Sustainable Space Tourism Consumer Behavior

Question: Describe about the Sustainable Space Tourism for Consumer Behavior? Answer: Introduction Luxury product or service in economics is termed as any product or service that behaves separately from the law of demand. Demand for luxury products rise when income of an individual increases comprehensively are consumed by people with higher level of disposable income, and are generally that are treated as a possession to show off (Duval and Hall 2015). For this particular project, the luxury product chosen is Virgin Galactic Space Tourism. Luxury tourism when defined states the high level of expectation and superiority of services and generating higher level of satisfaction by incurring higher amount of expenditures. This particular segment of space tourism is considered as luxurious primarily because of the higher cost involvement and its ability to treat the travelers with the unique scope to visualize the landscape abode and beauty of the planet from the sky (Hall and Page 2014). The target market of space tourism is identified as follows: Age factor: Age factor is the most crucial determinant of space tourism. Generally, people belonging to the age group of 20- 45 years are more reluctant towards undertaking space tourism. Involvement of adventure and enthusiasm to enjoy stratospheric beauty and landscape make this particular tourism a perfect match for young and middle aged people (Ma and Hassink 2013). Location factor: Location factor is another important derivative of tourism as taste and preference of people regarding choice of tourism spot determines whether tourism activity will flourish or not. Attractive locations and its capability to provide adventure and most importantly treat people with the adventures of the sky is another factor that will highly regulate space tourism (Reddy Nica and Wilkes 2012). Income pattern and expenses: Level of income and pattern of expenditure of individuals are considered as another determinant of tourism. Space tourism being expensive in nature, therefore, people belonging to higher income group is more vulnerable towards availing this particular tourism service. Therefore, expense pattern of people emerges to be another criteria for targeting the market. People who are generally interested towards expensing lavishly to treat themselves with new services can be another attributes for flourishing space tourism. After reviewing the possible factors that regulates space tourism the two most important factors that will positively highlight the target - market is dependent on individual traits of higher income generation and people belonging to the identified age group (Ringer 2013). Methods Business highlight Virgin galactic space tourism is the latest introduction to the tourism industry; where dedicated professionals like engineers, scientists have taken the effort of introducing the first commercial space liner aircraft facilities for the enthusiasts willing to explore the scenic beauty of the earth from the space. The company aims to provide space tourists suborbital space flights and takes part in suborbital launches of small satellites and science missions. Even the tourists are supposed to be provided with the service of riding controlled helium balloons that would be taking them over the clouds (Thurlow and Jaworski 2013). In order to highlight the reason why people prefer to choose luxury tourism as their choice or preference are highlighted through review of the different factors that generates preference of people towards conducting space tourism. These are: Changes in customer values: Changes in the values of customers regarding consumption of luxury products has been one of the prime reasons behind growing trends of luxury tourism. Presently, individuals have become more inclined and attracted towards any particular service that provides them a feeling of uniqueness and experience something that provides higher level of satisfaction (Webber 2013). Changes in pattern of business: With changing pattern of demand of the consumers, the service providers are also directed towards providing differentiated services to stay ahead in competition. Service providers or tour operators started to provide tour services to extreme places and adventures and introduction of space tourism now determines the brilliance of visualizing landscape beauty from the stratosphere (Duval and Hall 2015). Consumer behavior factor is dependent on some common factors such as sociological factor. Cultural factors are considered to be the most important factors that regulates luxury tourism. The two most important sociological factors that determine the generation and flourishing of space tourism are stated as follows: Social classes- People belonging to different classes and parts of the society generally possess desires of treating themselves with different types of services. Level of income and pattern of investment are the two important traits behind availing a particular service. However, from the context of luxury tourism, specifically space tourism, people belonging to higher level of society with higher level of purchasing power are generally inclined towards availing this particular service (Ringer 2013). Trends of culture- Highlighting the factors out from the concept of general economics, luxury tourism does not follow the law of demand. Bandwagon effect is considered to be one of the prime reasons behind availing this particular form of services. Space tourism being considered as a pattern and trend of popularity and something to show off, people will be generally interested towards highlighting their choice and preference. Cultural trend of space tourism being on the higher side, people generally prefer to be attached with the service having greater brand value and proposition (Hall and Page 2014). Result/ Findings Figure 1: Increased rate of growth tourism form 2010 and projections until 2017 (Source :Webber 2013) After going through the changes in the pattern of tourism in all over the world, it can be stated that space tourism has been emerging as one of the trendiest pattern of tourism activity. In 2010, 16.1 % people were interested towards availing space tourism activity and the trends have risen in the following years with 18.9% of total number of tourists have taken space tours. In the upcoming years, the tourism activity in this particular sector is expected to rise up to 19.4% in 2017 (Reddy Nica and Wilkes 2012). Conclusion After reviewing the trends of space tourism, it can be stated that, space tourism will enjoy massive popularity in the upcoming years and increased activity from the people belonging to the higher income group and generally belonging to lower age group. Luxury tourism definitely highlights the factors like purchasing power of individuals and growing trends of extreme adventure tourism. Reference Duval, D.T. and Hall, C.M., 2015. Sustainable space tourism.The Routledge Handbook of Tourism and Sustainability, p.450. Hall, M.C. and Page, S.J., 2014.The geography of tourism and recreation: Environment, place and space. Routledge. Ma, M. and Hassink, R., 2013. An evolutionary perspective on tourism area development.Annals of Tourism Research,41, pp.89-109. Reddy, M.V., Nica, M. and Wilkes, K., 2012. Space tourism: Research recommendations for the future of the industry and perspectives of potential participants.Tourism Management,33(5), pp.1093-1102. 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