Luxury Vacation Industry Essay
The luxury vacation industry has a number of Singaporean and international players, despite being a niche firm with monopolistic competition. Pertaining to Singapore would be Remote Lands; while international firms include: Country Holidays, Seabourn, Asia Luxe Holidays and Explorient. Singapore’s small luxury vacation industry is not indicative of the profitability of the luxury tour package market.
Singapore is now the fastest growing wealth hub, with US$1.3 trillion assets under management (AuM) (“Nearly One in Every 20”) and is predicted to overtake Switzerland to become the world’s largest offshore wealth center by AuM by 2020 (Amoils and Rocks 2).
Singapore’s Gross Domestic Product per person stands at the world’s top of $61,567, and is estimated to grow to $77,000 in 5 years (“Nearly One in Every 20”), with the total number of wealth held by locals also seeing an increasing by 7% in 2014 to reach US$522.5 billion (Leong).
In 2012, Singapore had 183,400 millionaires and 3,870 multimillionaires, with an average wealth of US$86 million amongst that population (“Nearly One in Every 20”). The number of millionaires in Singapore has increased by 5% from 2013 to 2014 and it is estimated that by 2017, Singapore will have the second highest density of millionaires in the world, with one in every 30 Singaporeans being a
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Reaching out to potential clients is the crux of this industry. Following that, tour operators will offer bespoke trips for their clients to suit their preferences and provide the best experience for them (“6 Best Bespoke Tour Operators”). Firms such as Abercrombie & Kent specialise in custom itineraries, promising that no client will undergo a similar travel experience, while other firms provide travellers with travel guides to offer a standout
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