- “Latin Americans stay for longer, book premium rooms and spend whilst they’re there: on food, shopping, spa and more.”
- Colombia, Peru and Brazil also highlighted as emerging destinations for luxury travellers
Latin America is now the home to the world’s highest percentage of ultra wealth, with 28.7% of ultra high-net worth (HNW) per capita as well as 12.6% of high-net worth individuals.*
In addition, Colombia and Peru are in the world’s top 5 highest wealth growth rates. Brazil accounts for 56.3% of Latin American ultra-HNWI wealth* and according to October 2016 Banco do Brasil report, the country reported a year-on-year increase of 42% in oversees expenditure. With high-spending millennials now representing a third of the Latin American population**, the world is looking to the region as the next biggest source market for luxury travellers.
Simon Mayle, Event Manager for Travelweek Sao Paulo by ILTM – an event hosting up to 465 Latin American agents for the highest net worth of the region’s travellers in the city in April – comments:
“Whilst it’s safe to say the Ultra High Net Worth never stopped travelling, now that the political and currency situation has calmed a little, it is safe to say that Brazilians really are back in travel. Furthermore, they’re exploring new destinations more than ever before. In addition, millenials across the world are expected to spend 8% more on luxury items, including luxury travel in 2017. Latin American millenials particularly are looking for ways to create more revealing holiday experiences that expand their minds – the personal approach to travel. They are impressed by experiences as opposed to ‘things’ and the world’s luxury travel industry are waking up to what they have to do to attract these high spending travellers.”
Latin Americans also stay longer when travelling, with 89% travelling with their families. They make decisions instantly and the region’s agents are renown for their powers of persuasion**. Mr Mayle continues:
“Latin Americans stay for longer, book premium rooms and spend whilst they’re there: on food, shopping, spa and more. Most importantly, they love to celebrate – it’s the second top reason why they travel: 94% of agents who attended Travelweek Sao Paulo by ILTM in 2016 stated that their clients wanted to plan trips to celebrate with friends and/or family.”
Reflecting the change in global millennial trends, Latin America is also a destination of choice for global luxury travellers – Cartagena, Colombia; Lima, Peru; Foz do Iguaçu, Brazil and Tulum, Mexico featured in Tripadvisor’s Top 10 Emerging Destinations in 2016.
Elite properties, destinations and experiences from across the world will take part in Travelweek Sao Paulo by ILTM, 25 – 28 April, to meet the agents of the Latin American rich.