Home About Us From the Editor
From the Editor Favorites
|
From the Editor
|
Tracking the Mighty (but complex) Math of luxury Travel-Part 1 |
|
|
|
No slam dunk here! But let’s get started, with first focus on the USA.
Why not get real about who’s really rich, and what rich means when it comes to travel? Who can afford it? Which Americans fill those luxury hotel rooms and cruise cabins and first class and business class airline seats? And even those private jets?
Certainly we can do that with clarity? Not so fast!
- Pam Danziger at Unity Marketing relies on the most recent Census Bureau statistics from 2006 to estimate that 9million ( 8%) of households with $150,000 annual income are able to reach for luxury trips.
- Ron Kurtz of The American Affluence Research Center, using numbers from the Federal Reserve Board, defines the affluent market as the wealthiest 10% of households, = minimum net worth of $3 million and annual income of $270,000,
- Meanwhile, Monroe Mendelsohn Research (MMR), uses $250,000 in annual household income and over 1 million in net liquid assets, as a luxury qualifier, which nets 2 million households
At the moment we are clearly not all together on the metrics of luxury consumers.
So let’s stop right there while we invite other luxury researchers to join in, and also ask:
- How many affluent/rich households actually drive luxury travel demand?
- Isn’t number of luxury trips taken annually a more meaningful metric, as Mendelsohn data seems to suggest?
- How many business travelers are creating luxury demand, where personal income is not necessarily the luxury driver ?
- Are conferences, expos, meeting attendees not an essential part of our picture?
In asking these questions, and searching for insights on the behaviors
of affluent consumers (a critical part of the math and the bottom
line), we see the answers as critical in deciding whom we target as
buyers, and where and how we reach them. The math (numbers and
behaviors) help us shape strategies in loyalty marketing, special
interest product offerings, and development investments. They anchor
our marketing intelligence.
So we begin, and persevere as well.
Tune in next week, and meanwhile, these links to related stories and sites of sources.
Monroe Mendelsohn - www.mmrsurveys.com
American Affluence Research Center - www.affluenceresearch.org
Unity Marketing (Danziger) - www.unitymarketingonline.org
|
|
|
Copy-Paste-Share The Brancatelli File |
|
|
|
I am absolutely addicted to business travel writer Joe Brancatelli, and his friends who craft the content about Life on the Road at www.joesentme.biz. When Joe wanted to offset some of his costs a few years ago with a Membership fee, I joined immediately. I also enjoy his Portfolio Magazine column, Seat 2B
Whether you are a luxury traveler (air, hotel, and all the rest), or otherwise, what Joe Brancatelli and guests deliver is lively, pragmatic wisdom—along with their pet peeve treats. Yes, Joe does rant, mostly about dysfunctional airline moves affecting consumers.
What Joe shares, always experientially, serves me well, whether traveling for business or pleasure.
I wonder how many members Joe has among travel agents who should be copying/pasting/sharing his practical counsel with customers.
There are valuable nuggets in every issue of The Brancatelli File.
Here are just a few excerpts that captured my attention in recent weeks:
|
|
Read more...
|
|
|
Recent Reader Favorites |
|
|
|
Issues-Insights-Imagination in Luxury travel marketing.-that’s what we promised when we launched this past November- (not breaking news, or personnel announcements, or press releases about promotions –to-come). Our tracking systems from our newsletter partners, Real Magnet, as well as Google Analytics, confirm every week that you like what you see. Our growing readership, and great numbers on pages viewed and time spent, confirm that ‘smart marketers talking with smart marketers’ is a winning formula for reader engagement. Here are some recent reader favorites and links to those stories
(Read-comment-share your point of view-
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
)
|
|
|
Smart Marketers in Luxury Travel Move Beyond the Luxury Label |
|
|
|
Much of the magic in luxury travel marketing comes from smart marketers just being smart marketers. That’s why, in this issue and on our web site, you will find Voices and Views from people like Philip Wolf , founder of PhoCus Wright, whose research and travel conferences speak so smartly to e-commerce in travel, only rarely touching on luxury travel per se.
PhoCus Wright’s mid-November Conference in Orlando, which traveled under the name Braving the Long Tail, offered so many insights about marketing in the New Media Age—what Wolf calls Travel 2.0—that the word luxury wasn’t missed at all.
That’s why you are seeing Long Tail excerpts here, and reading about the new Power of Word of Mouth in all marketing, and seeing new data about human behavior and aspiration—along with those imaginative Real People, Real Results stories of innovation in Luxury Travel. For a reminder of how big luxury travel brands put the kibosh on the word ‘Luxury” in advertising, click here.
Hershel Sarbin
|
|
| | << Start < Prev 1 2 3 4 Next > End >>
| | Results 25 - 30 of 30 |
|
|
|
360 LINK BOARD
Our Resource Partners
|