Photo by Shifaaz shamoon on Unsplash
Unbridled luxury travel is taking off.
As hotels expand their market to meet the demands of an ever-increasing market for ultra-luxury travel, wealthy clients are spending more than ever before. In fact, 58% of people earning over £120,000 plan to spend more on international travel this year than they did in 2019. So why is such an exquisite and exclusive niche thriving despite a national cost-of-living crisis? Whether you work in the travel sector or you’re planning a luxury getaway for your own family, it’s always worth gaining an insight to the driving forces behind the industry.
What are the driving forces behind the luxury travel industry?
1. The industry is simply changing
At first, the Covid-19 pandemic posed a significant threat to all sectors within the travel industry, including luxury holidays. Yet the crisis revealed strong adaptability as travel firms found new ways to provide virtual experiences despite the restrictions of remote work and protocols.
Luxury travellers turned to private villa rentals, entirely exclusive retreats, and extra-remote destinations. And this craving for absolute privacy has only strengthened in some areas, while other discerning travellers seek meaningful cultural experiences and a feeling of connection/ Private aviation giant, VistaJet’s chief marketing officer, Matteo Atti backs up this argument with his statement – “we now expect clients to be more selective, placing high value on fulfilling experiences that fuel their thirst for fun, knowledge and personal growth in 2023.”
There’s an easy explanation for the evolution of the sector. Private guided tours are now in higher demand, from those with a historical focus to culinary adventures.
2. Technological advancements
From the earliest planning stages to the client’s experience, luxury travel firms are being revolutionised by new technologies, contributing to a 50% growth in fight revenues as of 2022. Thanks to multifaceted digital technologies, travellers can curate and personalise their holidays down to the most intricate details.
From specific amenities to being able to access real-time data about their destination, online platforms and automated assistants have allowed the luxury travel economy to grow. The booking process is simpler, easier, and simply less time-consuming for those who want to devote their time to the holiday – not the logistics.
3. Expanding wealthy client base
More holidaymakers simply have more money to spend. An expanding upper class means that new generations of affluent families and individuals can afford the luxury holidays that some simply dream of.
This shift in demographic has also prompted more sumptuous demands. Clients want to travel privately too which is evident from an 85% increase in booking figures from January 2022 to January 2023.
Destinations that might’ve once been considered inaccessible are now just a few taps away, with private jet bookings completely transformed by digital technology. And even though these memberships come at a price, there’s no shortage of private aviation customers.
4. Sustainable motives
Increasingly, the climate crisis is putting pressure on holidaymakers to make greener choices. In the ultra-luxury sector, this doesn’t mean that tourists are sacrificing their holidays altogether. Tour operators, hotels, and even destinations are promoting conservation efforts and promoting environmentally friendly practices to attract the luxury visitor.
And with empty-leg flight options making it more sustainable to fly privately, it’s never been easier for the eco-conscious traveller to take private jets from the UK to exotic locations.
With more control over their choice, luxury holidaymakers can make choices more closely aligned with their personal values and goals.
5. A desire for life-affirming experiences
Finally, the strongest allure of ultra-luxury is tied to the innate craving for personal growth. Vista’s Atti states “Our VistaJet Members are yearning to explore corners of the world for moments that enrich their souls” demonstrating increasing desires for luxury retreats and self-care prerogatives. Consequently, this sector now offers an array of rejuvenating spa resorts and transformative wellness journeys too.
But they’re advertised and known as being more enriching than any other, more affordable, alternative. To receive the best treatments, tourists must be prepared to pay the price for promised self-improvement.
From discovering royal palaces to stretching out on a private island, luxury travel presents limitless opportunities. Why don’t you go and find out for yourself?
