London, Feb 10 (Bernama-GLOBE NEWSWIRE) — Strategic industry partnerships — linking businesses across different segments of the luxury travel, hospitality and leisure sector — are widely seen as a key component to further the recovery from the impact caused by the COVID-19 pandemic. New research 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.
While private aviation has continued to see an influx of new customers, according to VistaJet’s report, The Future of Private Travel, the impact of the COVID-19 pandemic in 2020 has in general 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%. Despite a promising vaccine program, many businesses are still cautious about forecasting a quick recovery in the immediate months ahead. However, 25.9% are optimistic and are starting to refocus their offering onto a HNW target group, predicting a rapid recovery to pre-pandemic levels. VistaJet itself saw an increase of 29% in new Members joining in 2020, while its sister brand XO has seen new membership sales up 3x.
Many businesses are already innovating to rethink their operational and commercial strategies — 94.4% having taken or are planning action to innovate their customer service and experience protocols, and 62.3% of businesses have already introduced new offerings, products or services, with increased digital services and more personalized concierge offerings being particularly in-demand.
As businesses look ahead, it is clear that a majority of industry leaders are looking to collaborative partnerships outside of their core business, to help mitigate the negative impact of travel restrictions and ensure their clients continue to experience unparalleled end-to-end service throughout their journey. 86.5% of businesses are taking action to collaborate with other top players within the industry, including hotels, tour designers, private aviation, yachts, chauffeur and concierge services. Additionally, 46.8% have said that partnerships are already helping to generate further revenue during the pandemic, which is notable due to the limitations on travel globally in 2020, while 70% are looking to establish new partnerships within the next 12 months.
Partnerships can provide customers with an integrated service at every stage of their travels, with safer and more reliable experiences in the uncertain world of COVID-19. For example, VistaJet’s own partnerships program, Private World, leverages its relationships to provide customers with a bespoke travel experience, from pre-flight to flight and accommodation, with preferred services already lined up at destination — from yachts to hotels, private islands and retreats. This is just one solution of many within the industry.
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