Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Is the ‘Occupy’ Movement Changing Luxury Travel?

Is the ‘Occupy’ Movement Changing Luxury Travel?

Increasing inequality in wealth is one of the factors changing the nature of luxury travel. Social and political forces such as the Occupy Movement and government austerity cuts are driving some of the rich to spend their wealth more privately. The same forces have also encouraged the rise in socially responsible luxury travel activities.

The trend to private consumption away from public scrutiny can be seen in the increase in purchases of mega yachts and private islands. Technological change and its impact on workplace communications has also triggered a counter demand among the rich to de-tech completely while on holiday, said luxury travel expert Carolyn Childs.

Addressing the Luxperience Thought Leaders seminar in Sydney yesterday (6 September), Childs told the audience of 500 high-end travel buyers, sellers and advisors that the ‘occupy’ movement, like the French and Russian Revolutions before it, had changed the psyche, moral reference points and consumption patterns of well-off people.

“We now see the rise of responsible resorts such as El Nido in the Philippines where high end travellers are both pampered and give back to the community,” said Childs. “Luxury travel is now increasingly defined by a rising commitment to people, planet and self-improvement as much as indulgence, pampering and conspicuous consumption.”

Childs told the audience that wealth disparity has been on the rise since around 1980, with the richest 1 to 10% in North America, Europe and Australia now owning over 70% of society’s wealth.

However, the rise in the nouveau riche, not least in China, India as well as G7 economies, has seen luxury consumers around the world splinter into personality types such as “philanthropist”, “dynast”, “lotus eater”, “hedonist”, “pioneer”, “jet setter”, “enrichment seeker” and “replenisher.”

The luxury travel sector has also seen the rise of “aspirational” consumers who will splash the cash depending on three factors: the occasion (such as a honeymoon or anniversary), the experience (such as a trip to Antarctica), and the traveller’s ability to trade up or down – for example, enjoying a three-star holiday but taking a helicopter ride to a spectacular dinner on the last day.

Luxury travellers now rely on elite travel agents, or advisors, that Childs called “magicians”.

“These Gandalfs and Merlins are completely service-minded, very creative control freaks who try to anticipate the psychological and physical needs of their clients. They have to deliver magic. They dread saying ‘no’ to a customer who is only used to hearing ‘yes’.”

When it goes wrong the results can be high profile. Childs cited the case of Johnny Depp’s terriers Pistol and Boo who faced being put down when the actor brought them into Australia in defiance of quarantine regulations.

In December, Childs, the co-founder of MyTravelResearch.com, will publish an in-depth study of trends and changes in the luxury travel economy in partnership with Luxperience, a luxury business exchange which takes place in Sydney, this week, September 6-9.

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Westpac: Sets Out Plan To Go Cheque-Free

Westpac NZ has announced details of its plan to phase out cheques, after signalling in May that it would be supporting a move to other forms of payment. Cheques will cease to be available as a means of payment after 25 June 2021. Westpac NZ General ... More>>

ALSO:

NZTA: Major New Zealand Upgrade Programme Projects Go To Tender

Two major New Zealand Upgrade Programme projects are beginning tenders for construction. The New Zealand Upgrade Programme is a $6.8 billion investment to get our cities moving, to save lives and boost productivity in growth areas. The first Auckland ... More>>

Reserve Bank: RBNZ Seeks To Preserve Benefits Of Cash

The Reserve Bank – Te Pūtea Matua is taking on a new role of steward of the cash system “to preserve the benefits of cash for all who need them”, Assistant Governor Christian Hawkesby told the Royal Numismatics Society of New Zealand annual conference ... More>>

ALSO:

Economy: Double-Dip Recession Next Year, But Housing Rolls On

New Zealand's economy is expected to slip back into recession early next year as delayed job losses, falling consumer spending, and the absence of international tourists bites into growth. More>>

ALSO:

Microsoft New Zealand: Microsoft Expands “Highway To A Hundred Unicorns” Initiative To Support Startups In Asia Pacific

New Zealand, 14 October 2020 – Today Microsoft for Startups launches the Highway to a Hundred Unicorns initiative in Asia Pacific to strengthen the region’s startup ecosystem. This follows the initiative’s success in India, where 56 startups were ... More>>

Fonterra: Farmers Taking Another Step Towards New Zealand’s Low Emissions Food Production

They’re hot off the press and intended to help take the heat out of climate change. Fonterra farmers are already among the world’s most sustainable producers of milk and now have an additional tool in their sustainability toolbox. Over the last few ... More>>

ALSO:



Courts: Businessman Eric Watson Sentenced To A Four-Month Jail Term

New Zealand businessman Eric Watson has been sentenced to a four-month jail term in the UK for contempt of court, TVNZ reports. More>>

OECD: Area Employment Rate Falls By 4.0 Percentage Points, To 64.6% In Second Quarter Of 2020

The OECD area employment rate – the share of the working-age population with jobs – fell by 4.0 percentage points, to 64.6%, in the second quarter of 2020, its lowest level since the fourth quarter of 2010. Across the OECD area, 560 million persons ... More>>

Spark: Turns On 5G In Auckland And Offers A Glimpse Into The Future Of Smart Cities

Spark turned on 5G in downtown Auckland today and has partnered with Auckland Transport (AT) to showcase some of the latest in IoT (Internet of Things) technology and demonstrate what the future could look like for Auckland’s CBD with the power of 5G. 5G is ... More>>

Stats NZ: Monthly Migration Remains Low

Since the border closed in late-March 2020, net migration has averaged about 300 a month, Stats NZ said today. In the five months from April to August 2020, overall net migration was provisionally estimated at 1,700. This was made up of a net gain ... More>>

University of Canterbury: Proglacial Lakes Are Accelerating Glacier Ice Loss

Lake Tasman, New Zealand | 2016 | Photo: Dr Jenna Sutherland Meltwater lakes that form at glacier margins cause ice to recede much further and faster compared to glaciers that terminate on land, according to a new study. But the effects of these glacial ... More>>

ALSO:

Dairy: Fonterra Sells China Farms

Fonterra has agreed to sell its China farms for a total of $555 million (RMB 2.5 billion*1), after successfully developing the farms alongside local partners. Inner Mongolia Natural Dairy Co., Ltd, a subsidiary of China Youran Dairy Group Limited ... More>>

ALSO: