The Collaborative Economy Reaches the Luxury Tourism
Luxury tourism is the special segment of the tourism industry where the stakeholders of the industry are willing to invest more money for attracting tourists as luxury tourism is supposed to be the most lucrative segment for its highly customized, expensive and competitive nature. As experts warned that, One in five other businesses operating in the luxury tourism participated in the fair of International Luxury Travel Market (ILTM) recently held in Cannes., will be affected by the collaborative economy or P2P. Also the tourism peer to peer (P2P) is an upward trend that more and more overlaps the whole tourism industry.
Consumer trends expert Lauren Capelin, who participated as a speaker at the ILTM, mentioned that, this will affect on some potential concepts such as rent, transfer or exchange of goods and services. And what they mean for the luxury-industry are being reinvented in modern societies .
The expert said that “The idealization of access over ownership is activating the untapped value of luxury”. It is that new forms of collaborative economy which will allow many consumers have certain services or high-end goods without having to buy them. This paradigm shift represents a major breakthrough in the traditional business. “It may prevent suppliers of the luxury industry”, said Lauren Capelin.
Travelers who want to enjoy some out of reach experiences may cause a further twist of the phenomenon democratization of luxury. But this trend in turn may generate a backlash in the other extern. And it also may be a combination of luxury goods which will become available for wider layers of the population. The current luxury travel market will have to raise the bar even more to differentiate.
The collaborative economy comes to luxury tourism
According to Lauren Capelin as he concluded, “one in five luxury tourism businesses will be affected by the collaborative economy, which we see as an opportunity to grow rather than an aspect that will subtract this segment.” One in five high-end businesses will be affected by the P2P.
In any case, the opportunities are there, only in Spain. It is estimated that there are 465,000 people with a net worth of at least one million dollars (800,000 euros). Globally this figure reaches 34.8 million people, 12% more than last year, as reflected in the “World Wealth Report ‘, prepared by Credit Suisse. While on the other hand, Spain is the developed country where most social inequality has increased during the crisis.