Press Releases
View All Press Releases| WTM | 09 Nov 2009 |
LATIN AMERICA PLANS TO TAKE A GREATER SHARE OF LUXURY TRAVEL BOTH INTERNATIONALLY AND AT HOME
The Latin American travel industry is banking on luxury tourism to counter the global economic downturn, reveals the World Travel Market Global Trends Report 2009 today (Monday 9 November).
The region is investing heavily in luxury tourism to attract both rich local and international travellers.
Market research in Brazil shows wealthy travellers, although currently only 3% of total visitors, spend eight times more than average tourists and destinations across Latin America are gearing up to take an increasing share of luxury travellers once the global economy recovers.
There is already increased co-operation, such as the Embratur/Brazil Luxury Travel Association agreement, between tourism organisations and private enterprise to jointly promote destinations.
The Mexican Government is also investing in luxury developments and Visit Puru is positioning the country to luxury travellers for its exotic experiences.
The increased exposure for Latin American destinations at international trade shows and exhibitions and partnerships with airlines and governments to target new source markets such as the Middle East and Asia is already boosting the region. Furthermore, destinations are campaigning locally where travellers have not seen the scale of recession experienced in other parts of the globe, the World Travel Market Global Trends Report 2009, in association with Euromonitor International, reveals.
Although visitors from the US, Europe and the UK will continue to be a target for Latin American destinations with ongoing campaigns, the Middle-East and Asia also represent potential new markets because of the high-spending visitors and new elite class, respectively.
By 2013 China will surpass France, Italy and the UK in the total number of high-earning households. Tour operators, airlines and governments are preparing the way with the introduction of new direct services between regions as well as ‘Open Skies’ agreements.
Investment in luxury hotel developments is also underway with projects such as Four Seasons’ plan to plough US$450 million into three hotels in Brazil. In Argentina there are plans for five, five-star properties in the next two years and there is much potential for further projects as land, construction costs and labour are lower than in North America and Europe.
The demand for luxury travel to the region will serve to encourage suppliers to embrace the challenge of the under-developed tourism infrastructure and up their game in terms of service levels and standards across the region.
World Travel Market Chairman Fiona Jeffery said: “Latin America has everything going for it including its vast cultural diversity and wide range of natural tourism resources.
“Luxury travel will continue to open up the region, improve the tourism infrastructure and boost economic development as a whole.”
Euromonitor International Global Travel and Tourism Research Manager Caroline Bremner said: “Latin America is often perceived as a low cost destination but the region is working hard to entice luxury travellers away from North America, Europe and Asia Pacific. Their investment, though a risk, may pay off when the luxury travel market recovers in the future.”
-ends-For further information please contact the WTM Press Office on +44 (0) 207 069 6119/ 6120 or visit the WTM International Press Centre onsite at ExCeL London, Level 3.
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In 2008 RE, part of the Reed Elsevier group, brought together more than six million industry professionals from around the world generating billions of dollars in business.About Euromonitor International
Euromonitor International is the world's leading provider of global business intelligence and strategic market analysis.
We have more than 37 years experience of publishing market reports, business reference books, online databases and bespoke consulting projects.Our research offers insight into industries, countries and consumers. We deliver quality information solutions to support strategic business planning.
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