury travelers still spend more than average vacationers, they are not spending as much as they used to.

    It's a trend that New York City's Helmsley Park Lane general manager Takis Anoussis has seen firsthand, telling the news source that "people will pay $800 or $1000 for a lovely suite but not $5000 as they might have in the past."

    Another difference is the experiences that travelers are looking for. Luxury vacationers see value in experiences that will be especially memorable. So families are taking trips that amount to more like family reunions, and are trying to see famous cultural landmarks and sites rather than typical beaches. In addition, the market has also seen an increase in one-of-a-kind trips, like the Super Bowl, swimming with dolphins, or sleeping in extravagant African tree houses, according to the news source.

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