High Yield Tourism.pdf

Chapter 20 Sustainable High Yield Luxury Tourism Experiences Jacqualine Spence,1 Pierre Benckendorff,2 and P. Monica Chien3 Abstract Luxury tourism is an emerging area of research and deserves consideration for its implications for tourism and hospitality management and policy development. This chapter reviews the phenomena of luxury tourism in the academic literature and in particular, its links to the concepts of high yield, sustainability and tourist experiences. The global hiatus caused by the COVID-19 pandemic has presented an opportunity for tourism policy- makers and industry stakeholders to reconsider how luxury tourism can contribute to optimal economic, social and environmental outcomes with desired yield and sustainability aspirations. A renewed understanding of luxury tourism in terms of its production and consumption processes, as well as the associated value, emotion and narrative, is therefore of critical importance. The value of this chapter lies in synthesising a number of strands of inquiry across disparate bodies of literature to identify a research agenda. Areas that are proposed for further research include the conceptualisation of luxury tourism, the evolving nature of luxury experiences; value co-creation across all stages of luxury tourism; and the nexus between luxury tourism and destination image. Managerial implications of luxury tourism are also discussed, including the necessary conditions for cultivating luxury tourism; the need to measure the social and environmental impact of luxury tourism; and the important relationships between luxury tourism, innovation and market leadership. Keywords: Luxury; tourism impact; sustainability; high yield tourism; value co-creation; exclusivity 1 https://orcid.org/0000-0001-7403-3866 2 https://orcid.org/0000-0002-2794-8534 3 https://orcid.org/0000-0003-1666-0479 The Emerald Handbook of Luxury Management for Hospitality and Tourism, 403–423 Copyright © 2022 by Emerald Publishing Limited All rights of reproduction in any form reserved doi:10.1108/978-1-83982-900-020211020 404 Jacqualine Spence et al. Introduction With annual global tourism export earnings estimated at USD 1.7 trillion in 2019, most governments have formulated policies designed to build this industry (WTO, 2019). At the same time, concerns about the downsides of overtourism are increasing. As nations wish to make the most of their investments in tourism at the industry sector and individual business levels, it is essential to develop a greater understanding of how different tourism market segments can optimise economic, social and environmental contributions. In recent years, many governments and destinations have shifted their tourism marketing strategy from simply encouraging the number of tourists towards enhancing ‘quality’ tourism growth. The aim is to achieve greater revenues and proﬁtability while avoiding potential negatives that can be associated with tourism, such as congestion, intergroup conﬂicts and environmental degradation (Chien & Ritchie, 2018; Dwyer et al., 2006; OECD, 2020). In ﬁnancial terms, developing ‘high yield’ tourism is often articulated as moving away from price- conscious mass tourism towards encouraging categories of tourism where income contributed to the host economy from each tourist is relatively higher (Dwyer et al., 2006). One approach to achieving high yield from tourism is to focus on the expen- sive, luxury end of the market. But if providing luxury tourism services and experiences is so high yield, why do all governments and service providers not prioritise the luxury market in their tourism strategy? One reason is that other forms of tourism can provide volume and help to achieve other objectives, such as the diversiﬁcation of risk, industry reliance and employment opportunities. Another reason might be that a luxury strategy is very difﬁcult, risky and costly to execute and sustain (Kapferer & Bastien, 2009). A luxury tourism strategy tends to require an inordinate amount of ongoing investment by providers into assets, competencies and capabilities, such as expensive real estate locations, higher levels of stafﬁng and training, upscale amenities, brand building and other kinds of organisational capabilities that are essential to the provision of premium service levels, and which contribute to a tourist’s overall luxury experience. However, these challenges contribute to the exclusivity and proﬁtability potential of the luxury tourism market opportunity. Since successful luxury positioning is complex and costly to imitate, it can be a signiﬁcant source of competitive advantage and economic beneﬁt to providers (Crouch & Ritchie, 1999). With the added value to be gained through a better understanding of the luxury tourism market, it is surprising that more academic research has not focused on it. This chapter ﬁrst examines the relationship between luxury tourism and yield concepts, followed by a review of how luxury services and experiences have been covered in tourism and hospitality literature will be presented. An agenda for future research will be presented, and, ﬁnally, implications for the management of luxury tourism experiences will be outlined. Sustainable High Yield Luxury Tourism Experiences 405 Background Across cultures, many scholars have framed tourism as a luxury since its earliest occurrence – an experiential opportunity that is desired and highly valued yet not available to many people (Gunter & Netto, 2015; Smeral, 2003). The earliest forms of tourism have been described as travel experiences undertaken by privi- leged individuals. Amongst the earliest civilisations known – ancient China (Yan, 2018), Egypt (Casson, 1974), Greece (Romero, 2013) and Rome (Lomine, 2005; Friedländer, 1908) – tourism was undertaken for purposes such as event partic- ipation, health, pleasure, sightseeing and visiting others. In the eighteenth century, ‘The Grand Tour’ referred to tourism across the continent of Europe, predominantly at ﬁrst, by young aristocratic males (Towner, 1985). However, particularly after 1780, a considerable number of the Grand Tour travellers were from other social groups, such as the professional middle classes, clergy and retired members of the armed forces. Towner (1985) describes reasons for undertaking the Grand Tour as related to business, career, culture, economy, education, health and science. At that time, there was no tourism industry as such. Along their journey, tourists accessed what they needed together with citizens. As the number of Grand Tourists increased, some locals along well- worn routes began to regularly provide goods and services to meet the recurring needs of these travellers, such as accommodation or money exchange services. Few supplier records have survived from that time. In contrast, many of the Grand Tourists chronicled their travels, leaving behind detailed accounts of, and reﬂections upon, their experiences. Hence, most of what is known about this nascent tourism industry is from the perspective of literate male tourists from relatively privileged backgrounds (Towner, 1985). Since that time, the popularity and availability of tourism has extended to many socio-economic groups across the world, although not for everyone. The freedom and means to undertake leisure travel has always set some individuals apart from others, and exclusivity remains a characteristic of some forms of tourism. These days, across many market segments, tourism is regarded as luxurious when undertaken to make it indulgent, high in quality and exclusive in some way that is either monetary, social or hedonic (Iloranta, 2019; Wirtz, Holmqvist, & Fritze, 2020). This is the tourist’s experience of luxury. Luxury Tourism and Yield Concepts High Yield Tourism Tourism can be understood from many perspectives. One of these is economic. Among economic perspectives are the direct commercial impacts of tourism, tourism-related employment and livelihood diversiﬁcation, tourism spending contribution to gross domestic product (GDP), regional competitiveness and sustainability (i.e., achieving a balance of environmental, social and economic objectives) (Dwyer et al., 2006). Studies of the relationship between tourism development and economic growth indicate that it is not always strong, 406 Jacqualine Spence et al. predictable, reliable and positive (Lee & Chang, 2008). In the COVID-19 pandemic era, Holzner’s (2011) warnings about the potential pitfalls of any economy’s over-reliance on tourism (the ‘Dutch Disease Effect’) seem prescient. Nonetheless, many governments have continued to seek economic growth through tourism development, given the potential economic gains. One macro-economic clientele focus is the so-called high yield tourist seg- ments. Dwyer et al. (2006) deﬁne high yield tourists as those representing high per capita spending measured as either expenditure per visitor per day, Gross Operating Surplus (GOS) per visit per day, GDP per visitor per day, net beneﬁts per visitor per day or employment per $1 million. Income is a proxy measure for identifying high yield target markets (Lim, 1997). The largest growth in luxury tourism is expected in Asia due to increasing numbers in the region of high-net-worth individuals (HNWIs) with ﬁnancial assets in excess of USD one million and ultra HNWIs with ﬁnancial assets in excess of $30 million (Capgemini, 2019). Many HNWIs are luxury tourism purchasers who, from a supplier’s perspective, represent high yield. At the other end of the scale are price-conscious budget consumers. As travel becomes increasingly possible once again post COVID-19, it is expected that forms of high yield luxury tourism will be the most pandemic resistant (Statista, 2020). ILTM (2020) survey results indicate that the pandemic has not dampened the desire to travel amongst HNWIs. Even during the pandemic, individuals who have been able to afford and make special arrange- ments, to access private jets and luxury accommodations, have continued to travel, even choosing to self-quarantine in remote luxury homes or entire islands that can be rented or purchased (Jasper, 2020; Lastoe & Vora, 2020; Smyth, 2020). Looking forward, in some luxury markets such as destination weddings, industry experts report that the theme for post-pandemic travel is ‘bigger and better’ due to pent up desires and more time to plan and set money aside for a splurge (Spranklen, 2020). If these trends eventuate, there will be even more enthusiastic demand for lavish, extended destination weddings where guests stay in a dream location for several days. As isolation during the pandemic has caused people to romanticise spending more time with family and friends, a wedding celebration is being perceived by some as a perfect opportunity to do so in luxury (Petter, 2020). Further, as more countries open their borders to international visitors, it has also been reported that wealthy individuals are already planning how they can spend time in countries that are perceived to have handled the pandemic relatively well through the application of strict protocols, such as New Zealand (Sharma, 2020); and they are prepared to pay for the privilege (Karl, Chien, & Ong, 2020). These travellers have the capacity to pay for additional services related to health and safety if it enables their travel (Globetrender, 2020). It is often assumed that high yield tourism pertains to status-driven, afﬂuent tourists who choose to travel in luxury that is blatantly expensive (Makkar & Yap, 2018). However, it cannot be assumed that willingness to pay amongst all high yield tourist segments is always driven by materialism, demands for opulence and conspicuous consumption (Eckhardt, Belk, & Wilson, 2015), or that high-end Sustainable High Yield Luxury Tourism Experiences 407 facilities and amenities will be sufﬁcient to attract them (Iloranta, 2019). Com- menting on trends in luxury tourism, Koch (2011, p. 179) observes that, for many high yield tourists, ‘luxury is not meant for the “exhibition” of rather superﬁcial status symbols, but instead focuses on self-realisation’. It is essential for providers who target high yield tourists to understand the nature of experiences that are apropos to relevant market segments. It is the willingness to pay more for attributes and experiences they value at any point in time, which makes tourists high yield by deﬁnition. Sustainable Yield Tourism As in most other industries, tourism and hospitality providers are under pressure from all kinds of stakeholders to consider the environmental, sustainability and governance (ESG) implications of their strategies and operations (Su & Chen, 2020). The challenge for those promoting tourism (governments, destination marketing organisations [DMOs] and other stakeholders) as an economic, societal and environmentally sustainable ‘good’ is to achieve an optimisation of positive net outcomes over time. As such, a more useful quantiﬁcation of the yield – ‘sustainable yield’ – is proposed by Dwyer et al. (2006). Tourism market segments with a high sustainable yield are those where proﬁtability can be balanced with ESG implications. From a governmental viewpoint, there are often trade-offs to be made, for example, between economic growth and ESG-related policies. Within a sustainable yield framework, the overall attractiveness and merits of different types of tourism can be evaluated in terms of contributions made to the host destination in relation to economic, social and environmental goals (Buhalis, 2000; Koren-Lawrence, Collins-Kreiner, & Israeli, 2020). As an industry, tourism has suffered from an image of wasteful, excessive consumption (Gössling, 2002). On occasion, luxury tourism purchased by high yield tourists has been at the extreme end of that image (Smith, 2019). This is due to some highly visible forms of high yield tourism being expensive in terms of ESG costs. For example, after the direct experience of holding the 2008 Formula One (F1) Grand Prix in Singapore, residents largely supported hosting the event again but called for the introduction of additional measures during future races to help effectively manage negative externalities, such as congestion and socio- cultural disruptions (Cheng & Jarvis, 2010). When a location such as Singapore considers hosting an event like the Formula 1 racing championship, expected advantages include the attraction of high yield tourists who ﬁll local luxury hotels, restaurants and retailers before, during and after the race. Just as importantly, this event can contribute to international marketing of the destination (Henderson, Foo, Lim, & Yip, 2010) and innovation in relevant sectors, such as manufacturing, technology and tourism (Kim et al., 2017). Authors such as Dwyer (2016) and Pollock (2012) concede that the notion of the ‘ideal tourist’ or ‘ideal kind of tourism’ is elusive. If the preferred activities of high yield tourists degrade the environment or reduce access to limited resources for other social groups, they can be costly visitors to hosts. Conversely, some 408 Jacqualine Spence et al. destinations strategically target tourists with a high willingness to pay because the revenue surplus can be applied to address sustainable development objectives (Grilli, Tyllianakis, Luisetti, Ferrini, & Turner, 2021). Some authors identify tourism offerings where a judicious focus on high yield tourism dynamics helps multiple stakeholders to optimise positive returns on tourism investments (Wamboye, Nyaronga, & Sergi, 2020). Examples include tourists whose high willingness to pay is driven by strong personal interest, such as conservation (Knowles, 2019), culture (Throsby, 2009), family events (Correia, Kozak, & Del Chiappa, 2020; Polovitz Nickerson, Jorgenson, & Boley, 2016), learning and personal growth (Ndou, Mele, & Del Vecchio, 2019) and philanthropy (Stainton, 2016). Some high yield tourists pursue adventure, immersion in nature, tran- quillity or non-material enrichment in ways that are minimally invasive for the host destination (Sukmawati, Ernawati, & Nadra, 2018). Being environmentally friendly does not always require sacriﬁce on quality and comfort (Moeller, Dolnicar, & Leisch, 2011). Some tourists elect to pay premium prices for trips that entail the most sumptuous offerings possible in environments that necessitate cramped accommodation, precarious situations and reduced food and beverage options – for example, as part of a small expedition group on an other-worldly private yacht cruise around the southern coast of Papua New Guinea or weeks of glamping with an esteemed expert guide crossing the Rub’ Al Khali (Empty Quarter) desert of Oman. Research demonstrates that high yield tourists often forgo grand and luxuriant accommodation and amenities for rare or highly valued experiences (Iloranta, 2019). Luxury is in the eye of the beholder and is situationally contingent. Given the signiﬁcant market demand for luxury tourism offerings and the economic value of it to suppliers, a greater focus on achieving a systematic understanding of luxury in recent tourism research is warranted. Luxury Tourism in Existing Literature Conceptualising Luxury in Tourism For more than a decade, researchers have found that traditional identiﬁers of luxury tourism – such as expensive accommodation or modes of transport – do not necessarily hold (Yeoman, 2008). Concepts such as ‘unconventional luxury’ (Thomsen, Holmqvist, Wallpach, & Hemetsberger, 2020) and ‘new luxury’ (Grönroos & Leppänen, 2009; Rytilahti, 2008) have been proposed to represent broader notions of what luxury means (Eckhardt et al., 2015). Sometimes luxury is associated with everyday pleasures or where common goods become so scarce that they are perceived as a luxury (Thomsen, Holmqvist, Wallpach, Hem- etsberger, & Belk, 2020). For example, for most people, privacy would not be regarded as a luxury. Yet in these times of social media and a 24/7 news cycle, for some tourists seeking luxury, such as celebrities, privacy may be a key value. Reasons for this may also include concerns for safety and security (Murphy, 2020; Pallini, 2020), social concealment of wealth (Atkinson, 2015) or desire to escape for rest and relaxation out of the public eye (Iloranta, 2019). Sustainable High Yield Luxury Tourism Experiences 409 Much discussion about luxury in tourism draws upon work in other disciplines, such as anthropology (Ross, 2014), marketing (Atwal & Williams, 2009), psy- chology (Dubois, Jung, & Ordabayeva, 2020) and sociology (Kapferer, 2015). Since the earliest literature on the subject, luxury is presented as highly dependent upon psycho-social factors (De Barnier, Falcy, & Valette-Florence, 2012). While some authors emphasise the social construction and social signalling value of luxury consumption (Correira et al., 2020), others highlight its personal hedonic (Hol- brook & Hirschman, 1982) and self-realisation value (Kapferer, 2015). In each case, the focus has shifted from striving to deﬁne the concept of luxury in absolute terms towards framing luxury as occurring along a continuum with other levels of luxury (Vigneron & Johnson, 2004), ordinariness (De Barnier et al., 2012) or necessity (Heine, 2012). The questions outstanding for researchers include: What are the perceived dimensions of luxury that occur along continua, and in what combina- tion, and of what relative importance are they? (Wirtz et al., 2020). These questions also apply to luxury in the context of tourism and hospitality. Demand Perspectives on Luxury Tourism Luxury tourism and hospitality studies have been predominantly demand ori- ented, with the primary sampling unit being the tourist (Iloranta, 2019). Unfor- tunately, this has not yet led to a systematic framework for understanding luxury tourism as a phenomenon or luxury tourism consumption. Most demand-side research aims to understand consumer attitudes, values, behaviours, motivations, intentions or relative satisfaction, and relationships between these. While attempts at overall conceptual deﬁnitions of luxury tourism are scarce, many researchers attempt to isolate and deﬁne important factors in luxury tourism consumption (Correia et al., 2020). In attempts to characterise luxury in tourism, authors use a wide range of terms, including abundance, escape, exclu- sive, extraordinary, impeccable, indulgent, pleasure, prestige, private, quality, status, thrill, transformational and unique (Harkison, Hemmington, & Hyde, 2018; Yeoman, 2008). One of the deﬁnitional challenges is that many of these terms could also apply to tourism that would not be categorised as a luxury that is neither rare, opulent or exclusive. This raises questions about the nature of luxury tourism as a category that requires more examination. Most demand-side researchers report on the relative signiﬁcance of factors that are characteristic of the particular luxury experience under examination, reﬂecting the quantitative methodological approaches that dominate these studies (Chu, Tang, & Luo, 2016). Many of these researchers propose models for the mea- surement of luxury brand prestige, service quality or relationships between con- sumer perceptions of attributes and outcomes, such as satisfaction, willingness to pay or intentions to return (Han & Hyun, 2018; Hwang & Han, 2014). Even when the same kind of phenomenon (for example, luxury hotel stays) is the research context across multiple studies, there is little commonality in focus. Findings presented in these studies represent how polymorphous is the conceptualisation of luxury generally (Thirumaran & Raghav, 2017). The variable and fragmented nature of the research results limits any ability for the ﬁndings to be generalisable. 410 Jacqualine Spence et al. Nonetheless, many of the studies provide thought-provoking contributions to understanding select aspects of luxury tourism and hospitality, such as the rele- vance to luxury tourism of social value, emotion, narrative, luxury services and luxury experiences, experiential tourism and value co-creation. A brief comment will now be provided on each of these examples. Social Value Since luxury services and experiences are intangible and transitory in nature, concepts such as conspicuous consumption might be considered less salient. However, some studies of luxury tourism services and experiences indicate that the social value of consuming them can be important. Social status, face con- sciousness, other consumers’ perceptions (OCPs) and perceived symbols of suc- cess are identiﬁed as drivers of willingness to pay for luxury services in the context of luxury domestic tourism (Correia & Kozak, 2012), restaurant dining (Kiat- kawsin & Han, 2019) and cruises (Hwang & Han, 2014; Hyun & Han, 2015). It seems that the value of bragging rights spans both luxury goods and services. Emotion Luxury is about emotion and memorability (Kapferer, 2015). In the context of luxury tourism, it is the tourist’s emotional predispositions, reactions, decisions and memories that endure and prevail (Otto & Ritchie, 1996). Emotional aspects of luxury tourism have been found to connect with consumer behaviours such as seeking pleasure and comfort, pursuing extraordinary experiences, enjoying exclusive-brand membership (tribalism) or rewarding oneself with an indulgence; and personal hedonic and eudemonic connections with people, places, products and processes (Atwal & Williams, 2017; Lee & Kim, 2019). For example, in some studies, satisfaction with luxury accommodation and dining services is reported as stronger when consumers also report high levels of emotion related to absorption, awe, engagement, involvement, learning, discovery, thrill and nostalgia (Arnould & Price, 1993; Han & Hyun, 2018; Hwang & Hyun, 2013; Kiatkawsin & Han, 2019). Research in luxury tourism consumption has also found that emotions which might be regarded as negative – such as guilt, shame and envy – can also function in ways that are constructive, or at least benign. For example, Mkono and Hughes (2020) highlight that feelings of guilt and personal responsibility in relation to adverse impacts of tourism (ecoguilt and ecoshame) may lead con- sumers to make more environmentally friendly tourism investments. Studies on consumer social networking also ﬁnd that envy is a motivator, heightening anticipation and enjoyment of luxury travel experiences, both vicariously and in practice (Belk, 2011; Liu, Wu, & Li, 2018). Narrative Many researchers have studied how consumers’ perceptions of luxury tourism offerings are inﬂuenced by the different narrative structures and approaches used Sustainable High Yield Luxury Tourism Experiences 411 by suppliers in their marketing and service delivery (Megehee & Spake, 2012; Ryu, Lehto, Gordon, & Fu, 2018). Stories are important for all marketing and all kinds of tourism but, in the luxury tourism market, heightened signiﬁcance is given to narrative transportation – which refers to the supplier’s ability to facil- itate the consumer’s immersion in a whole other world (Ryu, Lehto, Gordon, & Fu, 2019). Customer revisits, intentions to return and word of mouth referrals are important success metrics for suppliers (Han & Hyun, 2018). However, ulti- mately, it is the tourists’ own recollections and storytelling about the experience that will drive these outcomes (Arnould & Price, 1993; Manthiou, Kang, & Hyun, 2017). Whether or how, and to what extent, this is unique to luxury tourism requires further research. Luxury Services and Luxury Experiences The essential nature of tourism is the experience (Prentice, Witt, & Hamer, 1998), and tourism is fundamentally a service-intensive industry (Otto & Ritchie, 1996). Across luxury consumption studies generally, there has been a shift in emphasis towards the role of experience (Holmqvist, Ruiz, & Peñaloza, 2020) and consideration of luxury services as distinct from products (Wirtz et al., 2020). Wirtz et al. (2020) offer a deﬁnition of luxury services that are based upon ‘extraordinary hedonic experiences that are exclusive’ (Wirtz et al., 2020, p. 20). ‘Exclusive’ is the key term here. Otherwise, the deﬁnition by Wirtz et al. (2020) is broadly applicable to a wide range of services and experiences. The deﬁnition illustrates the semantic conﬂation of terms such as ‘service’ and ‘experience’ throughout relevant literature. Even though this deﬁnition of luxury services borders on being tautological, Wirtz et al. (2020) make an important contribution by sharpening the focus on luxury services as an important, distinct concept. In tourism, luxury services are more a supplier-centric concept while luxury expe- riences are more a consumer-centric concept. Experiential Tourism Some researchers distinguish ‘experiential tourism’ as a distinct phenomenon (Chan, To, & Chu, 2016; Gilovich & Gallo, 2020; Huffman, 2019; King & Zhang, 2020; Sundbo & Dixit, 2020). While there is a lack of consensus around the deﬁnition, scholars and industry writers use the term ‘experiential tourism’ to describe a relatively high level of active involvement by participants in touristic activities that are personally meaningful and therefore more highly valued by individuals (Fu, Tanyatanaboon, & Lehto, 2015; Packer & Gill, 2017). Some kinds of experiential travel are expensive so there are many instances where luxury and experiential travel are intertwined. Some kinds of experiential tourism will also be luxury tourism. However, they are not always one and the same. Some experiential tourism, such as backpacking, would not be described as luxurious. Other examples may be debatable as to the extent of the luxuriousness, such as a private yacht charter that is indulgent and unique, with a high level of service, yet where sleeping quarters are cramped and food options constrained. 412 Jacqualine Spence et al. Value Co-creation Many tourism and hospitality studies support the view that the tourist is a co- producer, and not just the consumer, of touristic experiences generally (Buhalis & Sinarta, 2019; Cabiddu, Tsz-Wai, & Piccoli, 2013; Chathoth, Ungson, Harrington, & Chan, 2016; Prebensen & Xie, 2017). This also applies to luxury in tourism and hospitality, particularly since the consumer is the ultimate arbiter of luxury. Some luxury tourism studies also focus on value created in customer-to-customer (C2C) interactions (Arnould & Price, 1993). How value co-creation functions in luxury tourism provides abundant opportunities for further research. Supply Perspectives on Luxury Tourism Being in the business of luxury tourism sounds like a glamorous enterprise, but it is not for the faint-hearted provider. Luxury tourism is high priced because it is expensive to develop and deliver. High-quality components and high levels of service add cost to offerings that will, by design, be consumed by relatively smaller numbers of tourists. In short, the costs of provision are higher while the overall target market is smaller. Signiﬁcant investment into luxury infrastructure and offerings may not succeed in attracting the target consumers and, even at the luxury end of the travel market, most consumers have a sense of value for money (Hwang & Lyu, 2018; Yeoman & McMahon-Beattie, 2005). The economics of luxury tourism provision are fraught with risk. That luxury perceptions are dependent upon the subjective tastes and whims of tourists adds to the design and fulﬁlment challenges for suppliers. While supply-side literature on luxury tourism is more scarce, it does include coverage of non-Western examples of luxury tourism, although largely in relation to speciﬁc contexts – cultural destinations (Armstrong, Mok, Go, & Chan, 1997), the building of infrastructure to attract tourists (Scheyvens, 2011) and prestigious non-Western accommodation and dining brands (Bharwani, 2015; Chathoth, Mak, Sim, Jauhari, & Manaktola, 2011). Most luxury tourism studies from the supply perspective pertain to one of four different units of analysis, either: (1) governments and government agencies, including policy formation (Dwyer et al., 2006); (2) destinations, their develop- ment and management (Thirumaran & Raghav, 2017); (3) facilities and amenities, including service culture (Harkison, 2017; Sukmawati et al., 2018) or (4) tourism service providers – either online (Rayman-Bacchus & Molina, 2001) or ofﬂine (Chiu, 2009). Because many kinds of high yield tourists tend to be well-informed, often frequent, travellers, they are reputed to be demanding customers, constantly on the lookout for the novel, unusual and authentic (Dixit, 2020; Dwyer, Edwards, Mistilis, Adler, & Scott, 2009). Therefore, at each level of the industry, luxury tourism service providers must continually seek innovative ways to differentiate themselves to gain the attention of customers and build emotional attachments in order to win their business, repeat purchases and referrals (Hjalager, 2015; Peters & Pikkemaat, 2006; Razumova, Ibáñez, & Palmer, 2015; Reitsamer & Brunner-Sperdin, 2015). Sustainable High Yield Luxury Tourism Experiences 413 Positive consumption experiences often depend upon a supplier’s ability to harness customers’ active participation in the co-creation process (Prahalad & Ramaswamy, 2004). Effective luxury tourism providers act as facilitators, developing potential value that customers will actualise (Holmqvist, Visconti, Grönroos, Guais, & Kessous, 2020). In many ways, the provider is in the business of facilitating an experience of escapism for the luxury tourism consumer. This is a critical capability – or set of capabilities – for providers in this intensely competitive and global sector. These capabilities are being extended by greater levels of personalisation for a traveller through all phases of a trip – before, during and after – using ‘smart tourism’ approaches, such as technology applications that enable providers to have access to real-time information and feedback loops (Buhalis & Amaranggana, 2015). However, even when smartness concepts are deployed, luxury tourism experience provision requires levels of ﬁnesse and ﬂexibility – for both provider and consumer – that are not always easy to execute in an organisational setting. As Crompton states, (t)he real challenge for the tourism industry is to create the right psychological environment, not just worry about technical things. (Crompton, 1994, in Otto & Ritchie, 1996, p. 165) Research Agenda Based upon the market opportunities that exist for luxury tourism experiences as well as the paucity of existing literature on the subject, there is an abundance of research questions to be addressed. Areas for further research include the following. Conceptualisation and Key Distinctions Luxury tourism has various meanings. Further research is required into the deﬁnition and meaning of luxury tourism to consumers, suppliers and other stakeholders. Further research studies into non-Western supplier and consumer perspectives, and non-Western luxury offerings, are required to fully appreciate and understand the meaning of luxury tourism. Scholars have distinguished ‘old luxury’ from ‘new luxury’. Can ‘old luxury’ tourism be differentiated from ‘new luxury’ tourism? Might some individuals be a consumer of both ‘old luxury’ tourism in some ways and ‘new luxury’ tourism in others? All tourism can be framed as an experience. Luxury tourism differs from ordinary tourism along a continuum. Luxury tourism has been described as a psycho-social phenomenon that is indulgent, high in quality and hedonic value and exclusive. Further work is required to identify the characteristics of luxury tourism and how it is distinguished from ordinary tourism. 414 Jacqualine Spence et al. High yield tourism and sustainable yield tourism have been deﬁned in terms of economic impact and sustainability impact. Further work is required to under- stand the trade-offs between high yield and sustainable yield tourism. Certain kinds of luxury cannot be bought – being able to spend an extra week with someone special or spending quiet moments in a pleasurable, tranquil place. Such luxuries may be components of tourism, yet each can be accessed without a supplier or monetary exchange. Can a luxury tourism experience be disentangled from its commercial transaction value? What are the implications for luxury tourism suppliers? Studies indicate the importance of other participants to the luxury tourism experience. More research is required to understand the incremental value related to customer-to-customer (C2C) exchanges in luxury tourism experiences. Luxury tourism services are a subset of luxury tourism experiences. The distinction between luxury services as part of luxury tourism experiences requires further clariﬁcation. The co-creation by tourists and providers of social value, emotion and narrative warrants further research, particularly in relation to how each of these inﬂuences perceptions of luxury in tourism experiences. Unit of Analysis In studies of luxury tourism and hospitality, the unit of analysis is usually the consumer, the supplier, the intermediary (such as a travel agent) or the product or service (hotel, cruise, restaurant, event or tour). More research providing a holistic view of the end-to-end luxury tourism experience would provide insights into the luxury tourist perspective, including the important consumption stages of planning and pre-trip and post-trip sharing with others. Demand-oriented studies are predominant in luxury tourism and hospitality literature. More research is required into the supplier perspective given the challenges involved in addressing this market and, in particular, high yield tourism and sustainable yield tourism. Destination Image Consumer perspectives on luxury tourism is a major area of interest within the ﬁeld of destination image and warrant further research. Managerial Implications Though this chapter is conceptual and exploratory, four major managerial implications emerge from the discussion and analysis. First, as an important inﬂuence on tourism outcomes generally, governments can set and control the environment within which luxury tourism operates, including safety fundamen- tals, the extent and quality of supporting infrastructure and the facilitation of reciprocal touristic rights (where appropriate) between countries. The necessary Sustainable High Yield Luxury Tourism Experiences 415 conditions for facilitating luxury tourism activities, and drivers of growth in the sector, need to be better understood for further cultivation and development. Second, the economic beneﬁts of expanding the sustainable luxury tourism market need to be identiﬁed with respect to location-speciﬁc revenue retention and multiplier effects, employment rates (numbers employed, location thereof and skill development) and drivers of innovation. This will help to provide a better basis for assessing the impact value of different kinds of tourism options and for making targeted policy and investment decisions in relation to them. Third, luxury tourism consumers tend to seek novel and unique experiences, which is a major driver of innovation in the sector. The issue of innovation as a contributing factor to luxury tourism experiences is largely unexplored. The principal manifestation of tourism innovation will be the need for robust pro- cesses to continuously generate and manage new or fundamentally recon- ceptualised product/service offerings. Luxury tourism is about pushing boundaries to provide an extraordinary experience. Axiomatically, it has a demonstration effect in a market, potentially introducing new ideas, new ways of doing things and new ways of conceptualising value. Fourth, the role of limited or unique access to assets for creating luxury tourist experiences represents a distinctive competency and a core competitive advantage. In addition, it entails issues of governance, ethics, equity and sustainability that are captured in ESG aspirations. The extent to which unique experiences are able to remain unique (be the sole possible provider) and be sustainable may depend upon ‘exclusive rights’ provided by government concessions, contractual arrangements (including access or use limits, or quotas), innovative processes or specialised human resources training. The extent to which such arrangements form the basis for luxury tourism experiences warrants further exploration. Conclusion The academic study of luxury tourism is nascent. The clear implication of this is that luxury tourism offers many future research opportunities and that the various strands of current enquiry represent signiﬁcant opportunities for the further clariﬁcation of concepts and their deﬁnitional understanding. As luxury tourism is better understood, policymakers at all levels will be able to more clearly deﬁne tourism-related objectives in terms of development, sustainability and promotion, the contributions to various stakeholder groups to be sought and the sustain- ability of luxury tourism assets, environment and culture. As understandings of luxury tourism develop and coalesce, research oppor- tunities will present themselves in both qualitative and quantitative forms. If the trajectory of other emergent management disciplines is a guide, the movement will likely be towards more large-scale quantitative and longitudinal studies, which will provide input into macroeconomic policymaking. Simultaneously, it can be expected that qualitative studies will become more targeted and reﬁned, especially in the areas of understanding consumer behaviour and experiences sought and the ways in which these are matched by luxury tourism providers. 416 Jacqualine Spence et al. Substantial opportunity exists to develop the concept of luxury tourism as an increasingly important phenomenon and to explore the dynamics amongst luxury tourism consumers and providers. Competition for the custom of high yield tourists is and will be globally intense as the world emerges from pandemic- related restrictions. Accordingly, luxury tourism and hospitality suppliers have much to gain from an enhanced understanding of the needs and wants of those market segments relevant to high yield and sustainable yield, luxury tourism. Further research is needed to help luxury tourism and hospitality sectors to develop across global, national, regional destination and supplier perspectives. 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