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November 2022 sees Pelorus turning five, to mark this milestone we’ve created a future trends report that looks to the trends shaping the next five years, produced in association with the UK’s leading travel trend forecasting agency, Globetrender. Launched at a party in London on the 16th of November.
During the pandemic, Credit Suisse observed that there was an “explosion of wealth” amongst the world’s richest people – in fact, the number of people with more than US$50 million in assets climbed to a record high in 2021 (218,200 globally including almost 3,000 billionaires).
Although many countries are facing a short-term cost-of-living crisis, and there is a worldwide recession forecast, as we have seen from the Covid-19 crisis, the most privileged people are usually able to carry on as normal – or even benefit from a downturn.
With this in mind, Pelorus and Globetrender predict that demand for luxury travel will be healthier than ever over the next five years.
In fact, with millionaires and billionaires being made every day (especially in Asia, which will be a huge outbound source market), there will be no better time to cater to the elite and their offspring.
In this report, we have chosen to focus on seven key trends that we think will be key to shaping the future of luxury travel between 2023 and 2027. First off, we look at Gen Alpha Design and the significance of this youthful demographic as passive consumers who rely on their parents to spend on their behalf. In addition, we explore High- Impact Conservation, Clean Tech Expedition, Ocean Exploration, Meta Previews, Grand Tours and Gamma Destinations.
“In joining forces with Globetrender, we have been able to produce a mind-expanding piece of thought leadership that provides legitimate and trustworthy signals of the trends shaping the future of luxury travel. As a highly innovative travel provider; we always aim to be ahead of the curve, and provide our clients with visionary experiences that are unparalleled. Over the coming five years, we will be leading the way with crypto payments for trips, pioneering clean tech expeditions and new technology, among many other initiatives. We hope this report inspires other brands to think creatively too.”
HOW IS IT POSSIBLE TO PREDICT THE FUTURE?
The future is all around us – you just have to know where to look,” says Jenny Southan, editor, founder and CEO of Globetrender. Through a combination of qualitative and quantitative research, underpinned by expert interviews and case studies, this report gives a reliable forecast for what’s coming next in luxury travel.
Southan says: “At Globetrender, we always consider how the life cycle of a trend moves from the innovators that trigger them on the minority fringes to the early adopters, early majority, late majority and, finally, the laggards.
“When searching for trends, we apply the ‘three times’ rule. A one-time occurrence is an anomaly, twice is a coincidence and three times is a trend, worthy of further exploration. This is both an academic and creative process based on IOI (Intuition, Observation and Investigation).
After identification, we then give the trends unique names that can be tracked online. “For every ‘micro’ trend, we also consider the ‘macro’ trends that represent the wider cultural shifts in consumer desires, motivations, values and behaviours around the world. These are based on STEEP – Social, Technological, Economic, Environmental and Political – forces.” For this report, Globetrender worked closely with Pelorus by conducting a series of consultations to identify what trends Pelorus itself is giving rise to through innovations of its own, as well as what its clients are asking for, where they are planning to travel to and how their needs are evolving. After drawing up a long list of themes, concepts and drivers, we formed a short list of trends and complementary case studies.
Our Luxury Travel and Yachting Trend Report has been designed to be a resource and a foundation for trend-based strategy for the next five years of luxury travel. To read the full document, download the report or contact our team to discuss further.
