The Recessionary Impact on Luxury Travel Providers
Major societal events seem to have a 10 year impact. In the 40’s, WWII led African-Americans and Women to make contributions that would open the door for equality. However, the horror of Nazi Germany and the Atom bomb led to America to put blinder on during the Nifty Fifties, which delayed the civil rights movement, which led to the turmoil of the 60’s. The recession and drug hangover of the 70’s led to preppy look and extravagance of the 80’s. The 90’s and early 2000 were the era of unbridled greed by just about everyone. Which all led to us being broke and very frugal now. You see society moves in 10 year cycles. The tough economy has changed America for probably ten years.
We Americans are once again a frugal bunch. We’re not splurging on anything. Extravagance is now an embarrassing thing. So how does this fundamental shift impact your business if you made your living selling deluxe travel? In my humble opinion, if you market luxury travel as a product, you have a problem. Make no mistake there is still a market for luxury travel. However, it needs to be marketed as a deluxe experience.
George
