A rough ride for luxury travel? |
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A rough ride for luxury travel?
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December 2008
The following report predicts “aspirational” holidaymakers will abandon luxury travel in the downturn forcing a prolonged period of poor health for the sector
As UK growth begins to recover in early 2010, the luxury travel industry will be left stranded at recessionary levels until late 2011 or possibly 2012, as even their core customer base (high net worth individuals – HNWIs) become more nervous.
Travel business performance traditionally lags behind the rest of the consumer market owing to lead times in bookings and the highly seasonal nature of departures. However, despite optimistic sentiment in early 2007, luxury travel is not insulated to the recession as sales decline across the sector and individuals lose the feel good factor following consumer uncertainty and asset deflation.
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