PROSPECTS AND OPPORTUNITIES
Travel recovery and demographic shift towards older, wealthier travellers likely to contribute to dynamic performance of experiential luxury
Experiential luxury is predicted to record a 6% value CAGR (at constant 2024 prices) over the forecast period, as shifting demographics for luxury travellers emerge as one of the key trends for the general travel industry in Australia. During the short-to-mid-term, the divide is anticipated to widen between older travellers, who are spending more and travelling more frequently, and younger ones, who are curtailing their travel plans due to economic pressures.
A strong focus on sustainability means luxury hotels will look to differentiate their eco-credentials
Given that nature is such a significant focus for Australian tourism, it is unsurprising that sustainability has long been at the forefront for luxury eco-lodges and designer boutique hotels in the country, even prior to the review period. For major international brands and local players alike, the question is now more how to differentiate themselves, when recycled rainwater, solar panels, sustainable sourcing and local produce are generally expected and offered.
High occupancy rates anticipated for luxury hotels over the forecast period
According to Euromonitor International’s Travel research, luxury hotels in Australia are expected to maintain high occupancy rates over the forecast period. As tourist volumes continue to rise, substantial investments are being made in terms of expansion and refinement, ensuring that the local hotel and resort industry is set to enter a growth phase.
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Overview:
Understand the latest market trends and future growth opportunities for the Experiential Luxury industry in Australia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Experiential Luxury industry in Australia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Experiential Luxury in Australia report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Experiential Luxury in Australia?
- Which are the leading brands in Experiential Luxury in Australia?
- How are products distributed in Experiential Luxury in Australia?
- How important is tourism in evaluating demand for Experiential Luxury in Australia?
- How is the rise of e-commerce changing the retail and competitive landscape?
- How has COVID-19 and global recession impacted demand for luxury goods? What are the opportunities amidst the adversity?
- Where is future growth expected to be most dynamic?
Experiential Luxury in Australia - Category analysis
KEY DATA FINDINGS
Innovation, creativity, authenticity and indulgent novelty ensure dynamism within experiential luxury
International players dominate luxury hotels across 5-star stalwarts and unique lifestyle luxe boutique options
Potential long-term industry disruptor: AI’s relevance for today’s luxury customer
Travel recovery and demographic shift towards older, wealthier travellers likely to contribute to dynamic performance of experiential luxury
A strong focus on sustainability means luxury hotels will look to differentiate their eco-credentials
High occupancy rates anticipated for luxury hotels over the forecast period
Luxury Goods in Australia - Industry Overview
Luxury shoppers become increasingly discerning as economic pressures impact demand
Surging inflation, high interest rates and increased living expenses are among the economic headwinds impacting luxury goods
Multinational automotive groups and French luxury conglomerates dominate competitive landscape of luxury goods in Australia
Successful omnichannel approach to luxury facilitates consumer dialogue in the digital realm, while simultaneously rejuvenating city streets and retail precincts
Improved outlook for premium and luxury cars, experiential luxury and fine wines/champagne and spirits
DISCLAIMER
The following categories and subcategories are included:
Experiential Luxury
- Luxury Foodservice
- Luxury Hotels
Experiential Luxury
This is an aggregation of Luxury Hotels and Luxury Foodservice.
See all of our definitionsWhy buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Experiential Luxury research and analysis database.
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