With the travel industry rebuilding itself following the COVID-19 pandemic, there’s no denying that the way high net worth (HNW) and ultra-high net worth (UHNW) individuals explore the world has altered forever. According to WealthX, HNW individuals worth is between $1 million and $5 million, whereas UHNW individuals worth is $30 million and higher. Based on our insights into the luxury travel industry, we look at what’s trending for the year 2022.
Luxury Travel Trends
From privatized escapes to branded residences, here are some of the top luxury travel trends.
1. Luxury Travel Split
The luxury travel market is now mainly the playground of HNW travelers, whereas UHNW individuals have adopted new preferences and habits. For instance, according to Jaclyn Sienna India, CEO and founder of UHNW lifestyle and travel agency, HNW individuals were previously taking four trips every year, flying commercial, and staying at mid-level accommodations. However, now they’re taking fewer but better trips every year. Indeed, HNW travelers are investing their wealth into fewer, albeit more luxurious, trips.
For UHNW travelers, this implies their favorite hotels and properties are considerably busier, and amenities and rooms are booked. Consequently, they travel less and are becoming more careful regarding where they go.
2. Increased Personalization
The COVID-19 pandemic led to a major shift in the priorities of the UHNW traveler, with factors including safety, reliability, and privacy taking precedence over cost. As sectors such as private jet charter witnessed a boom in demand, businesses that went above and beyond and offered luxury services to their clients effectively stood out from the rest.
For instance, Global aircraft charter broker Air Charter Services have 28 international offices and operate over 23,000 flights every year. Their extensive services enable them to cater to any flight requirements seamlessly. Exceeding their customer’s flight needs, the company created an in-house, lifestyle concierge team to offer an amazing door-to-door experience for the most refined flyer.
3. Privatized Escapes
It is not just journeys that are becoming extremely privatized, even hotels are now capitalizing on increased demand for luxury buyouts and exclusive-use destinations. Whether it is a private villa, an entire island, or a luxurious yacht, affluent travelers are being attracted to the ability to develop completely bespoke experiences.
A Fortune article published in August 2021 on luxury travelers growing desire for privacy further emphasizes the trend. It quotes Black Tomato, the luxury travel agency, as receiving 61 percent more bookings and inquiries for private transportation, exclusive-use properties, and private experiences in 2020 as compared to 2019.
For instance, Velaa Private Island in the Maldives’ Noonu Atoll has heavily invested in new experiences and facilities, as travelers prioritize seclusion and privacy. In addition, the island is now introducing wellness experts to offer everything from mind training and sound healing workshops to integrative bodywork.
4. Deep-Rooted Detox
Already a major trend before the pandemic, the events of the past two years have undoubtedly increased the importance of physical and mental wellbeing. In 2022, with fewer restrictions in place, several people will want to reverse the impacts of the past two years on their bodies and minds.
One such wellness retreat is Chenot Palace Weggis, located at the foot of the Swiss Alps. Their Recover & Energise program aims to lower stress and restore the body’s vitality by combining detox treatments with patented and clinically researched neuroscience technology. The program allows the body to lower chronic stress, optimize energy levels, restore its natural rhythms, and enhance restorative sleep.
5. Expanding into Branded Residences
The growing demand for high-end luxury residential property has encouraged hospitality brands to diversify into branded residences, providing their unique expertise and style of service as a long-term living solution. Savills Branded Residences Spotlight highlights that the branded residences grew 170 percent in the previous decade leading up to 2020, with hotel brands accounting for 88 percent of pipeline developments.
Owing to flexible work routines, fewer people are restricted by their schedules; such residences are highly likely to be bought by those who wish to divide their time equally between two places.
Top Luxury Destinations
Whether you are dreaming of enjoying champagne in a five-star spa hotel or planning an escape to a secluded island, here is a list of the top luxury destinations to consider.
This beautiful country is perhaps one of the best luxury destinations in Scandinavia. The primary reason that makes Norway such a popular spot for travelers from all over the globe is the fjords. You can embark on a long fjord cruise or set off on a boat trip to immerse yourself in the wild and get an unforgettable experience.
With crystal clear waters, jaw-dropping beaches, rare wildlife, and lush rainforests all outlined before a striking backdrop of rocks, the Seychelles is truly a paradise. The best way to properly experience this archipelago is to take a cruise around the islands.
3. Costa Rica
Costa Rica is filled with surf-pummeled beaches, misty-cloud forests with wildlife, and belching volcanoes, along with luxurious bars, hotels, and restaurants. This beautiful country has everything a HNW traveler would want. You can go ziplining, river rafting, canyoning, and cave tubing in its stunning national parks. If you’re an animal lover, you can spend time with macaws, sea turtles, and sloths. Plus, Costa Rica is a hotspot for foodies and shoppers, not to mention its luxury beach resorts with exceptional amenities and outstanding service.
Last Few Words
Luxury travel trends have evolved over the past couple of years with an increased emphasis on privacy and seclusion. As a matter of fact, we are observing that affluent travelers are no longer keen on posting their vacations and experiences on social media. They are prioritizing privacy when it comes to their lifestyles – whether it’s purchasing the latest Ferrari, vacationing on a private island in the South Pacific, or getting an amazing offer on a ranch in Texas, a winery in California, or a luxury mountain home in Colorado. This is precisely why the affluent utilize the services of Supreme Auctions, as we offer that level of privacy and exclusivity.