With the aim of creating meaningful relationships between travelers and the destinations they visit, and aware of their responsibility when it comes to protecting the natural and cultural heritage of the planet, luxury tourism is developing – again. One of the sectors that shows a more frequent recovery after the pandemic – reaching, in 2021, a market value of 1.2 trillion dollars and which, according to a study presented this year by Deloitte, will continue at a compound growth rate of 7.6 percent per year – this part is also in a privileged position when it comes to developing environmental protection initiatives that combine local and global visions; innovative programs that promote the physical and mental health of its guests, and unique opportunities to work with communities living in the most exotic destinations on the planet.
I just got back from the biggest luxury travel event in the industry. Virtuoso Travel Week takes place every year in Las Vegas, during August, and brings together the best travel advisors and the most famous providers of luxury experiences. The meeting is also like the pre-pandemic editions: a meeting of more than five thousand experts who, every day, create the most amazing trips on the planet.
On this occasion, Virtuoso – a network of agencies and suppliers specializing in luxury spread throughout the planet – presents an analysis of the trends that will govern the sector during the autumn and holiday season. The one constant is that the share rates go up and up, as the demand continues to grow and the importance of having a reliable travel agent makes a difference in the experience, especially when there are problems that need to be solved. .
Despite inflation and global economic challenges, the pace of growth shows no signs of stopping. The luxury travel business is 69 percent in the first half of 2023, compared to the same period in 2019. Travelers are looking to return to the old normal and recover everything they did not travel before; They are very focused on their personal time, they came back to Japan and they know better what they want.
The recommendation for these upcoming seasons is to book in advance. It should be considered that service, exclusivity, gastronomy, comfort and sustainability are the defining factors for luxury travelers. Fortunately, for the luxury travel industry the outlook is very good in the coming months. Let’s start dreaming about flights in 2024!
Experiences continue to be a key factor in travel decision making. High-net-worth travelers want private experiences, and personalization is key. Yacht trips are increasing in the Caribbean, Croatia, Greece and Saint-Tropez, as well as private trips. Travelers are looking for activities that require greater physical and mental challenges. Scientific expeditions are also increasing and culture, with 37 percent, continues to be very important in the travel decision.
Another trend that remains strong is wellness: 94 percent of travelers report including wellness and personal care experiences in their plans, and 44 percent pay between $10,000 and $25,000 for those travel focused on improving their health. .
The Taste of Travel
The gastronomic topic is one of the main drivers in terms of experiences: 70 percent of advisors have seen a growth in food trips. Baby boomers prefer this type of travel, and usually do it as a couple (82%). Culinary experiences include distillery visits, street food, culinary tours and celebrations with friends and family. Additionally, 47 percent of travelers in this category are willing to spend between $10,000 and $25,000 on this type of trip. Favorite dining destinations are France, Italy, cruise ships and Mexico.
In the pocket
Popular destinations will continue to be very crowded and have higher fares. Having a specialized travel agent helps travelers with first recommendations, access, better negotiations, security, value and a lot of management time savings. If you are looking for value with a small investment this season, Athens, Palm Beach and Cabo San Lucas have slightly lower prices than last year.
In season: 10 countries luxury travelers want this fall
- United Kingdom
- South Africa
Autumn in the city: The most popular metropolises in these months
Partying: The most searched countries for the end of the year
- Costa Rica
Fuente: Fall, Festive & Beyond: The Continuity of… Demand, Rates & Tourism, Virtuoso Travel Week, 2023.