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IE Premium Travel Barometer 2016

Developing unforgettable experiences is the main objective of the luxury tourism industry, according to the Luxury observatory report, IE Premium Travel Barometer 2016, that was presented on May 30th in Madrid.

The report, presented by Jörn Gieschen, researcher and tourism expert, said that during 2015, the luxury market surpassed one trillion euros in direct sales (representing a 5% growth per year).

The main findings of the Barometer were:

1. Creating unforgettable experiences is vital to luxury strategies. Being able to experience and generate memorable moments.
2. Importance of online sales. It's a matter ofmobile applications, platforms and online booking and review websites, because the conversation is not only on the street: it is also on the internet.
3. Creativity enhances the value of the proposal. This is the case of specialized tourism, such as 'slow travel', or offering 'adults only'.
4. Customization and exclusivity. Knowing that what the traveler is living and experiencing is exclusive for him.
5. Corporate Responsibility. Social responsibility and the sustainability of tourist accommodations and the luxury sector in general is a priority not only for entrepreneurs but also for customers.

Additionally, the event was attended by Evelio Acevedo, director of the Thyssen-Bornemisza Museum, who presented "The experience from a culture perspective". Afterwards, it was the turn of Eulogio Bordas, President of THR, who shared the case study "Premium Travel: Grand Tour of Oman".

Maria Eugenia Giron, Executive Director of the Observatory Market Premium and Prestige Products, was in charge of closing the event.

*Article prepared with information from IE Business School and Conde Nast Traveler