Ongoing excitement and investment in this revolutionary form of tourism have meant segmentation is destined to occur. Space Perspective looks set to add another choice for space tourists in the coming years, increasing market competitiveness and pushing innovation further.
Space Perspective has created a unique balloon-based system to transport customers to the stratosphere. In October 2021, it was announced that the luxury-focused start-up had raised $40m in Series A funding, demonstrating that investors see Space Perspective as a disrupter in a sub-sector that remains embryonic.
Space Perspective has a distinctly unique offering in comparison to Virgin Galactic and Blue Origin – the two most talked about players in sub-orbital space travel:
Firstly, Space Perspective offers a markedly cheaper experience. In June 2021, the company started selling tickets for its Spaceship Neptune at $125,000 apiece. This price point is significantly lower than a Virgin Galactic seat on its VSS Unity spaceplane, which costs $450,000. Although Space Perspective’s price point is hardly all-inclusive, it means space travel is a possibility to a much wider pool of prospective space tourists. According to GlobalData’s macroeconomic database, 43% of US households are in the income bracket of $75,000+. This percentage suggests that there is a market for space travel in the US, which is the launch location for Space Perspective’s journeys to the stratosphere.
From lift-off to touchdown, a Space Perspective flight is scheduled to last six hours. In comparison, a flight in Blue Origin’s New Shepard lasts 11 minutes and an expedition with Virgin Galactic lasts between two and three hours. With such vast sums of money being paid for a ticket, the more time spent onboard will translate to a greater sense of value gained.
The overall experience is also more luxurious. A hydrogen supported balloon will gently take customers to an altitude of roughly 100,000 feet, negating the need for turbulent rocket-propelled systems that may take away from how relaxing the journey is. The capsule where tourists can enjoy 360-degree views of the earth’s curvature and the darkness of space also has a bar, adding to the indulgence of the trip.
Due to the pressurized capsule being transported by a hydrogen-filled balloon, there is also no need for jet fuel, creating a more sustainable offering in the process. Sustainability is now one of the biggest consumer trends, especially in tourism. All tourism companies are under increasing pressure to contribute towards decreasing harmful emissions, Space Perspective will already be one step ahead in this respect. Environmental issues are now classed as ‘extremely important’ to 45%* of global consumers, showcasing that tourists will choose one company over another due to its eco-credentials.
Space Perspective looks set to segment space tourism in years to come, However, ‘balloon tourism’ is not just exclusive to Space Perspective. Companies such as World View are also looking to become leading players in space balloon experiences. At $50,000 per ticket, World View offers an even lower price point, reinforcing the view that segmentation will continue to occur in this growing market.
*GlobalData’s Q3 2021 consumer survey
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