London, UK -- (SBWire) -- 10/21/2022 --The latest market analysis report titled Premiumization in Travel and Tourism, 2022 Update – Thematic Research has been added to GlobalData Plc report store. The growth of premiumization in the travel & tourism sector will be driven due to the rising popularity of smart cities and destinations. The advanced technologies involved in a smart destination work in tandem to gain a deep understanding of travelers' needs, while optimizing experiences based on their preferences. Growth in the smart city market will help to enhance personalization even further for the likes of city break tourism, which will meet the needs of travelers in the upscale and luxury markets that require highly bespoke offerings.

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The pandemic has transformed the way consumers are traveling and promoted the luxury tourism market to a much larger extent. This has further increased the importance of premiumization for more travelers that can now afford to indulge in luxury products and services. Furthermore, advanced forms of technology such as IoT will be increasingly used to create hyper-personalized experiences for many elements of a trip. Personalized services could go a long way for many customers, especially in the luxury market where attention to small details is greater than in the midscale or budget segments.

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Premiumization in Travel and Tourism Trends

The main trends shaping the premiumization theme over the next 12 to 24 months covered in this report are:

Technology trends
- Smart destinations
- Drones
- The Internet of Things (IoT)

Macroeconomic trends
- COVID-19
- Sustainability
- Increase in high-yielding travelers
- Millennials& Gen Z

Industry trends
- Niche tourism
- Personalization
- Health and wellness
- Unique settings
- Subscription models

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Top Premiumization Companies in the Travel and Tourism Industry

- Burj Khalifa: The Burj Khalifa is the tallest building in the world, making it a global icon. It is stated that the building represents the conceptual heart and soul of the city of Dubai. The addition of restaurants and lounges in the building adds comfort and increases fulfilment for visitors, making this attraction one of the most premium in the world.
- Cathay Pacific Airlines: Cathay Pacific Airlines is an international airline company. It provides scheduled air passenger services to several countries and territories across the globe.
- Crystal Cruises: Crystal Cruises is a provider of luxury ship cruising services. The company also offers river cruises and yacht services. Crystal's crew members are carefully selected, with many serving for years in the company, creating extremely high service levels.
- Galeries Lafayette: Galeries Lafayette is a luxury French department store chain and is perceived to be the biggest in Europe. Its flagship store is on Boulevard Haussmann in Paris. It now operates in several other locations in France and other countries.
- Las Vegas Sands: Las Vegas Sands is a developer of destination properties globally. These properties feature accommodation, entertainment, retail, gaming, convention, and exhibition facilities, restaurants, and other amenities. The company operates properties in the US, Singapore, and Macao.
- Qantas Airways
- Sixt
- Black Tomato
- Flexjet
- Hong Kong International Airport
- IYC
- Kempinski
- Mohegan Gaming & Entertainment
- Nobu Hotels
- Nusr-Et Steakhouse
- Viking Cruises

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