TTG Asia Luxury May 2018 | Page 14

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,