Luxury travel has been experiencing a boom in recent years, and this trend is expected to continue in 2024. Some of the major trends in luxury travel include an increased interest among younger travelers, with a growing influx of wealth among this demographic. Luxury travel is evolving to focus more on how travelers choose to spend their time, with a significant emphasis on family and wellness. Group travel bookings, particularly for small groups on private yachts, and exclusive, passion-centered experiences are becoming popular. There is also a trend towards exploring less-known locations, with luxury travelers showing interest in visiting largely unexplored areas.
There is a substantial interest in digital nomadism and remote destinations among luxury travelers. Luxury travel planners are observing an uptick in bookings, with more than half of Virtuoso’s network of luxury travel advisers estimating their clients will spend more on trips this year. Additionally, loneliness, considered one of the biggest, fastest-growing crises in the world, will result in an increase in solo travelers in the luxury travel segment. Travel brands specializing in luxury are tapping into this growing segment by offering curated experiences and accommodations geared towards solo travelers.
Luxury travel is also expected to see a surge in private jet bookings. Private jet bookings were up 12% in 2023 compared to the previous year, while business class ticket bookings were up 18%. The ultra-wealthy are increasingly willing to splurge on travel, with tour operators reporting a significant increase in trips costing more than six figures. Despite the high costs, a large number of travelers are looking to travel with family and close friends, as seen in a survey by luxury travel advisors at Embark Beyond, which found that 61% of Americans are interested in traveling with extended families or a small group of friends in 2024.
Luxury travel brands are also focusing on catering to solo travelers. Cruise line Crystal Cruises launched a product called Sail Solo in Style, which offers curated shore excursions for solitary adventurers. Hotels are also joining the trend, with Mexico-based all-inclusive resort Grand Velas Riviera Maya debuting the Solo Travelers Experience, and Saint Lucian resort BodyHoliday offering health and fitness classes to guests staying in single rooms or paying for single occupancy in a double room. Luxury travel is adapting to the changing preferences of travelers, especially in response to the growing trend of solo travel.
In conclusion, luxury travel is expected to continue its post-pandemic boom in 2024, with various trends shaping the sector. From an increased interest among younger travelers to a focus on time, wellness, and exclusive experiences, luxury travel is evolving to meet the changing demands of travelers. Private jet bookings are on the rise, and the ultra-wealthy are splurging on high-end trips while travelers are looking to explore less-known locations and remote destinations. With a growing emphasis on catering to solo travelers and providing curated experiences for this segment, luxury travel brands are adapting to the evolving preferences of travelers in a post-pandemic world.
