MADRID – Global consumers are increasingly spending their disposable income on experiences rather than material goods. And consumers’ desire for these life experiences is spurring a growth in luxury travel that is outpacing the rest of the travel industry, according a new report commissioned by global travel technology company, Amadeus.

The report, Shaping the Future of Luxury Travel, reveals the fresh challenges and opportunities that the luxury travel market will face over the next decade. Some key findings from the report include:

We have entered a new age of luxury travel, where luxury is curated, real-time and experience-led
North America and Western Europe account for 64% of global outbound luxury trips, despite only making up 18% of the world’s population From 2011-2025, Asia Pacific’s luxury travel market will see faster overall growth than Europe’s, but this growth will decelerate from 2015-2025
India’s luxury market CAGR of 13% is higher than any of the other BRIC nations, and is the highest of the 25 countries explored in this report
A human desire for more rewarding experiences provides an essential catalyst to evolve and improve travel industry quality and service standards
A hierarchy of luxury travel needs is identified, ranging from 5-star quality and service standards to exclusive VIP privacy and security
The report was developed with data from Tourism Economics and with dozens of expert interviews with global luxury t...