Isobel Diamond

Canvas8 report: luxury travel and the sharing economy

I researched and wrote a report for consumer behaviour specialists Canvas8, exploring the sharing economy trend within the luxury travel industry.

The ‘sharing economy’ has taken the travel and leisure industry by storm, figure-headed by the astronomical rise of companies like Airbnb and Uber. Now, this peer-to-peer model of ‘collaborative consumption’ is penetrating the luxury travel market. New companies and well-known brands alike are providing luxury travellers with the opportunity to share private jets and supercars and hire out boats, or even yachts. And in the sphere of luxurious villas and global getaways, we’re seeing a rise in exclusive membership clubs - allowing the world’s richest to rent, rather than own, in a greater diversity of destinations.

These initiatives provide the elite with the highest form of luxury at a fraction of the sale price, raising the number of experiences gained over that of products owned. It’s driven by an economy where, “experiential luxury, such as exotic holidays, gourmet meals, and art auctions, now accounts for 55% of global luxury spending,” explains the Boston Consulting Group. [1]

So what does this shift mean for luxury? Will more consumers get a taste or the high life? Or will exclusive clubs and networks previously only accessible to the super-rich to become the new norm for the affluent?

Click the button below to read the full report (pdf)