The Asia Pacific region now has the fastest accumulation of new High Net Worth Individuals (HNWIs) in the world, growing at around 10% per year. America and Asia Pacific have approximately five million HNWIs each and Europe around 4.5 million, according to a Credit Suisse Global Wealth Report. This report outlines nine key trends defining the luxury market, including:
- A new focus on experiential travel at the expense of hedonism and display.
- A growth in mindfulness and wellbeing as HNWIs turn to nature.
- The rise of responsible travel including activities supporting economic, social or environmental sustainability.
- A new focus on family life in travel, leading to a rise in multi-generational cruising and luxury private holiday rentals.
- A demographic widening away from the dominance of the 40-60 year old age group.