International Luxury Travel Market 2007: Philanthropic Travelers

International Luxury Travel Market 2007 Cannes, France

Philanthropic Travel the Ultimate Luxury

Philanthropic travel and an increased demand for learning were also highlighted as being much in demand. The research reveals that these people (travelers) are looking for spiritual well-being and unique, authentic experiences. In the mature markets of the USA and Europe there is a move away from conspicuous consumption to a more "low-key" luxury. -Excerpted from the ILT Press Release: December 4, 2007

"The luxury travel boom is being fueled by the increase in High Net Worth Individuals (HNWI) -those with at least US$ 1million in net financial assets -and also by the growth in their individual wealth. The number of HNWI grew by 8.3 % in 2006 and their individual wealth grew by 11.4%.Wealth is concentrating to an even greater extent amongst Ultra High Net Worth Individuals (Ultra HNWI) -those with financial assets worth at least US $30 million -whose number increased by 11.3 per cent in 2006 with their assets growing by 16.8 per cent. Luxury travel is booming according to new research launched at the International Luxury Travel Market in Cannes. In most countries across the world luxury travel is one of the best performing sectors of the travel business with many countries currently enjoying between 10 and 20 per cent annual growth. The global luxury travel business now comprises an estimated 25 million annual arrivals (3% of total international arrivals) accounting for 25% of international tourism spend -at least US$180 million. On average, spend per trip is estimated at between US $10,000 - 20,000."

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