Affluent buyers are a unique breed. Wealthy consumers are generally insulated from the vagaries of global economic fluctuations, and the luxury travel market will be strong for brands that analyze digital metrics when creating a marketing strategy. Consumer spending is on the rise – but what method will be most effective for travel and hospitality brands who want to gain a larger market share? Many brands turn to a boutique travel PR firm to help them connect with affluent travelers to get their message to this market.
A correct evaluation of the emotional forces that drive affluent consumers to splurge on an exclusive travel purchase is not only possible – it is being achieved every day by successful brands that are taking a fresh approach when developing a strategy to inspire high net worth travelers.
Luxury Travel: Online Marketing is the New Frontier
The online luxury travel market is the new frontier. Whether wealthy consumers are planning a travel experience, or hoping to be one of the first to purchase an exclusive product, online searches provide real-time data that can be mined to create an effective digital marketing strategy for the various buyer types.
Digital marketing agencies that focus on buyer “DNA” assist luxury brands to pivot from traditional marketing approaches to unleash sales in luxury travel and gain access to a larger percentage of the affluent traveler segment.
Older marketing strategies are far too broad in concept to connect with the growing luxury travel consumer. Successful brands are addressing the fact that younger buyers – those elusive millennials – tend to be focused on social responsibility, with purchasing patterns that are determined by far more than the just a capacity to buy. This market segment is huge, now surpassing Baby Boomers as the largest living generation – and they spend on travel.
The Psyche of the Luxury Traveler
A deeper understanding of this segment requires data about the psyche of the luxury travel buyer, and the factors that will motivate a purchase. Luxury travel can convey a sense of status and exclusivity. A buyer, when staying in a luxury hotel or resort experiences a higher level of security – a genuine concern – as well as comforts and services above and beyond the ordinary.
Research reveals that two different buyer types exist within the luxury product buyer market – authentic pride, reflecting a sense of accomplishment, and “hubristic pride,” intended to inspire admiration or recognition of wealth. Brands generally appeal to one of these impulses – but why not both? Highly individualized marketing programs can now be developed specifically to inspire both types of luxury travel buyers.
The Wealthy Class in the USA
With the global wealthy class controlling 7.3 trillion in combined net worth, and currently 2,325 billionaires globally, we have reached the highest numbers in recorded history. New York and Los Angeles boast the highest numbers of billionaires in the USA. 81 percent of the New York billionaires were at least partially responsible for making their own fortunes, and 96 percent are active philanthropists. Motivating this specific buyer segment can be achieved with insight garnered from an evaluation of individual travel patterns and individual interests.
The transfer of wealth from the baby boomer generation to their heirs, either gen X or millennials, is well underway, with far different buying patterns than were exhibited by wealthy parents.
In Search of Status: Luxury Travelers with Less Wealth
Many luxury travel buyers are making a more reasonable wage, and in fact choose a luxury travel experience, even with a more limited financial capacity. Many of these buyers choose to spend savings on a travel experience rather than on other goods. This market segment is extremely large, and the use of online buying trends gives insight into what will inspire this much larger segment to choose a luxury travel option.
No “one size fits all” marketing program will get the results that a strategic digital marketing program can realize in today’s luxury travel market. Find out more about the advanced digital PR and marketing initiative programs at Abelow PR. Our processes are based upon actual consumer buying patterns, impulses, and the factors that drive a potential consumer to take the plunge and buy a luxury travel experience.