Luxury Market in US Focuses on Experience

Luxury Market in US Focuses on Experience
By Joe Shooman

The luxury market of the United States is shifting from a focus on ostentation to family experiences. That’s according to a Survey of Affluence and Wealth in America, which asked 769 US-based travelers with incomes between $100,000 and $1 million.

This represents the top 10 per cent of households in the United States. One in five said they would like to travel and a third said they’d buy the trip as a family gift. However, according to Keith Waldon of Virtuoso marketing, the Caribbean is now not in the top 10 of dream destinations and ranked only seventh in most alluring island escapes.

In a presentation to the Caribbean Tourism Organisation, he said the Caribbean was now not in the top five cruise itineraries worldwide although it still ranked third as an ideal family destination. He based his figures on research undertaken by the marketing company.

“This is all defined by the consumer,” Mr. Waldon said. “The message is to be honest with what you have and be the best you can be. Clients may have a five-year plan of where to travel and for what purpose.

“Satisfaction is perception minus expectation which is simple but difficult to deliver. These people’s most vital asset is their time. They are hungry for new experiences and competitive about what they have done – trying to one-up each other. Good service is rewarded.”