Connect with us

reports

The Rise in Socially Responsible Luxury Travel Activities

Published

on

Conrad

Maldives.net.mv – Increasing inequality in wealth is one of the factors changing the nature of luxury travel. Social and political forces such as the Occupy Movement and government austerity cuts are driving some of the rich to spend their wealth more privately. The same forces have also encouraged the rise in socially responsible luxury travel activities.

The trend to private consumption away from public scrutiny can be seen in the increase in purchases of mega yachts and private islands. Technological change and its impact on workplace communications has also triggered a counter demand among the rich to de-tech completely while on holiday, said luxury travel expert Carolyn Childs.

Addressing the Luxperience Thought Leaders seminar in Sydney yesterday (6 September), Childs told the audience of 500 high-end travel buyers, sellers and advisors that the ‘occupy’ movement, like the French and Russian Revolutions before it, had changed the psyche, moral reference points and consumption patterns of well-off people.

“Luxury travel is now increasingly defined by a rising commitment to people, planet and self-improvement as much as indulgence, pampering and conspicuous consumption.”

Childs told the audience that wealth disparity has been on the rise since around 1980, with the richest 1 to 10% in North America, Europe and Australia now owning over 70% of society’s wealth.

However, the rise in the nouveau riche, not least in China, India as well as G7 economies, has seen luxury consumers around the world splinter into personality types such as “philanthropist”, “dynast”, “lotus eater”, “hedonist”, “pioneer”, “jet setter”, “enrichment seeker” and “replenisher.”

The luxury travel sector has also seen the rise of “aspirational” consumers who will splash the cash depending on three factors: the occasion (such as a honeymoon or anniversary), the experience (such as a trip to Antarctica), and the traveller’s ability to trade up or down – for example, enjoying a three-star holiday but taking a helicopter ride to a spectacular dinner on the last day.

Luxury travellers now rely on elite travel agents, or advisors, that Childs called “magicians”.

“These Gandalfs and Merlins are completely service-minded, very creative control freaks who try to anticipate the psychological and physical needs of their clients. They have to deliver magic. They dread saying ‘no’ to a customer who is only used to hearing ‘yes’.”

When it goes wrong the results can be high profile. Childs cited the case of Johnny Depp’s terriers Pistol and Boo who faced being put down when the actor brought them into Australia in defiance of quarantine regulations.

In December, Childs, the co-founder of MyTravelResearch.com, will publish an in-depth study of trends and changes in the luxury travel economy in partnership with Luxperience, a luxury business exchange which takes place in Sydney, this week.

News

Maldives tourism poised for strong growth in 2024, with 2 million visitors expected

Published

on

Maldives is setting its sights on welcoming a record-breaking 2.01 million tourists in 2024, a 7.9% increase compared to anticipated arrivals this year. This optimistic forecast, released by the Maldives Association of Travel Agents and Tour Operators (MATATO), paints a vibrant picture of tourism industry thriving next year.

Several key factors are driving this projected surge:

  • The Resurgent Chinese Market: With borders reopening and travel restrictions easing, Chinese tourists are expected to flock back to the Maldives in droves, injecting significant energy into the sector.
  • New Tourist Delights: The Maldives is steadily expanding its offerings, with new resorts, attractions, and experiences emerging to cater to a wider range of visitors.
  • Smoother Skies Ahead: The completion of the Velana International Airport’s new terminal will boost capacity, making it easier for more tourists to reach the paradise islands.
  • Luxury’s Enduring Allure: The Maldives’ reputation as a premier luxury destination remains undimmed, attracting high-spending travelers seeking unforgettable experiences.
  • Weddings and Honeymoons in Paradise: The Maldives’ romantic charm is drawing ever-increasing numbers of couples seeking picture-perfect wedding and honeymoon destinations.

Looking geographically, Asia is expected to dominate the tourist influx, accounting for 60% of arrivals. Europe, America, and other regions are also projected to contribute significantly, highlighting the Maldives’ diverse appeal.

MATATO’s forecast is based on a meticulous analysis of data from various sources, including past tourism trends, industry forecasts, consumer sentiment surveys, and even cutting-edge AI technology.

MATATO acknowledges potential risks that could affect the rosy outlook. A global economic downturn, rising travel costs, and political instability are factors to be monitored closely.

With its stunning natural beauty, luxurious offerings, and strategic initiatives, the islands are poised to welcome a record number of visitors, reaffirming its status as a dream destination for discerning travelers.

Continue Reading

News

Maldives ranks 4th among world’s most popular “old money” destinations

Published

on

The Maldives has secured its place among the most sought-after “old money” destinations in the world, ranking an impressive fourth in a recent analysis conducted by SlotTracker.com. With over 12 million Instagram hashtags (12,777,931), the Maldives has emerged as a paradise for those seeking a luxurious and refined getaway.

Renowned for its exclusive resorts, pristine beaches, and private water villas, the Maldives offers an ideal setting for indulging in opulence and tranquillity. The timeless natural beauty of the archipelago, coupled with high-end accommodations and a variety of water-based activities, further adds to its allure, attracting discerning travelers in search of sophistication.

The concept of “old money” or “quiet luxury” has gained significant attention in recent times, with TikTok’s latest trend garnering over 2.5 billion views for the hashtag #oldmoneyaesthetic. This trend embodies a sense of understated elegance, free from overt displays of wealth, and draws inspiration from the refined style of celebrities like Sophia Richie and the hit TV show “Succession.”

Driven by curiosity about this trend, SlotTracker.com conducted a thorough analysis of more than 400 million Instagram hashtags to identify the destinations that epitomize refinement and elegance. From enchanting European cities to exotic havens in the Caribbean, their findings unveiled the most popular “old money” destinations worldwide, captivating travelers with unparalleled experiences of luxury and exclusivity.

The Maldives’ fourth-place ranking showcases the destination’s enduring appeal and its ability to deliver a quintessential “old money” experience. The abundance of Instagram hashtags dedicated to the Maldives indicates its popularity among influencers and travelers seeking to showcase their elegant retreats and experiences in this tropical paradise.

With its breathtaking turquoise waters, pristine white sand beaches, and idyllic private villas perched above the ocean, the Maldives offers an escape from the hustle and bustle of everyday life. The luxurious resorts scattered across the archipelago cater to the most discerning guests, providing personalized services, gourmet dining, and world-class amenities.

Whether it’s indulging in a rejuvenating spa treatment, embarking on a romantic sunset cruise, or exploring the vibrant marine life through snorkeling or diving, the Maldives offers a range of activities that complement the serenity and sophistication of the destination.

As the Maldives continues to attract global attention as a premier “old money” destination, the local tourism industry is poised to benefit from the discerning travelers seeking luxurious experiences. The Maldivian government and tourism authorities can leverage this recognition to further enhance the destination’s offerings, promoting sustainable luxury tourism that preserves the natural beauty and cultural heritage of the islands.

The fourth-place ranking among the world’s most popular “old money” destinations reinforces the Maldives’ position as a leading luxury travel hotspot. Travelers from around the globe are enticed by the Maldives’ timeless charm, and the destination’s commitment to providing an extraordinary blend of tranquillity, sophistication, and exclusivity continues to set it apart in the world of luxury travel.

Continue Reading

Business

Maldives central bank says tourism revenue up 88 percent in Q1-2018

Published

on

Maldives tourism receipts recorded an increase of 88 percent in the first quarter of the year, a survey by the country’s central bank has shown.

In the Quarterly Business Review conducted from April 4-26 by the Maldives Monetary Authority (MMA), majority of the respondents from the tourism sector indicated an increase in total revenue and resort bookings in Q1-2018 when compared with  Q4-2017 — net balances of 88 percent and 58 percent respectively. As for average room rates, 81 percent of the respondents reported an increase in Q1-2018 in comparison to the previous quarter.

“[It was a reflection] of the peak season of the tourism industry,” the survey, which was participated by 100 enterprises from the major sectors of the economy, read.

Looking at employment numbers of the tourism industry during the review quarter, 53 percent of the respondents indicated that their employment remained unchanged, while 39 percent reported an increase. With regard to business costs, 77 percent and 60 percent of the respondents reported an increase in labour-related costs and input prices respectively.

According to the survey, half of the respondents from the tourism industry indicated no change in their capital expenditure, while 80 percent of the respondents reported their access to credit remain unchanged in Q1-2018 from Q4-2017. Reflecting these developments, 42 percent of the respondents cited an increase in the financial situation of the company, while a majority reported no change, it said.

“Following the seasonality in the tourism sector, the majority of the respondents expect total revenue, resort bookings and average room rate to decrease in Q2-2018 compared with the review quarter, as indicated by the negative net balances,” MMA said, in its survey report.

“… access to credit is also expected to remain unchanged. With regard to future investments, 31 percent of the respondents anticipate an increase in capital expenditure, while the majority foresee their capital expenditure to remain unchanged in Q2-2018. As for the financial situation, 54 percent of the respondents expect it to tighten, while 44 percent anticipate it to remain unchanged in Q2-2018.”

The central bank’s estimates are in line with growth trends reported by other authorities as well as independent research firms.

According to official figures released by the tourism ministry, total arrivals for the first five months of the year increased by 10.6 percent to reach 632,729 compared to the 572,318 in the same period of last year.

Meanwhile, data compiled by leading global market research and analysis firm STR has shown that Maldives posted the highest occupancy level for a Q1 since 2014 thanks to the highest Q1 demand increase in the destination since 2010.

According to STR’s Asia/Pacific hotel performance report for Q1 2018, occupancy in the Maldives during the January-March period stood at 76.7 percent — an year-over-year increase of 7.6 percent. This represents the highest absolute occupancy level for a Q1 in Maldives since 2014 thanks to the highest Q1 demand increase in the country (10.6 percent growth) since 2010, it said.

STR data also showed that Average Daily Rate (ADR) in the Maldives increased by 1.6 percent to MVR 12,569.93 (USD 815.10) in Q1, while Revenue Per Available Room (RevPAR) in the destination also recorded a 9.4 percent growth to reach MVR 9,637.91 (USD 624.97) during the first three months of the year.

However, domestic political instability has hit tourist arrivals, with numbers posting declines for two consecutive months.

Maldives attracted a wave of bad publicity following the recent declaration of a state of emergency, which ended in March. However, the political turmoil was strictly restricted to the capital city, away from the resorts and local islands where holidaymakers stay in.

However, MMA has projected the performance in the Maldives tourism industry to firm up during the year despite the current political instability.

Over the past five years, dozens of uninhabited islands have been leased to local and foreign resort developers. Several international brands have entered into the market, increasing the number of resorts to 120. That number is set to increase as the government has announced the opening of some 20 new resorts over the next two years.

Along with the new resort openings come the challenge of increasing demand from budget travellers who choose guesthouses over luxury resorts that the Maldives is known for. The guesthouse sector has rapidly expanded with over 450 guesthouses in operation today.

The government has announced new steps to maintain a structured growth in tourism, including a slowdown in leasing islands for resort development and increased marketing efforts in key markets such as China and the Middle East in order to reach an ambitious target of a record 1.5 million tourist arrivals this year.

Continue Reading
Advertisement

Trending

Copyright all rights reserved by Maldives Promotion House 2023.