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Saturday 28 May 2022

Cashed-up travellers ready to splurge post-Covid

Luxury travel is set to boom in the second half of 2022 in the wake of Covid-19 with more travellers looking at private aviation services, large villas and boutique hotels. 

A new report by GlobalData: 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 they may begin to seek experiences that are more immersive and more exceptional than in previous years.

“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," says Hannah Free, Travel and Tourism Analyst at GlobalData. 

"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 favour of inconspicuous and responsible consumption. 

Their approach to luxury is driven by ethical living, artisanship, authenticity and sustainability.

Experiences are 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, GlobalData says.

“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," Free says. 

"This includes hyper-personalisation, exclusivity, unique experiences, intuitive service and the ever important ‘human touch’ element.”

GlobalData offers data, expert analysis and innovative solutions in one platform for industries including the healthcare, consumer, retail, financial, technology and professional services sectors.

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