The impact of the COVID-19 pandemic in 2020 has been severe for many international luxury travel and hospitality businesses, with over three-quarters (77.8%) of businesses having seen net revenue fall by at least 60% year-on-year, and around 43% seeing a drop of over 90%.
However, strategic industry partnerships — linking businesses across different segments of the luxury travel, hospitality and leisure sector — are widely seen as key to recover from the impact caused by the COVID-19 pandemic.
A new report from VistaJet, the first and only global business aviation company, in association with Barton, the high-net-worth insight consultants, demonstrates the far-ranging value placed on partnerships by leading businesses in the sector.
APAC is the fastest growing wealth region in the world, which was what identified it as a key location for the travel industry to expand into long before COVID-19.
APAC travellers, Inbound & Outbound, contribute $251bn to the $1.54trn Global Luxury Travel Ecosystem of activities.
Towards the end of 2020, Barton partnered with ILTM to give the luxury travel industry the latest insights into the APAC region.
Utilising data that was collated and validated during the year of a pandemic, this report reveals a long-term view of the APAC region that provides a high degree of cautious optimism for 2021 and beyond.
For increasingly globalised, sophisticated and
ambitious wealthy families, the family office has become indispensable.
The decision about where to establish an international family office is complex and multifaceted; attributes such as reputation, tax neutrality, lifestyle, climate, accessibility, privacy, security and more can all be pivotal factors.
In partnership with Wealth-X, the world's leading wealth data intelligence company, Barton produced a report for Dart Real Estate identifying the specific groups that would benefit from a family office jurisdiction in the Cayman Islands.
The global impact of COVID-19 has accelerated dramatically, continuing to threaten our health and the health of our loved ones, and plunging the luxury travel industry into turmoil. But there's more harm caused than that to the globetrotters.
A new report and podcast from Barton and ILTM highlights the benefit that luxury travel has on economies and employment all around the world.
According to a new report released by ILTM and Barton, in collaboration with Wealth-X, the Global Luxury Travel Ecosystem - a complex mixture of food & drink, cultural activities, wellness, sporting events, performance arts and outdoor pursuits that make up the ‘experience economy’ of travel – is worth an estimated $1.54trn a year.
Download your copy of the report: Defining the Global Luxury Travel Ecosystem: In-Depth Analysis of the Size and Significance of the Global Experience Economy at https://view.iltm.com/