Ever since the global pandemic caused its first waves across the globe, the world of travel and luxury spending – even among the most affluent – has been rocked. Harnessing exclusive data from our pool of millions of high-net-worth (HNW) and mass affluent members, we’ve monitored the effects of this industry upset to reveal significant changes in their behavior and spending power, compared to 2019 before the initial rumblings of the pandemic were felt.
From private jets and vacation rentals to wellness staycation and ‘bleisure’ travel, we’ve used this data to define current and future travel trends. What’s more, we’ve identified how these changes can be capitalized on to increase customer lifetime value from engagement, spend or assets under management and retention.
Who is the case study for?
Brands, private bankers, and wealth managers with a valued customer base, focused on mass affluent, high-net-worth wealth propositions. These insights will be of particular interest to those developing or reviewing their customer experience (CX) strategies, or to those undergoing procurement of lifestyle services (or concierge).
The paper will also provide valuable insights for premium and luxury suppliers in the travel industry looking to understand the potential changes in customer preferences and behaviors.
What questions does it answer?
- How have HNW and mass affluent consumer behaviors changed since before Covid-19?
- What travel trends are emerging amongst this demographic?
- What are the leading brands prioritizing to plan for a strong recovery?
- How lifestyle services are used as a differentiator in CX strategies?
- In what ways did Ten Lifestyle Group support members during and since the pandemic?
Example sources from the paper
- A perspective for the luxury-goods industry during—and after—coronavirus – Antonio Achille and Daniel Zipser, McKinsey
- The Future of Luxury: Bouncing Back from Covid-19 – Claudia D’Arpizio, Federica Levato, Filippo Prete, Constance Gault, and Joëlle de Montgolfier, Bain & Company
- The billionaire boom: how the super-rich soaked up Covid cash – Ruchir Sharma, Financial Times
To find out why now is the perfect time to invest in new CX strategies, read our thought piece from CEO Alex Cheatle on why interest rates are changing and so are customer strategies in financial services…