luxury market report australia
Above Helicopter arrival at Emirates One & Only Wolgan Valley in the Blue Mountains
Get set for
Australia’s
jet set
The fastest-growing
segment of Australia’s
travel market is also one
that is rapidly changing,
reports Adelaine Ng
8 TTG Asia luxury | May 2018
Australians’ appetite for
luxury travel is growing rapidly,
but not enough suppliers are in
place to satisfy their wants, say
industry leaders who have also
observed changes in the way
Australian travellers define luxury.
The number of Aussies
travelling for short stays overseas
hit 10.5 million in the year ending
November 2017, a 6.9 per cent
growth over the year before,
according to the Australian Bureau
of Statistics. And while there are
problems defining the size of the
luxury market, indications are that
its growth warrants more attention
from the sector.
“The luxury segment is the
fastest growing segment within
the travel industry,” said Michael
Londregan, managing director of
luxury travel network Virtuoso
Asia-Pacific.
“In dollar terms, Virtuoso has
had the strongest growth in the
Australian market for the last five
years than any other player within
the Australian market, faster than
the mass market sellers.”
The company experienced a 24
per cent increase in its businesses
across Australia last year, and a
16 per cent rise in the number of
consultants wanting to specialise in
the area. “And they’re selling more,
so the upward momentum for our
side of the business is very strong,”
he continued.
Statistics from Tourism Research
Australia also appear to support
the upward trend. In Australian
households earning a combined
income of more than A$200,000
(US$153,526) annually, the number
of trips for leisure rose seven per
cent in FY2016/17 compared to the
year before, or a 24 per cent rise
over the previous four years. Asia
was the most popular destination,