- Wealthy travellers have increased the demand for exclusive experiences, with higher price tags so far in 2023.
- International travellers are spending significant amounts on luxury trips for 2023 and 2024, with a particular focus on yachts and cruises.
- The younger generation of high net-worth individuals is the most likely to opt for sustainable travel.
A new report has shown that wealthy travellers are paying between $10,000 and $50,000 per luxury experience, with the majority of participants opting for luxury culinary-based travel experiences.
Last week, the luxury travel advisor Virtuoso released data that studied the sales from its network of 20,000 travel advisors. The study indicated that 70% of advisors are seeing an influx of HNWIs who are opting for luxury culinary experiences on yachts and cruises.
The report suggested that sales across all travel sectors were 69% higher than in 2019 and 36% higher than in 2022. Cruise sales specifically experienced a boost of 106% compared with 2019.
Bookings for yachts in 2023 have increased significantly from 2019, particularly in the Caribbean, Croatia, Greece and Saint-Tropez.
Misty Belles, Virtuoso Vice President for Public Relations, noted that HNWIs are transitioning from one luxe experience to the next, with luxury price rates showing constant growth moving into autumn.
According to Belles, 57% of luxury travellers surveyed by Virtuoso’s advisors revealed that having an experience that meets luxury expectations is more important than the price.
International HNWIs looking to experience luxury travel should use a safe international payments service when making transactions.
The report also indicated that HNWIs who made their travel reservations early, particularly for popular destinations such as Las Vegas, Miami and Los Angeles, had a more streamlined experience.
Belles noted that H1 2023 has displayed a notable shift back to traditional booking procedures, less hotel cancellation leniency and the possibility of visas being required in various nations, even for American and European citizens.
The report also observed that climate change is becoming a significant factor in travel decisions, resulting in tourists selecting to travel to cooler places such as Norway, Iceland and Copenhagen – areas generally not associated with luxury travel in summer.
For all HNWIs monitored in the report, 94% of travellers aimed to incorporate wellness into their travel experience, with wealthy individuals from Generation X being the most likely to focus on self-care and sustainable travel.
Wealthy travellers making reservations for private trips overseas should use a safe money transfer method so that their money is securely transferred.
HNWIs interested in private luxurious travel experiences can use our online money transfer comparison tool to compare foreign exchange rates.
