The global luxury travel market is predicted to be worth $1,529 billion (£1,214 billion) by 2024 and $2,762 billion (£2,194 billion) by 2032. With the reopening of international borders and the return of quarantine-free travel, consumer confidence has certainly been restored as wealthy travellers prepare to invest more time and money into memorable holidays. But as they get set to jet off on their next trip, there are several new trends that have emerged amongst high-net-worth individuals which are influencing their decisions.
In this blog post, we’ll highlight some of the top luxury travel trends for 2023 to explore how the wealthy are spending their summer and inspire your next holiday while keeping your money working hard.
Wealthy travel trends in 2023
One of the advantages of working hard to build wealth is being able to treat and reward yourself for your accomplishments. Taking some time off to unwind is a great way to spend quality time with the family and focus on your health. So, when you’re researching your next destination, it’s useful to be aware of some of the top luxury travel trends this year that have been influencing wealthy travellers to upgrade their holidays and get the most out of their time away. Here are some of the key trends this summer:
1. Meaningful experiences
With 60% of affluent travellers admitting they planned to spend more money on holidays this year, they also revealed that they prioritise meaningful human connections and purposeful travel over physical goods. Whether it’s a Michelin-star restaurant or breath-taking views, wealthy consumers are now travelling with a specific intent to tick off the bucket list and create memorable holidays.
2. Exotic travel
The emerging trend of exotic travel encompasses concepts like spiritual retreats and unique, off-the-beaten-path opportunities as travellers turn to seek cultural connections, hidden gems, and exclusive, personalised tours of unique locations. President of Luxury at Marriott International, Tina Edmundson, explains that “Affluent consumers are emerging from the pandemic and redefining luxury as they move from acquisitive luxury, which includes showing off wealth with flashy logos, to a more meditative luxury, which is motivated by showing experiences”.
3. ‘Wow’ factor
Generally, we tend to look for holiday accommodation that has more to offer than our homes. For upscale consumers, spectacular detail within their suite or hotel can make all the difference to the entire holiday. This could be underwater rooms in the Maldives, a luxury treehouse in Thailand, or an ice hotel in Sweden that’s perfectly located for a front-row view of the northern lights.
4. New destinations
The above shift in priorities has also led to the expansion of luxury destinations. An amplified desire to immerse in local culture means that locations like Kenya, Singapore, Mexico, and Greenland are seeing a rise in bookings and longer stays as travellers invest more time in quality experiences.
5. Comfort and style
While experiential value has become a top priority this year, holidaymakers continue to invest in comfort and style. Oceania Cruises says that they have seen an increased demand for high-category rooms like concierge and penthouse-level suites aboard their ships. However, now that consumer confidence has recovered since the pandemic, the competition for top suites and hotels is fierce, showing that luxury accommodation is by no means any less important than before, and high-net-worth travellers are having to plan their trips well in advance to secure their ideal holiday.
6. Sustainable travel
Eco-friendly holidays are playing an increasingly larger role in 2023. As holidaymakers take the time to unwind and relax, their personal values continue to be a deciding factor when booking their next trip, favouring modern hotels and accommodation hosts that combine sustainability with luxury.
7. Educational opportunities
Permanent learning and self-development are a huge part of wealth-building and wealthy travellers continue to seek educational retreats, historic sites, and culture-rich locations while on holiday to keep their financial and investment habits in shape.
These are just some of the main boxes that high-net-worth consumers are looking to tick when booking their next trip. On top of these, they still look for safe travel, flexible packages that can accommodate any unforeseen circumstances, and frictionless journeys that can streamline their experience.
Best luxury holiday destinations
Whether you’re looking for a winter retreat this year or planning ahead for summer 2024, there are plenty of magnificent locations to discover and incredible experience to treat yourself and your family to. Here are some of our top luxury holiday recommendations:
Arctic Bath Hotel, Sweden
Holiday type: Wellness retreat.
There’s no need to travel far from the UK to find an exceptional wellness experience. In Harads, Sweden, the Arctic Bath Hotel offers luxury free-floating cabins. The outdoor wooded deck is ideal for morning yoga or peaceful meditation, and if you’re visiting in the summer, you’ll also be able to swim in the river that surrounds your cabin.
Six Senses Duoro Valley, Portugal
Holiday type: Wellness retreat, dining experience, sustainability.
This stunning 19th-century manor in the Portuguese hills offers a variety of activities and adventures for an immersive getaway. You can enjoy a gourmet river cruise, explore historic wineries, taste sensational local cuisine, and even try grape stomping. Six Senses Duoro Valley also has an active sustainability project, which focuses on parkland restoration to sustain the local environment and wildlife.
Bio-Hotel Stanglwirt, Austria
Holiday type: Wellness retreat, family holidays, eco-friendly.
Situated in the stunning Austrian Alps, Bio-Hotel Stanglwirt is an eco-friendly resort with a wide selection of fitness facilities, spa packages, and family-friendly activities. The restaurants also offer plenty of authentic regional delicacies with stunning panoramic views all year round. For a unique outdoor experience, you can also hire equipment to go fishing in the Kaiser Mountain stream.
How to get the most value out of your holiday
Being on holiday doesn’t mean your money stops working for you and your financial progress comes to a halt. One of the best ways to continue your self-development is to learn while you travel. This could be anything from reading a book on a quiet day by the pool or booking a hands-on tour or class.
Experiential travel is another great way to learn while you’re away. Find something unique that interests you – perhaps there’s something in particular you’d like to tick off the bucket list? Immersive, authentic experiences are excellent at connecting us with local culture and different communities and opening our minds to different ways of life.
Don’t forget that your wellbeing is just as important on holiday as on any other day and keeping your mind and body healthy can have a big impact on your financial success. Long walks and bike rides are a great way to incorporate exercise into your trip, but if you prefer to dedicate some specific time to your health, you could visit the spa in your hotel or practice some morning meditation.
Lastly, luxury travel doesn’t mean there’s no budget. It’s worth prioritising your family, health, and experiences, but keep to a suitable budget and plan your investments to keep your money working hard.
With the Propiteer Capital Property Bond, you can confidently invest in bespoke homes and top-quality hotels that are purpose-built in popular and robust locations. Also, we spread your funds across a diverse property development portfolio and our flexible options mean that you can easily plan your finances and payment options, giving you more time to dedicate to your holiday.
For more information on how Propiteer Capital can benefit your financial plans, visit our website or speak to a team member on 01376 319 000 or email info@propiteercapialplc.com.
Summary
The meaning of luxury holidays has changed since the pandemic. It’s no longer about the price tag, but rather a tailored, valuable experience. Top trends like experiential, exotic, and purposeful travel are some of the top priorities among wealthy travellers. Factors like sustainability, education, and seamless travel have also ranked highly. While enjoying some time away though, there are plenty of ways to keep your wealth-building plans on track such as passive investments that’ll keep your money working hard when you’re not.
Recommended Read: The 50/30/20 Rule of Spending