International luxury travel is expected to see more buoyant growth in the face of increasing tourism flows from emerging markets and aspirational middle class consumers, according to a report.  

Luxury travel is expected to experience the highest growth in the Americas, Asia Pacific and the Middle East and Africa, thanks to increasing income and a growing middle class, said the new luxury travel trends report published by International Luxury Travel Market (ILTM), the world’s leading luxury travel event, in association with Euromonitor.

The 14th edition of ILTM, which opened on November 30, will run till December 3, at the  the Palais Des Festivals, Cannes, France. More than 1,500 high-end travel products and experiences are being showcased at the event.
 
Alison Gilmore, senior exhibition director, ILTM Portfolio said: “This exclusive ILTM report spells good news for both luxury travel and luxury spending.  Over a billion extra people will be travelling in 2030, with over 5 billion consumers living in cities. Travel infrastructure and mindsets will need to change as the luxury industry evolves.”
 
Africa and the Middle East will see growing demand and “non-stop investment” with a strong focus on luxury hotels drawing significant attention to the Middle East.

In 2014, the region recorded strong average daily rates and occupancy rates. The region also now boasts the fastest growing personal luxury goods sales in the world.
 
Germany and the UK are the top source markets from Western Europe. Europe will remain a popular destination, with a weaker euro currently providing good value for money for US tourists.  

Russia however is predicted to see minimal growth in outbound trips over 2014-2019 with the MINTS also lagging behind in departures, despite their economic growth, with incomes remaining too low for many citizens to travel.
 
Worldwide, the report reveals that the number of affluent households is expected to grow between 2015 and 2030. North America will continue to have the wealthiest number of households, but despite the economic slowdown, Asia Pacific is still expected to see the fastest increase, posting a predicted 113 per cent growth between 2015 and 2030.  

Australasia and North America will follow Asia Pacific, posting growth of 86 per cent and 80per cent in affluent households respectively, between 2015 and 2030.

Meanwhile, key travel trends and the science and art of capturing the target audience's attention were the highlights at the Global Forum at the ILTM.

The forum set the pace for event, with renowned keynote speakers urging participants to 'tell the story' about their luxury products.- TradeArabia News Service