ATM 2024 will showcase the latest trends in luxury travel as analysts predict a CAGR of 7.7% for the global market until the end of the decade.

The Middle East luxury travel market is evolving rapidly, extending beyond opulent experiences to incorporate heritage, innovation and sustainability. Tourism experts from around the world will focus their attention on the subtopic of luxury in Arab Travel Market (ATM) 2024which will take place from Monday, May 6 to Thursday, May 9 in Dubai World Trade Center (DWTC).

High-spending travelers are willing to pay more for experiences that do not negatively impact the communities or ecosystems they are in, according to YouGov’s Global Travel Tourism 2023 whitepaper: Post-pandemic luxury travel. More than three-fifths (61%) of UAE residents say they are willing to pay more for responsible, green and sustainable tourism experiences, demonstrating that consumers no longer view the luxury segment as limited to indulgence. .

With brands such as Atlantis The Palm by Kerzner International, Mandarin Oriental Dubai (BVI) Limited, Jumeirah International LLC, Air Charter Service, Hyatt International, Mayfair Jets, Minor Hotel Group, Nirvana Holding, The Leading Hotels of the World and Desert Gate Tourism. Already confirmed to attend, ATM 2024 will welcome a diverse selection of luxury travel exhibitors from across the Middle East and beyond. The exhibition will provide an ideal forum for attendees from all corners of the world to explore the changing landscape of luxury travel, including future trends and innovations, business drivers and growth opportunities.

Danielle Curtis, Exhibition Director, Arabian Travel Market, saying:

“By incorporating luxury travel as a subtheme at ATM 2024, we are aligning our event with the future of travel. This segment will act as a lens through which we can see not only extravagant experiences but also ecologically conscious choices, cultural preservation and cutting-edge technologies. ATM embodies a vision where indulgence harmonizes with ethics, setting a new standard for the travel industry.”

The value of the global luxury travel sector is estimated to be $1.28 trillion in 2022, according to figures from Grand View Research. The market is expected to witness a compound annual growth rate (CAGR) of 7.7% during the period 2023-30. This rising trend is reflected in the Middle East, where majorities of respondents from both the United Arab Emirates (74%) and Saudi Arabia (69%) told Marriott Bonvoy researchers they planned to spend more on their vacations in 2023. compared to previous years. .

Innovation is also acting as a major driver within the luxury travel segment. Technologies such as virtual reality (VR) and augmented reality (AR) are revolutionizing the way visitors preview destinations, hotels and activities before booking, while artificial intelligence (AI) and big data make it easier increasingly personalized recommendations, tailored experiences and anticipated services for high-end people. -travelers with net worth.

“The Middle East has maintained and strengthened its reputation as a global hub for luxury tourism and travel over the past 12 months,” Curtis added. “It has been exciting to see this segment evolve across the region as national leaders continue to invest in the development of luxury tourism infrastructure in a bid to drive economic diversification. ATM 2024 will provide an environment in which to examine these trends in greater detail and I can’t wait to hear the valuable insights delegates have to offer.”

In line with your theme, ‘Boosting innovation: transforming travel through entrepreneurship’, The 31st edition of ATM will once again host policy makers, industry leaders and travel professionals from across the Middle East and beyond, encouraging them to forge new relationships, exchange knowledge and identify innovations that can reshape the future of travel and business. tourism worldwide. From startups to established brands, the upcoming show will highlight how innovators are improving customer experiences, driving efficiencies and accelerating progress toward a net-zero future for the industry.

Taking advantage of the ATMs of 2023 ‘Working towards net zero’ theme, environmentally responsible travel will represent another key theme next year. Informed by the UAE Year of Sustainability and the 2023 United Nations Climate Change Conference (COP28), which will take place in Dubai starting tomorrow, November 30, ATM 2024 will explore how innovation can be harnessed to help achieve the United Nations Sustainable Development Goals (SDGs). , creating a greener travel and tourism sector for future generations.

More than 40,000 travel professionals, including 30,000 visitors, attended the 30th edition of ATM in May 2023, setting a new record at the show. The exhibition attracted more than 2,100 exhibitors and representatives from more than 155 countries, providing a global platform to reveal ATM’s net zero commitment.
Held in conjunction with Dubai World Trade Centre, ATM 2024 strategic partners include Dubai Department of Economy and Tourism (DET), Destination Partner; Emirates, official airline partner; IHG Hotels Resorts, official hotel partner; and Al Rais Travel, official partner of DMC.

News source: Emirates News Agency