This year’s International Luxury Travel Market (ILTM) Asia Pacific event will welcome more than 740 carefully selected luxury travel buyers from 22 countries across the region to meet with 740 luxury travel suppliers from across the globe. It represents a 12% increase year on year making it one of the largest ILTM shows to date.
In total, an estimated 40,000 dedicated trade appointments will take place at the event which opens at the Ritz-Carlton in Singapore this evening.
“We’re seeing not only more participants overall, but also a wider and more dynamic market mix,” ILTM Director Alison Gilmore told LATTE.
On the buyer side, she highlighted the resurgence of the India and China markets with “strong growth” in outbound travel from both markets particularly at the luxury end.
“From the exhibitor perspective, there’s been a significant increase in participation from Tourism Australia, more stand sharers than ever before, as well as a marked rise in representation from Spain and the US, especially California-based luxury products,” she said.
“This reflects a growing global interest in tapping into the Asia Pacific luxury travel market.”
Subscribe to LATTE’s free eNewsletter to keep up to date with everything in the luxury travel industry.
This year’s event will also welcome more new customers than ever before – a sign of the event’s ongoing evolution and growing appeal, but also of the gathering force of the luxury travel market, according to Gilmore.
Globally, luxury travel is projected to grow from US$1.4 trillion in 2024 to US$2.2 trillion by 2030. Spearheading this is the Asia-Pacific region, with compound annual growth rate of 8.6% forecast from 2024 to 2030.
“International luxury travel is growing due to a combination of factors, including increased wealth, a desire for unique and personalised experiences and the demographic shift of younger generations who are prioritising experiences over material possessions,” Gilmore said.
“Social media also plays a role in showcasing luxury destinations and experiences, further fuelling demand.”
In Australia, the trend is similar, Gilmore pointed out. The Aussie luxury travel market generated US$37.4 billion in 2023 and is forecast to reach US$70 billion by 2032.
