|Limitations in International travel brought about by the Covid-19 pandemic are clearly affecting the bottom line of not only travel & hospitality brands, but of the luxury sector overall. Sectors or geographies heavily reliant on travellers, like duty free retailers for example, are suffering the most. While it may take some time before the situation normalizes, our data from across 8 key Asian markets and the U.S. shows that there are reasons to be optimistic in the mid to long term. |
As travel restrictions start to loosen up with the establishment of travel bubbles between countries and affluent and HNW individuals around the world start making new, tentative travel plans, we see that the past year repressed travel needs will fuel a resurgence of travel toward those destinations which are able to reassure guests they are safe to visit.
What follow are some of the most interesting insights we picked up from our Affluent Traveller TrendLens™ 2020/21 Report, studying Affluent Asian and American consumers behaviour and needs post-pandemic:
Women will drive the luxury rebound in Asia: in China, affluent women see their future as bright as men, with 54% of both men and women expecting their income to increase. This is good news for many luxury travel brands, given how important the female segment is in driving growth, especially in the wellness and health category. Women in the US tend to be less optimistic: they believe that the Covid-19 crisis will have an impact on their income, with only 29% believing that their income will increase, vs 42% of US men.
Consumers have different travel plans: While affluent consumers in larger Asian countries like China, Indonesia & India are optimistic about restarting leisure travel, particularly domestic travel, within the next 12 months, affluent consumers in US are not: a majority of them expect to considerably decrease their travel overseas (58%) and domestically (56%) in the next 12 months.
Key Reasons for taking the next leisure trip:
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The Affluent Traveler TrendLens™ 2020/21 Report is a complete insights and research program designed for the travel industry, helping marketing and insights teams and C-level executives understand affluent and HNW consumers’ post Covid-19 travel trends, in key global markets. Completed after interviewing over 5,000 affluent and HNW individuals in Asia and US, the report offers travel, tourism and hospitality brands an invaluable guide to affluent and HNWIs post Covid-19 travel needs.
How Can Agility Help?
Agility has been working with leading luxury & premium brands to understand & win share of wallet from affluent consumers for over a decade. With 11+ Industry practice area, 38+ markets, 30+ years combined experience, core experience on Asia Pacific and 1k+ successful client engagements, we help brands across a broad set of challenges & opportunities that lie ahead in this post-Covid world.
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|Our Recent Events And Updates|
|Join our exclusive Agility webinar on the 5th of November to hear our outlook for the luxury industry in 2021 first sharing. Our managing director Amrita Banta will share data and insights based on work done across 100 premium projects globally in 2020 and interviews with over 4,000 affluent consumers across global key markets. Special guest at the event is luxury expert and renown author Erwan Rambourg. Click here to register!|
Last week we had a marvellous webinar session with Eva Yu, President & Managing Director at L’Oréal Hong Kong, Norbert Leuret, President at LVMH Japan K.K., and Laurent Morel -President & Regional Director Asia / Oceania at Moët Hennessy, LVMH at the French Chamber Asia event, with 120 senior executives from global premium brands joining online. We shared our data and insights on the post Covid-19 changes in travel, consumption and lifestyle habits of affluent consumers across key Asian markets.
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