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Asia Luxury Travel Market (ALTM) will play a significant role in shaping the nature of the luxury travel industry in this region, which is currently experiencing unprecedented growth. “There is no other region in the world with such an exciting growth potential for luxury travel than Asia Pacific,” said Serge Dive, founder of ALTM.
Although the World Bank states economic growth will slow as the credit crunch hits the richest nations, it believes the resilience of many developing nations, such as those in the Asia Pacific, will cushion the slow down and the number of high net worth individuals and their desire and ability to travel will continue to grow.
“The explosion in the luxury hotel sector in Asia Pacific is unmatched worldwide as leading hotel operators recognise the region as a safe investment with a growing pool of wealthy clientele,” commented David Hammond, ALTM founder.
“Companies and brands that have started life in Europe, the US or Middle East, such as St. Regis and Jumeriah are now looking to Asia, with its growing economy and increasingly wealthy inhabitants, as a place to diversify and expand their brands,” said Jay Martens, Event Director for the Asia Luxury Travel Market (ALTM).
“ALTM provides the best forum for companies to gain an in depth understanding of the region and meet with the buyers who can ensure they are introduced to the right customers. The ability to reach these customers will ultimately determine success or failure and ALTM provides this opportunity all under one roof,” he added.
Outbound travel from Asia is forecast to grow at 7% per year until 2010 and in China alone visitor departures are expected to reach 43 million in 2008 and rise to at least 100 million by 2020 according to the World Trade Organisation.
The Asia Pacific market now has 2.3 million high net worth individuals which is equal to the USA and accounts for over 50% of the consumption of the US$80 billion global luxury goods and services industry.
China is already the world’s fourth largest economy and is growing at a much faster rate than markets such as Korea and Japan did at the same point in their history.
But it is not just new markets in the region which are of significance. The wealth disparity in many Asian economies also creates a super rich who have the means and the desire to travel at only the most luxurious end of the market.
“Asia is home to the world’s most populous nations and the fastest growing economies. The luxury travel industry in the region is already significant, but the potential for sustained further growth in the years ahead is huge, which is why we felt it was time for a dedicated platform for the world’s luxury travel industry to meet face to face with the top buyers from this dynamic region,” said Jay Martens.
China presents many new exciting products such as Taihu Golf Hotel in Suzhou Taihu. “We are returning to ALTM for the second year as it provides a well managed platform for us to reach exactly the right kind of buyers for our hotel. As an independent luxury property, it is important for us to take a targeted approach with our marketing budget; ALTM provides just that opportunity,” says Graham Kiy, General Manager for Taihu Golf Hotel.
Most of the world’s top sellers of luxury travel who attended the three-day invitation-only gathering have already signed-up for ALTM 2008 and another 1,000 sq m of exhibition space has been added to fulfill demand. Many new exhibitors will be joining the show this summer, including Intercontinental Hotel Group, Lucien Barriere Hotels & Casinos, The Rocco Forte Collection, Warwick International Hotels, Turisme de Catalunya, Conde Nast Johansens, Silversea Cruises, Tahiti Tourisme and a strong delegation from Japan.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
