Luxperience Research Project - The results are in
Wednesday 19 Oct 2016
After 12 months of the most comprehensive, ground breaking research project undertaken in our region, Luxperience and MyTravelResearch.com, in conjunction with Executive PA Magazine, are thrilled to release the first details of our findings. These are the top five points we’ve highlighted so far.
1: Service is key
95 per cent of buyers we spoke with told us that expectations of service are rising. When we spoke specifically with executive assistants, 55 per cent told us that service standards were a key issue when deciding on a destination or venue for an event. These results tell us that even as technology is changing the way travel – from planning to booking to execution – there is still a place for personal service. It’s the only way to create a genuinely collaborative journey, with technology, infrastructure and people working together to create a seamless journey.
2: Age of the Lotus Eater
The most common traveller type we found in our research was the Lotus Eater. Defined as someone who wants to travel to get back to the simple life and take time to relax, 79 per cent of buyers who participated in the project have Lotus Eater clients. These were followed by the Replenisher, people who travel to put back what work has taken out of them, and the Dynast, someone who travels to celebrate and enjoy time with their family.
3: Executive assistants driving trends
Estimates from the study indicate that EAs command an average budget for meetings and events of around $188,000. Eight per cent of EAs command budgets for meetings in excess of $500,000. Yet, despite considerable spending power, EAs often feel that the MICE industry fails to meet their needs. The research conducted uncovered a consistent set of issues to do with flexibility, accurate pricing and knowledge management in meeting the needs of those who plan and organise corporate meetings. EAs will be a driving force for industry change and encourage better levels of service overall, benefiting the industry as a whole.
4: Everyone wants value for money
Luxury travellers want value for money just as much as your average traveller. 90 per cent of buyers strongly agree that value is important to their clients. They are happy to spend (and spend big) but they want to be sure that what they are getting is the very best. They want their expectations to be exceeded every step of the way to feel that they are getting the best value for money.
5: Time is the most valuable commodity
True luxury consumers are often highly time-poor. They are also used to having advisers and support resources across a broad range of categories. The more affluent the consumer the more likely they are to rely on advice from a trusted agent or travel advisor. They need to provide credibility and authority to the intermediary in what they are recommending.