Luxebook September 2023

Travel concierge services The world of luxury travel has undergone significant changes in recent years, with 2023 seeing a surge in demand for personalized experiences, exclusive access, and unique offers. Many consumers are now willing to pay extra for bespoke and luxury services, with a focus on authentic and culturally-enriching experiences rather than mass tourism. This makes luxury travel concierge services an essential aspect of travel planning. While other concierge services can assist with your travel needs, a dedicated travel concierge is better equipped to provide tailored recommendations and insider knowledge. Your travel concierge acts as your personal travel assistant, whether you’re pressed for time or seeking the most luxurious experiences, albeit at a cost. They can handle everything from travel arrangements to recommending the best local dining spots and even assisting with last-minute shopping. “Travel concierge services differentiate themselves by offering a level of personalization and exclusivity that transcends traditional travel agencies,” Mediratta told LuxeBook. He perfectly summarized travel concierge services as “the architects of unforgettable journeys, ensuring every detail reflects the traveler’s individuality.” However, for Goel, the line between luxury concierge services and travel concierges have been blurred. He attributes this to the rising demand for luxe travel and exclusive, personalised experiences continues to rise. “ Today, most companies in luxury concierge segment are setting up their own holiday curation divisions by hiring personnel from similar backgrounds or have even partnered with reputed travel agencies to offer these services to their customers.” He futher says, the luxury market in India has expanded many folds, encompassing not only traditional luxury goods but also luxury experiences and services. Luxury travel concierges cater to this expanding market by providing customised, high-end experiences amongst other services. However, India remains to be a heterogenous market where there’s sizeable consumer diversity specially in paths to purchase. Many discerning travellers for instance, still curate their own holidays even if takes more time and effort since they derive a sense of value in “doing it yourself”. At the start of the century, AmEx introduced concierge services to India. Since then, other companies have entered this industry. While American Express has been the biggest in the segment with their black card, the Centurion and their platinum charge card, Goel pointed out a key fact saying that when you look at deeply customised premium and experiential vacations, boutique travel designers are extremely capable and sought after. While the exact size of India’s luxury concierge services industry is unknown, industry leaders estimate it to be around Rs 500 crore. “The Indian luxury travel market is at its most virile time at the moment and luxury concierge service industry has experienced significant growth and transformation in the recent years with 1314% compounded growth (CAGR), year on year. From boutique holiday designers to concierge companies opting to offer these services, several factors have contributed to this expansion making it a prominent and competitive sector within the luxury travel space at large,” said Goel. The worldwide luxury concierge service market is expected to exceed US$731.4 million in revenue by 2030, with a CAG growth rate of 5.5% during the forecast period from 2022 to 2030. Speaking on the growing The Farm Big Lagoon Mr Hemant Mediratta, Founder and CEO HMC Enterprise 14|LUXEBOOK|SEPTEMBER 2023 SEPTEMBER 2023 |LUXEBOOK|15

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