Luxury travel market looks robust in 2024

And early bookings for 2024 show no sign of slowing down, according to Misty Belles, Virtuoso’s vice-president of global public relations. New hotels, new resorts and lots of new cruise and expedition ships are coming online with creative offerings for luxury travelers looking to make their journeys evermore unique and meaningful

With a rapid evolution in the Middle East’s luxury travel market and a robust growth of 7.7 pc CAGR forecast for the global luxury travel market until 2030, the sector will be in focus at the upcoming Arabian Travel Market 2024 that gets underway in Dubai on May 6, 2024.

The value of the global luxury travel sector stood at an estimated $1.28 trillion in 2022, according to figures from Grand View Research. The market is expected to witness a compound annual growth rate (CAGR) of 7.7 pc during the period 2023-30.

People were inconvenienced to such a degree during the pandemic that they’re now looking for ways to minimise stress, annoyances and remove anything that could potentially interrupt their plans.

Today’s traveller seeks the convenience of having fully staffed villas, stand-alone suites, chartered yachts and private jets to enhance their overall travel experience.

HNWs are prepared to invest in the seclusion and customisation afforded to them by private services and personalised experiences like private aviation, yacht charters and exclusive-use villas and stand-alone suites, according to the 2024 Virtuoso Luxe Report, which surveyed advisers across its invitation-only network.

According to data released at Virtuoso Travel Week (the luxury travel industry’s Fashion Week) in August, overall sales and bookings for 2023 are outpacing 2022, which had done likewise before the pandemic in 2019.

And early bookings for 2024 show no sign of slowing down, according to Misty Belles, Virtuoso’s vice-president of global public relations. New hotels, new resorts and lots of new cruise and expedition ships are coming online with creative offerings for luxury travelers looking to make their journeys evermore unique and meaningful.

Sometimes classics are forever: Virtuoso research shows that travelers continue to head in record numbers to Paris, London and Florence. However, the impact of climate change is driving temperatures up so much that next year’s planning is looking to move those destinations later in the season-September and even October.

Meanwhile, all eyes are on the cooler corners of Europe—the Alps and Scandinavia—for the coming summer. Japan is now the darling destination, thanks to previously cancelled trips and new intrigue around Japanese art, culture and food scene.

In 2024, more than ever: Around 70% of Virtuoso advisors have seen an increase in culinary travel and 20% of clients book trips with food and wine as the focus.

“People will continue to seek distinctly experiential moments revolving around gastronomy, such as going into a local’s home to share a home-cooked meal, dining with a duchess in her stately home, or a special picnic immersed in the vines while the owner describes the wine,” says Misty Belles, adding that culinary-focused travel will be “less and less about white tablecloths and awards on a restaurant wall and more about connecting with people and the culture and traditions of the destination.

For good whiskies, Scotland and Ireland are the preferred choice. In the UK, London is the people’s choice for Gin, Vodka and Scotch. Germany, The Czech Republic and Belgium are for the beer drinkers.

For lip-smacking culinary destinations for 2024, Portugal is a destination that’s been on the rise, while Slovenia has surprised and delighted many visitors.

According to Virtuoso research high-net-worth travellers are going from one private experience to another, which ties villas, jets and yachts together in a dreamy chain.

When flying, private aviation is surging for domestic and shorter international flights, and more travellers are trading up to first class to longer haul flights. Meanwhile, luxury tour operators are offering ambitious far-flung tours by private jet for 2024, including itineraries in Europe and Africa.

If anyone thought, during the pandemic, that cruising would never bounce back, they bet wrong. Luxury cruise bookings are soaring (up 44% over 2022 and 106% over 2019 sales levels) and as new ships and itineraries come online to meet the rising demand there seems to be a trend-within-a-trend for 2024: science-focused expedition cruises.

The wild is also capturing the imagination of the well-heeled traveller. Cooking and eating in the wild, bathing in the forest by swimming in the pool or near a waterfall. For warmer choices, scenic sea retreats and beaches are the perfect getaways.

One of the biggest 2024 travel trends is the rise of exclusive yacht charters. Yacht bookings for 2023 are up 79 per cent over 2019, Virtuoso notes, with more demand expected next year. There is particular interest in destinations like the Caribbean, Croatia, Greece and St Tropez.