New Unity Marketing white paper explores how affluents view their time, and what that means for the luxury travel marketÂ
My husband, Greg, and I have been planning to visit Key West, where weÂ honeymooned some 25 years ago.Â As Baby Boomers of a “certain age,” we feel like we have been to as many must-see luxury destinations as we want to visit, and now we want to travel only to places that we find meaningful toÂ our relationship.Â Â And, with our children growing into adulthood, we look forward to sharing some of these trips with them, their spouses, and our new grandson Brady and future grandchildren — a set of Danziger twins are expected later this summer.Â
My colleague, Jennifer, on the other hand, is alsoÂ planning her next trip to Key West, which she visits each year with her husband. A busy GenXer, she and her husband look forward to their annual visit as a time to put down the cell phones and the iPads and spend some time relaxing on the beach and reconnecting with one another. With almost too many demands on their time in their day-to-day life, they value this chance to slow down and recharge.Â
Although we both are planningÂ island vacations – and may well end up choosing the same luxury resort – our travel needs couldn’t be more different. And the luxury travel providers who can give each of us our ideal luxury vacation will be the ones that earn our loyalty and our spending.
Get Inspired>> Understand the Luxury Traveler by Generation
Â What all luxury consumers have in common is the fact that time is the ultimate luxury. Money is fungible; almost anyone can increase their income by working longer, harder, or smarter.Â Money, then, is a reward.
Time, however, is finite, and how one spends his or her time is far more important than how one spendsÂ his or herÂ money. Time is the ultimate luxury because it is the only truly limited resource one has.
For luxury marketers, this has tremendous implications in terms of highlighting the experiential nature of purchases, raising the importance of service, and enhancing the individual’s personal experience of time. In my most recent white paper, “Luxury of Time: A Generational Perspective,”Â I examine the ways the different generations of affluent consumers view their time, and what thisÂ meansfor the travel and hospitality professionals who market to them. For example:
- Baby Boomers have ‘been there and done that’ when it comes to five-star resort destinations. They want to go off track, to surprising new destinations offering new experiences.Â They have a bucket list and want to empty it with quality experiences that will give meaning and value in their lives.
- Generation Xers want peace, relaxation, time to reflect, reconnect with themselves and their loved ones. Most of all they want to go off the grid.Â They crave five star resort type services, where they can sit by the pool and lay on the beach. When they aren’t spending quality time with the kids doing fun activities, they would like the freedom to have their children’s needs met by on-site childcare staff.Â
- Millennials want active vacation experiences where every minute is enjoyed to the max.Â For Millennials social experiences are key, offering cocktail hours and chances to meet and greet. However, college debts loom large for this group, so budget sensitivity is a must.
The luxury travel provider who understands these needs will have loyal returning customers from all generations.Â
Take Action>> Understand the Luxury Travel Consumer by GenerationÂ
If you are a luxury travel and hospitality provider, you know how important it is to understand your customer and their wants and needs for their travel experiences. To help you achieve this, I offer the following:
- Get the theory: Register to download my most recent white paper, “Luxury of Time: A Generational Perspective.”Â This 13-page white paper gives you the overview you need to understand the generational component of your luxury travel consumer.
- Go in-depth: Order a copy of Unity Marketing’s luxury trend report, Luxury Consumers and Their Travel Plans 2012, based upon a recent survey among 1,498 luxury consumers (average income $279,100).
- Get individualized: Call me (717-336-1600) or email (email@example.com) to let me devise a customized strategy solution for your luxury travel business.Â