Where Are Luxury Travelers Going This Fall?
Global luxury travel network Virtuoso® has revealed when, where, and how the affluent traveler is traveling for the remainder of 2023, and we’re looking at you, bougie queer travelers! Respected as an industry-leading trend forecaster, Virtuoso gathered data and insights from its network of travel advisors, preferred partners, and high net worth/ultra-high net worth clientele based on its data warehouse of more than $63.6 billion in transactions and an ongoing series of surveys.
So, what is the biggest takeaway from the collected data? Travel shows no signs of slowing down, despite inflation and global economic challenges. In the first half of 2023, Virtuoso reported a 69% uptick in sales versus 2019 numbers, with hotel and cruise segments leading the way, up 173% and 122% respectively.
Fall Travel
The United States, Italy, France, the United Kingdom, and Mexico are taking the lead as the top global destinations for fall travel with Paris, London, and Florence ranked among the most booked cities.
While many Americans are still traveling domestically, Virtuoso has seen a shift back to international travel for travelers across global markets, including Australia, Canada, and the U.S.
Travelers are swooning over some of the world’s most dynamic and vibrant cities, and they’re willing to pay for it, too. This fall, Paris is seeing hotel rates 11% higher than in 2022, while London and New York rates are up 16%. Rome is up 19%, and Florence tops them all with a 37% increase in rates over last year.
Looking for great value? Hotels in Palm Beach, Athens, and Cabo San Lucas have scaled back rates, according to Virtuoso.
Festive Season
This festive season, the U.S., Mexico, Costa Rica, and Thailand are set to be the hottest global destinations. Travelers are dreaming of islands like Anguilla, Turks & Caicos, Bahamas, and St. Barts. Demand is also soaring for Kohala Coast/Kailua-Kona, Wailea, Argyll and the Isles of Scotland, and London.
Value destinations for the festive season include U.S. domestic spots New York, Los Angeles, and Vail, though a 13% decline in hotel rates only represents relative savings in winter playgrounds.
It’s All About the Experience
Tailor-made travel is in even higher demand. In a recent study, 57% of travelers across the globe said that “creating a travel experience that best fits my expectations is more important than price.” This is particularly true for travelers from Mexico, Hong Kong, Brazil, China, and Australia.
For many, private travel is something they tried in the pandemic and a luxury they’re not willing to give up now, even as the scarcity of exclusive-use products drives up rates. Yachting is increasing in demand in the Caribbean, Croatia, Greece, and St Tropez, and Virtuoso’s 2023 yacht bookings are up 79% over 2019.
Private aviation is climbing in popularity for domestic and shorter international flights, while commercial first-class is still the go-to for longer-haul flights.
More travelers are seeking out activities that require greater mental and physical exertion. There’s a rising interest in scientific expeditions like shadowing researchers in Antarctica and the Galapagos, and C-suite clients are indulging in activities that push beyond the typical comforts.
Thirty-seven percent of high-net-worth individuals are traveling for cultural reasons; 34% are looking for adventure; and 16% are seeking expedition travel.
Food and wine are top priorities, especially among Baby Boomers and Gen-Xers: 70% of Virtuoso advisors have seen an increase in culinary travel, and 20 percent of clients book trips with food and wine as the main focus. They’re willing to pay for it, too – a whopping 47% spend between $10,000 and $25,000 per trip, with another 15% spending $25,000-$50,000 per trip.
Top culinary experiences include visiting a brewery or distillery (88%) and street food (60%), followed by culinary-themed tours (58%) and celebrations with family and friends (57%). Meanwhile, emerging culinary experiences include a desire for authenticity and cultural immersion (87%), hyper-local, neighborhood-to-table dining (53 percent), and high-low foodie experiences (48%). Participants were permitted to choose multiple options.
On the rise are culinary destinations such as Portugal, Copenhagen, Croatia, and Colombia, with each poised to become the culinary capital.
Wellness travel shows no signs of slowing down: 47% spend between $5,000 and $10,000 per wellness trip, and another 44% spend $10,000-$25,000 per trip. The top destinations include Mexico, the U.S., and Europe, with 59% embarking on solo wellness getaways.
Emerging wellness experiences include creative and performance art (44 percent), sleep programs (34 percent), and sustainable wellness (34 percent). Thailand, Bali, Fiji, and Iceland rank among the emerging wellness destinations, and we’re also seeing an uptick in African safaris with a wellness component.
Sustainability
The Virtuoso Impact Report, Sustainable Travel, 2023, released during this week’s Virtuoso Travel Week, highlights Virtuoso partners and how their practices are viewed by guests. Eighty-eight percent of travelers want to see their tourism dollars go toward protecting the planet, particularly initiatives like waste management and recycling, protecting and restoring landscapes, and the usage, implementation, or support of sustainable and renewable energy (such as solar, wind, hydro or geothermal).
Sixty-four percent of travelers are committed to sustainability in culture, like supporting Indigenous communities and aiding in the cultural restoration of sites.
Another 64% are interested in the economic potential of activities like supporting local and independent businesses and youth programs.
Booking analysis is based on transactional data sourced from Virtuoso’s travel agency members; wellness and culinary travel insights were based on surveys conducted with Virtuoso advisors; and sustainability findings are the result of a recent in-depth analysis of Virtuoso partners resulting in its Virtuoso Impact Report, Sustainable Travel, 2023.
Click here for an overview of Virtuoso’s complete findings.
