As the pandemic becomes less of a concern, more elite travelers are making travel plans and the way in which they travel is becoming more pronounced.
We have put together some travel trends among luxury travelers and what the travel landscape will likely look like moving into 2023.
Sustainability and eco-consciousness are at the forefront of many industries right now. According to Forbes magazine, the luxury sector as a whole has already been adapting to sustainable practices, like changing shipping strategies to reduce the carbon footprint.
As Business Wire reports, sustainability is considered an important purchase criterion for 60% of global consumers, so aligning with that value is crucial for worldwide reach. Luxury travel brands are focusing on creating those one-of-a-kind wanderlust experiences in a sustainable way and luxury travelers are buying in. Ultra high-net worth travelers really want to make a difference. Not only do they want to actively learn about the flora and fauna of earth, but they also want to ensure their presence contributes to its preservation, protection and future flourishing.
Solo travel has seen an increase over the last few years. According to Statista, solo trips continue to be a growing tourism trend, influenced by the lockdowns of the COVID-19 pandemic. People aren’t batting an eye when they don’t have a travel companion to accompany them. They are going where they want when they want even if it means by themselves. The highest level of interest in solo travel is coming from the 65 and older age group. This trend is expected to continue into 2023.
As we mentioned earlier, luxury travelers are back to making plans for future travel. In fact, they seem to be doing so in droves. Statistics show travelers are booking trips an average of 58 days in advance for domestic travel and 80 days for international, compared to 44 and 60 days, respectively in 2019. People are now willing to make plans in advance rather than waiting until the last minute.
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Off-Season Travel and Diverse Destinations Becoming More Popular
High-end travelers are realizing when they visit a destination in the off season, they can still see all the sights without being crowded out by hordes of tourists. High-net-worth travelers will stay away from those areas which are known for being overcrowded such as Machu Picchu in Peru, Kilamanjaro and Uluru in Australia. Many elite travelers want to experience places many people never get to experience such as Antarctica as well as previously unheard of destinations and overlooked countries like Yemen.
The Gen Alpha Movement
The luxury travel industry has been largely focused on catering to Millennials (Gen Y), but now that many of them have become parents to Gen Alpha, their needs are changing.
Not only are Millennials the most travelled generation on earth but many of them are exploring the world with their children, which means Gen Alpha will increasingly take precedence when it comes to vacation planning since every parent knows, if the kids are happy, everyone’s happy.
By 2027, Generation Alpha will be between the ages of two and 16, which means luxury travel companies have a huge opportunity to better cater to this youthful demographic and their Gen Y parents.
Globetrender – the UK’s leading travel trend forecasting agency – says it’s also worth noting a growing number of high-net worth parents are now part of the LGBTQ+ community and that, in the UK, 23% of families are now headed up by a lone parent (about 90% of whom are women), so companies need to challenge their assumptions of what a modern family looks like and what their needs are.
Increased Spending on Travel
Some ultra high net worth travelers accumulated increased wealth during the pandemic and statistics show many want to spend some of that wealth on travel. These travelers plan to increase their previous year’s spend of US$20,700 per person by 34% in 2023.
Wherever you choose to travel in 2023, LVH is prepared to make your vacation as memorable as possible. Should you wish to spend New Year’s Eve in Paris, London, New York or elsewhere, we will begin planning right away. Just give us the green light. We will include a customized itinerary for you so you can enjoy all those things that stir your emotions. We invite you to reach out to one of our client relations professionals today who will plan an incredible getaway to your chosen destination to celebrate ringing in 2023 in style.