Thematic Research: Premiumization in Tourism 2019 – Concepts of Premiumization and Hyperpremiumization

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Thematic Research: Premiumization in Tourism 2019

Summary

International travel used to be exclusively for the super-rich but with low-cost flights and package deals, it has become much more inclusive in recent decades. However, there are still ample opportunities to keep attracting those able and willing to spend a great deal on travel experiences. When traveling, visitors tend to spend more than they would usually in day-to-day life, which results in an ideal environment for premiumization. Hyper-premiumization is another step further, reserved for those with a very high net-worth.

International travel used to be exclusively for the super-rich but with low-cost flights and package deals, it has become much more inclusive in recent decades. However, there are still ample opportunities to keep attracting those able and willing to spend a great deal on travel experiences. When traveling, visitors tend to spend more than they would usually in day-to-day life, which results in an ideal environment for premiumization. Hyper-premiumization is another step further, reserved for those with a very high net-worth.

Key Highlights

– Conspicuous consumption means that people are willing to pay a lot of money to give the impression that they are elite travelers and social media has intensified this trend even further. Five-star hotels and luxury airlines can charge high prices for goods that would be much cheaper elsewhere as they know guests will be willing to pay more.
– Having an online presence is increasingly important, especially as travelers are highly influenced by what they see online. Influencers and celebrities can have a huge influence on the holidays people choose, in younger generations especially.
– Hotel chains typically have a number of different brands in their portfolio to spread risk and those with the biggest luxury brands include Marriott, Hilton, and Accor. Conversely, companies such as the Four Seasons and Kempinski are fully focused on premiumization and do not want to water down their brands by offering lower-end accommodation options.
– In terms of airlines, most full service carriers (FSCs) are engaged in premiumization in one way or another through their business and first class offerings. Singapore Airlines, Emirates, Etihad, and Air France are just some of those often listed on lists of the best luxury airlines.

Scope

– This report provides an overview of premiumization as a theme within the travel & tourism industry.
– It clearly defines and explains the concepts of premiumization and hyperpremiumization.
– It identifies the opportunities available for companies offering premium products and services and assesses how these can best be exploited.
– It provides an inisght into the purchaser profile of premium tourism services.
– It presents a number of real-world case studies that clearly illustrate premiumization in action.

Reasons to buy

– Understand what premiumization and hyperpremiumization are
– Understand who buys such services
– Learn about the opportunities that premiumization presents for players in the hotels, retail, and airlines industries
– Identify key case studies to understand how premiumization works in reality

Companies Mentioned:
Carnival Corporation
Emirates
Etihad
Four Seasons
Hilton
Kempinski
Lufthansa
LVMH
Marriott
Radisson
Royal Caribbean
Singapore Airlines


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Ritesh Tiwari is the Founder of Research By Markets, a leading Market Research Reports Reseller trusted by Fortune listed companies for their requirements of Syndicated and Custom Market Research Reports. Ritesh has an overall experience of 18+ years in Recruitments, Sales and Operations. He has been associated with the Market Research industry for the past 7 years. He is an avid foodie as well as a huge football fan being a supporter of Manchester United (EPL) and FC Barcelona (La Liga). Get in touch with him via ritesh@researchbymarkets.com. *Market Research News is a part of Research By Markets.