Premiumization in Travel & Tourism (2024) - Thematic Research
Description
Premiumization in Travel & Tourism (2024) - Thematic Research
Summary
This thematic research report takes an in-depth look at the theme of premiumization and the impact it has on the travel and tourism industry. This report analyzes the players impacted by this theme alongside the contributing trends, negative destination trends, unintended opportunities, and trends that have emerged as a result of premium tourism. It then dives deep into an industry analysis, presenting several real-life case studies looking at how destinations and companies have responded to the impact of this theme on their operations. Recommendations are then offered for the travel sector, alongside a description of companies mentioned throughout. This report focus is on premiuimization within the tourism industry.
Key Highlights
The theme of premiumization, and the upscale and luxury markets, now have the opportunity to thrive in an industry that has had to rapidly change to meet new changes in traveler demands.
The increased need for privacy, a greater focus on health and wellbeing, a desire to tick off ‘bucket list’ experiences, unintentional saving of money, the tendency to take longer trips, the focus on eco-tourism, and an increase in millionaires means the theme of premiumization will continue to grow in importance.
The demand for luxury hotels is increasing, as more people are willing to spend more on premium experiences. This is shown by GlobalData’s Hotels Database. When looking at the US specifically, total hotel revenue for luxury hotels increased by 24% from 2022 to 2023. This is a significantly higher percentage increase than the US budget hotel sub-sector, which experienced a YoY revenue increase of 15%.
Scope
This thematic report provides an overview of the impact premiumization has on the travel sector and seeks to understand some of the contributory factors. The key trends within this theme are split into three categories: consumer trends, enterprise trends, and industry trends. Several case studies are included to analyze the multiple ways countries and companies have responded to the impact of this theme’s growth and what they are doing to grow with this theme.
Reasons to Buy
Understand the Premiumization trends within the travel landscape today and how these will escalate in the near future.
Assess how travel and tourism companies such as tour operators, OTAs and DMOs are utilizing Premiumization to drive revenues.
Acknowledge the potential pitfalls of using Premiumization by understanding the social, cultural, and environmental effects on the destination.
Discover recommendations for businesses involved in Premiumization. GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying the important themes early, enabling companies to make the right investments ahead of the competition, and secure that all-important competitive advantage.
All across the travel and tourism supply chain, now have an opportunity to capitalize on Premiumization, and there are notable examples of this. Therefore, all should buy this report to fully understand how this theme will continue to be a key theme in the future travel landscape.
Table of Contents
46 Pages
- Executive Summary
- Players
- Thematic Briefing
- Defining premiumization
- First-class service
- Experience-driven
- Unique
- Trends
- Technology trends
- Macroeconomic trends
- Regulatory trends
- Industry Analysis
- Distribution of wealth
- The US continues to dominate in terms of high-net and ultra-high-net-worth individuals
- Luxury hotels
- The 10 countries with the highest luxury hotel occupancy rates are from a range of continents
- Lodging
- The most expensive luxury accommodation is found in Europe
- Case Studies
- Primary suppliers
- Secondary suppliers
- Third-party suppliers
- Timeline
- Signals
- Company filing trends
- Social media trends
- Luxury hotels
- Cruises
- Personalization
- Value Chain
- Primary supplier
- Secondary suppliers
- Third-party suppliers
- Companies
- Public companies
- Private companies
- Sector Scorecards
- Lodging sector scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Glossary
- Further Reading
- GlobalData reports
- Our Thematic Research Methodology
- About GlobalData
- Contact Us
- List of Tables
- Table 1: Technology trends
- Table 2: Macroeconomic trends
- Table 3: Regulatory trends
- Table 4: Public companies
- Table 5: Private companies
- Table 6: Glossary
- Table 7: GlobalData reports
- List of Figures
- Figure 1: Who are the leading players in the premiumization theme and where do they sit in the value chain?
- Figure 2: Three main fundamentals underpin premiumization
- Figure 3: Top 10 countries for their number of high-net and ultra-high-net-worth individuals (2023, thousands)
- Figure 4: The top 10 countries with the highest occupancy rate for luxury hotels, % (2023)
- Figure 5: The top 10 countries for the highest ADR in their respective luxury hotel sub-sectors ($) (2023)
- Figure 6: The premiumization story
- Figure 7: Premiumization mentions peaked in 2023
- Figure 8: Trendline chart
- Figure 9: The premiumization value chain
- Figure 10: The premiumization value chain - Primary suppliers
- Figure 11: The premiumization value chain - Secondary suppliers
- Figure 12: The premiumization value chain - Third-party suppliers
- Figure 13: Who does what in the lodging space?
- Figure 14: Thematic screen
- Figure 15: Valuation screen
- Figure 16: Risk screen
- Figure 17: Our five-step approach for generating a sector scorecard
Pricing
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