- Partner
Who Is the KEY Consumer?
- January 11, 2023
After being forced to cancel or postpone travel plans over the last couple of years, millions of people worldwide are getting rid of that pent-up frustration and hitting the road once again.
According to a recent study, not only has the travel market recovered to pre-pandemic levels, but the high-end luxury travel market is leading the charge. For example, Google reported that searches for “luxury hotels” are at the highest level since 2006.
There is, however, still travel trepidation due to the pandemic. While vaccination rates have steadily increased and restrictions have been lifted, some folks are still wary of safety and health issues. This, in turn, is reflected in their intended spending habits.
This is why the high-end luxury sector is outpacing the rest of the market. Another study found that consumers are willing to spend more money (13%) for nicer accommodations (28%) and for longer periods of time (24%) on future travel. And almost a third (28%) plan to stay at higher-end properties than they did before the pandemic.
These and other recent trends mean that overall, people are willing and able to spend more money on the safe travel experience they want, and even more so for high net-worth individuals.
Meet the KEY Consumer
High net-worth individuals are the type of travelers who fly private, hire a chef to cook their meals, and have a babysitter on-site to watch their kids. They aren’t searching for vacation rentals on mainstream websites, and they’re certainly not looking for discount deals to tell them where their next vacation will be.
In other words, they know what they want and when they want it. They tend to expect more for what they’re paying. This creates the need for rental property managers to offer more than just a place for their guests to put their heads down at night.
So, how do you go about doing this? Two proven ways are by providing curated, tailored experiences that fit your client’s needs and desires, and by being able to communicate with them effectively.
Curating tailored experiences that exceed the expectations of this type of traveler and elevate their experience is KEY’s bread and butter. We have a team of experts who research, vet, and onboard local vendors in all our key markets to ensure they can live up to the standards we promise our customers.
Secondly, nothing breaks a relationship down faster than a lack of good communication. KEY’s hospitality team not only takes the time to communicate effectively with the client so they know exactly what to expect for their itinerary, but they’re also online and available 7 day a week to troubleshoot any issues or problems that may arise.
KEY makes life easier for busy property managers who already have too much on their plates by handling these time-consuming yet crucial components of the guest experience.
KEY’s extensive network of partners and vendors not only allows us to plan and efficiently deliver luxury travel experiences for our clients, but also creates a lucrative and dynamic ecosystem for everyone involved.
At the macro level, KEY has established relationships with high-end travel company partners like Jet Linx and Worldwide Boat, providing exclusive and exciting modes of transportation. In turn, their clientele is exactly the type of travelers luxury property managers want to be exposed to.
At a micro level, it’s all in the detail. Curating experiences that dive deep into what that discerning customer is looking for can make the difference between a good experience and a wow experience. And by using trusted, local vendors, we can help infuse local economies with significant revenues.
KEY’s portfolio of curated activities is just the starting point — our team works with the customer to understand exactly what they want to get out of their travel experience, and then works with our vetted local partners to ensure that experience happens seamlessly.
The Secret Sauce: Exceed Expectations
The high-end luxury travel market is a tough sector. Having to battle with the various players in the space, both big and small, can be daunting and exhausting. But if there’s a secret to excelling in the high-end luxury travel market, it’s this: exceed expectations, at every level.
Make sure the chauffeur greets every guest by name. Confirm with the private jet crew that their favorite beverage is on board. Double-check that the yoga instructor knows precisely where and when to show up the next morning.
The problem is that you don’t have the time to do all this. But KEY does.
Paying attention to small but important details like these can be the difference between just scraping through and thriving to become a market leader. It can guarantee that the next time a customer wants to take their next vacation, they don’t even bother looking anywhere else. They come right back to you.
That’s why partnering with KEY is a fundamental strategic decision for your success. You do what you do best, and let us do what we do best — for you.
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