Luxury travel market could see growth in 2022

COVID-19 has spurred new consumer trends, says GlobalData

In the luxury travel market, there has been an influx of consumer travel trends as a result of the COVID-19 pandemic. This includes a boom in private aviation services at the high end of the market, remote working from overseas locations and demand for private buyouts of large villas or boutique hotels, finds GlobalData.

The leading data and analytics company’s latest report, ‘Luxury Travel Market Trend and Analysis of Traveller Types, Key Destinations, Challenges and Opportunities, 2022 Update’ reveals that as luxury travellers resume travelling both domestically and abroad in the aftermath of the COVID-19 pandemic, they may begin to seek experiences that are more immersive and more exceptional than in previous years.

Hannah Free, Travel and Tourism Analyst at GlobalData, comments: “With travellers determined to make up for lost time, 2022 could see an increase in holiday budgets for luxury travellers, with an uptick in demand for ‘once in a lifetime’ adventures. According to a GlobalData poll*, when respondents were asked if their holiday budgets had changed due to COVID-19, 16% reported that their budgets were ‘a lot higher than pre-COVID-19’, while 12% of respondents stated that their budgets were ‘slightly higher than pre-COVID-19’.”

Despite the demand for luxury travel, there is a growing demographic of socially conscious, high-net-worth consumers who are rejecting overt displays of wealth in favor of inconspicuous and responsible consumption. Their approach to luxury is driven by ethical living, artisanship, authenticity and sustainability.

Experience is the new currency for these holidaymakers, who seek self-fulfillment through greener travel and eco holidays, while wanting to ‘do good’ for people and the planet. If luxury travel brands ignore this trend, it could put them at tremendous risk of total disconnect with an audience who are looking for sustainable options.

Free concludes: “While COVID-19 has changed many aspects of luxury travel, there are still several defining features which sets the sector apart from mass market tourism. This includes hyper-personalization, exclusivity, unique experiences, intuitive service and the ever important ‘human touch’ element.”

5 Comments

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Wow, what a fantastic article! You really hit the nail on the head with your insights and analysis. I particularly appreciated the way you presented your ideas in a clear and concise manner, making it easy for readers like me to follow along and stay engaged throughout. It’s evident that you’ve put a lot of time and effort into crafting this post, and I’m grateful for the effort you’ve taken to share your thoughts with us. Keep up the great work, and I’m looking forward to reading more of your content in the future!
I found this article very informative and encouraging. It’s great to see that despite the challenges posed by COVID-19, the luxury travel market is bouncing back and even experiencing new trends. The idea of seeking more immersive and exceptional experiences is exciting and I’m sure will inspire many to explore new destinations and ways of travel. It’s also interesting to see the rise of private aviation services and remote working from overseas locations, which shows that people are finding new ways to adapt and make the most of their travel experiences. Overall, this article highlights the resilience and adaptability of the luxury travel industry and gives hope for the future.
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