- Increase of exhibitors from Colombia and Portugal as well as London and The Maldives
- VIP buyers report huge potential in overseas celebrations
- 52% projected increase in Latin American HNWI by 2020
Extensive research among exhibitors and VIP hosted luxury buyers by Travelweek Sao Paulo by ILTM - taking place from 3-6 May 2016 - has revealed new insights into today’s Latin American luxury traveller.
In a year-on-year comparison with the 2015 event, Travelweek Sao Paulo by ILTM can report an exciting shift in exhibitors as new destinations become increasingly popular with the region’s luxury travellers. This includes a 100% increase in Colombian exhibitors and a 91% increase in Portuguese exhibitors, alongside a 17% increase from London and a 9% increase from the Maldives and Island destinations such as French Polynesia, Tahiti, St Barths and St Martin.
A dedicated survey into the consumer behaviour of Latin American HNWIs conducted by Travelweek Sao Paulo by ILTM in partnership with The Inspired Journeys found that approximately 94% of Brazilian buyers reported their clients had been a guest at a celebration abroad, such as a wedding, anniversary or family reunion. Indeed, ‘life events’ were cited as the second most important motivation for Brazilians to travel, second only to leisure.
Alison Gilmore, Director of the ILTM Portfolio comments:
“The potential of the celebrations market for Latin American travellers is huge – the sheer size of the weddings and honeymoons taking place abroad means big business for the luxury travel industry. With 90% of Travelweek VIP buyers able to cater for large sized celebrations, it is the perfect platform to connect with this popular market.”
Brazil is the largest demographic within Latin American HNWIs, with 168,000 USD millionaires, accounting for just under a third of the total millionaires in Latin America in 2015. This is projected to grow to 229,000 in 2020, a 37% growth.
Overall, HNWIs in Latin America are forecasted to increase by 52% in 2020, meaning the outlook is bright for the outbound traveller market. Indeed, Knight Frank’s 2015 Wealth Report found that private jet traffic from Maiquetia, Venezuela to Miami was the second fastest growing route according to Netjets, indicating a significant growth of HNWIs in the region.
Travelweek Sao Paulo by ILTM, takes place 3 – 6 May 2016 in Sao Paulo and invites luxury travel suppliers from across the globe to meet with luxury travel buyers from predominantly Brazil but also across Latin America.
For more information on accessing the Latin American market at Travelweek Sao Paulo by ILTM contact simon.mayle@reedexpo.co.uk or see www.iltm.com. Follow the story @ILTM_events.
