Luxury travel 'will kickstart economies'

The Global Luxury Travel Universe is valued at $2.05 trillion and it would rank in the top 10 if it were a global economy, a research conducted by ILTM has found.

ILTM – the world’s largest portfolio of luxury travel events – has commissioned a white paper to underpin the true value of luxury travel to small, medium sized and large businesses across the world.

Alison Gilmore, portfolio director, ILTM, says: “The challenge of COVID-19 has brought the realities of our world into sharp focus and none more so than our international inter-connectivity and dependence on the freedom to travel. The travel industry is one of the greatest catalysts for this globally-linked system and is also a far greater mechanism for the dispersal of wealth to local economies than has been recognised until now.”

The report, titled Luxury Travel’s true impact on business and employment, by Barton Consulting brings clarity to the numbers of people employed and the contribution high net worth (HNW) travellers make to every sector. The report is further explained in a podcast also entitled ‘Luxury Travel’s true impact on business and employment.’

The white paper says that 105.9 million people are directly employed within travel across the world. The global luxury travel ecosystem of activities (valued at $1.54trn) provides employment for an additional 62 million people.

Although HNW individuals comprise only 0.3 per cent of the global population, the wealth they control ($94trn) and their high spending supports the livelihoods of this incredible number of business owners and individuals.

Luxury travel is a vital component in the distribution of wealth across the globe: local economies are dependent on luxury travellers for arts, culture, restaurants, guides, sporting events etc.

When the time is right, the industry is ready to fight for its protection and continued development, to re-open established enterprises and create a fresh future for new business opportunities, says the report.

The link to the white paper and the podcast can be found here