Luxebook September 2023

demand Mediratta shared that as travelers increasingly seek unique and exclusive experiences, the market continues to expand, presenting vast opportunities for growth and innovation. “India, a land of rich traditions and diverse cultures, is also a high-touch and highservice market. The essence of the Indian traveler lies in the art of outsourcing services, seeking the utmost convenience and excellence in every aspect of the journey. This presents a phenomenal opportunity in India for top-notch luxury travel concierge services to flourish and cater to the discerning needs of travelers who aspire for nothing but the very best. Indian travellers, in their quest for distinct and transformative experiences, are setting new standards in luxury travel. They are not just tourists; they are explorers of the extraordinary.” Some of the top tourist destinations for Indians continue to Southeast Asia and Middle East for short -haul destinations and Europe and America for longer vacations, shares Goel. “India has seen a surge in both domestic and international tourism with travellers seeking premium services to enhance their travel experiences including assistance with itinerary planning, luxury accommodation and unique experiences at the destinations.” The rising market It is now evident that the demand for luxury travel and concierge services is growing rapidly. In post pandemic times, consumer lifestyles have significantly evolved – there is a shift towards valuing authentic experiences over material possessions Goel told LuxeBook. “We are seeing more individuals opting for luxury travel as it is perceived to be more comfortable, reliable and there is a sense of predictability in the quality of services. Given the macro-economic growth that our country is witnessing, there is a natural increment in the number of high-net-worth individuals and affluent consumers that’s creating a strong demand for personalised and premium services.” The reason behind this trend could be attributed to various factors such as the increase in disposable income of consumers globally, the competition to experience the most luxurious events in a city, or simply a new way of exploring a city. “Travel aspirations have evolved significantly, with individuals now seeking destinations that offer not just unique and immersive experiences but also transformational ones. Picture a golf game with the legendary Tiger Woods, a personal coaching lesson by Roger Federer, or perhaps the thrill of drifting cars in the bustling streets of Tokyo. These are the kinds of extraordinary experiences that capture the imagination of today’s travelers, believes Mediratta. In recent times, consumer spending on luxury items and services has surged, and this is expected to drive the growth of the luxury concierge service market. Moreover, the collaboration of multiple players in the industry, including hospitality partners, food and beverage experts, and travel service providers, is making travel more convenient. However, the most significant driver of the global luxury concierge service market growth is the demand for personalized and customized travel experiences. According to a survey by ARC, the global luxury travel market is projected to reach $8,460 million by the end of 2024. Another survey by Resonance reveals that the wealthiest 5% take an average of 14.3 trips per year for business and pleasure, highlighting the need for bespoke luxury experiences. This trend is a boon for toptier services to attract and retain luxury travelers. The rise in demand for luxury travel concierge services is a reflection of the evolving hotel industry and consumer behavior. “We are seeing more individuals opting for luxury travel as it is perceived to be more comfortable, reliable and there is a sense of predictability in the quality of services.” — Yeishan Goel 16|LUXEBOOK|SEPTEMBER 2023 ekaya. in

RkJQdWJsaXNoZXIy NTcxNzM1