Description
Discover the latest German luxury travel market trends and how they are impacting the luxury travel industry! Our Germany Luxury Travel Market Report 2023 is packed with valuable insights on consumer attitudes, luxury travel market size, market forecast and segmentation, and Germany’s luxury tourism revenue. With this report, you’ll have the knowledge to stay ahead of the competition and keep your business growing!
German Luxury Travel Industry Overview
According to Mintel’s luxury travel market research, prices overall are stabilising, but are still remaining relatively high. This impacts the volume of the luxury travel market Germany. However, affluent travellers are more resilient when it comes to economic crisis and increased spending. Therefore, German luxury travel brands can still benefit from the post-pandemic pent-up demand for experiences that are pushing value growth in the Germany travel & tourism market.
Once the economy recovers and stabilises, the market volume of the luxury travel industry will increase. Nature positive travel is turning into a necessity and green tourism will be a major growth driver for luxury travel market size in Germany. Our experts’ luxury travel report indicates that the luxury travel sector is poised to lead the industry’s green transformation as luxury travellers are highly concerned about sustainability and are able to stem the costs of eco-friendly practices.
German Luxury Travel Market Trends: What Consumers Want and Why
Mintel’s analysis of Germany consumer attitudes towards luxury shows that in spite of inflation, those who have the means are still keen on spending. Holidays are the number one spending opportunity for affluent Germans with beach resort holidays and city breaks being the most popular choices.
Mintel’s luxury travel market research shows that while holidays in Europe continue to be popular, only a small fraction of luxury travellers want to stay in Germany for their most expensive holiday. Thus, according to our luxury travel report, domestic holidays’ popularity is declining post-pandemic with the exception of environmentally conscious luxury travellers. Those aiming for environmentally friendly activities show a greater likelihood to spend their most expensive holiday in Germany.
Young luxury travellers on the other hand, are drawn to far-off destinations, e.g. the Caribbean. Moreover, young travellers are interested in staying in multiple countries/destinations whilst travelling. Mintel’s luxury travel report puts this down to their desire for more adventurous vacations and new experiences.
- German Luxury Travel Market Trends: 70% of young German luxury travellers are most interested in staying in multiple countries/destinations.
- Luxury Travel Market Research – Consumer Behaviour: At 56% the majority of luxury travellers prefer beach resort holidays.
- Luxury Attitudes Germany – Market Challenges: The cost-of-living crisis is impacting the luxury travel market Germany. 55% say that due to the rising cost of living, they will have to take less expensive holidays than they would like to.
- Luxury Travel Market Opportunities: German luxury travel brands can tap into consumers’ interest in foreign cultures as 81% of travellers would like to immerse themselves in local life during their holidays.
Germany Consumer Attitudes Towards Luxury: Market Opportunities
As inflation levels decrease, German luxury travel brands can sell upgrades of holiday elements, e.g. through private experiences or room upgrades, to regular travellers to expand their reach. Since over half of luxury travellers associate luxury holidays with relaxation, German luxury travel brands should tap into the health and wellbeing realm, promoting health benefits of luxury holidays. This will provide greater justification to travel expenditures among consumers.
Moreover, German luxury travel brands that want to benefit from the post-pandemic pent-up demand need to convince with outstanding quality and unique experiences. In their travel in Germany market research, Mintel’s experts have identified great interest of travellers in immersing themselves in other cultures. German luxury travel brands can offer options to meet and learn from locals as part of their holiday deals.
To discover more about the Germany Travel & Tourism Market, read our Germany Domestic Tourism Market Report 2023, or take a look at our extensive Holidays & Travel Market Research.
Quickly Understand the Luxury Travel Market Germany
- The short-, medium- and long-term impact of inflation, the pandemic, the Ukraine conflict and the climate crisis on the luxury travel industry.
- Illustration of the luxury travel market Germany.
- What are the preferred holiday destinations and holiday types in the luxury travel industry?
- What is the perception of luxury holidays?
- Behavioural differences between luxury travellers and non-luxury travellers.
Covered in this Report
Brands: Kranzbach, Ritz-Carlton, Four Seasons, Viking Cruises, Airtours, Aida, ROBINSON, Language & Luxury, Gaia Hospitality, Zedwell Piccadilly Circus, Lanserhof, and many more.
Expert Insights into Luxury Attitudes Germany
This report, written by Dr. Carolin Siepmann, Research Analyst, delivers in-depth commentary and analysis to highlight current German luxury travel market trends, Germany’s luxury tourism revenue, and adds expert context to the numbers.
With luxury travellers being more resistant to inflation, German luxury travel brands need to deliver unique experiences, tap into health tourism and lead the way to greener tourism.
Dr. Carolin Siepmann
Research Analyst, Germany
Table of Contents
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EXECUTIVE SUMMARY
- Key issues covered in this Report
- Market context
- Opportunities
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MARKET DRIVERS
- The German economy
- Graph 1: key economic data, in real terms, 2019-24
- The impact of the economy on luxury travel
- Experiences
- Technological advances
- Sustainability
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WHAT CONSUMERS WANT AND WHY
- Definition of the luxury traveller
- Graph 2: traveller segments, 2022
- Luxury holiday destinations
- Graph 3: luxury travellers' interest in luxury holiday destinations, by age, 2022
- Luxury holiday types
- Graph 4: most considered holiday types for the most expensive holiday in the next three years, 2022
- Graph 5: development of value in the cruise industry, 2019-22
- Graph 6: luxury travellers' preferred holiday types for their most expensive holiday in the next three years, by age, 2022
- Understanding of luxury holidays
- Graph 7: understanding of luxury holidays, by traveller segment, 2022
- Luxury holiday amenities
- Graph 8: luxury travellers' desired amenities for most expensive holiday in the next three years, 2022
- Graph 9: luxury travellers' desired activities for most expensive holiday in the next three years, by age, 2022
- Luxury holiday behaviour
- Graph 10: the luxury traveller's behaviours towards holidays, 2022
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LAUNCH ACTIVITY AND INNOVATION
- Advertising and marketing activity
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APPENDIX
- Appendix – products covered, abbreviations, consumer research methodology and language usage
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