Home 2022 Luxury Travel: Travelers Expected to “Go Big” Now

Luxury Travel: Travelers Expected to “Go Big” Now

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#travel #luxury #VirusCasedemic #tourism #tourists

Travel is no longer just about going somewhere, travelers want richness and meaning from their experiences” — Paul Ebeling

The economic contribution of tourism measured in tourism direct GDP in Y 2019 was valued at $3.5-T, and in Y 2021 is estimated to be $1.9-T.

But, there are signs that Y 2022 will see an uptick in travel, despite some continuing uncertainty. Luxury travel companies like Abercrombie & Kent are reporting a “new sense of urgency” to travel due to clients feeling like they have lost out on the past 2 yrs and according to a survey of 12,000 travelers in 12 countries conducted by Expedia, 65% of respondents are planning to “go big” by planning exciting or extravagant trips for the coming year.

The 1st thing to note is that the luxury travel segment is recovering faster than the overall industry. While the average monthly searches for travel related keywords like budget hotel or cheap travel are respectively 18 and 45% lower in Y 2021 than in Y 2019, this is not the case for luxury travel. Google searches in English for the term “luxury travel” during Y 2021 rose by 38% compared to Y 2019. And the average monthly searches for “luxury travel” also rose by 174%, compared to Y 2019.

The faster recovery in luxury travel can be attributed to the many demands of its consumers, whose desire for space and privacy, and a focus outdoor and wellness, is driving the trend towards bigger rooms, private jets, and destinations that are orientated towards health and wellbeing.

Google keyword searches for anything related to “private” spaces, like private jets, private boats and private homes, increased by 71% between January 2019 and January 2022. Travelers appear to be looking for luxury private jets, luxury villas, and more specifically luxury experiences delivered by Key hospitality players.

Luxury travel is a compelling industry and the opportunities for brands to adapt their services to meet the needs of its consumers are abundant, expect the companies listen to what that consumers want.

Brands will focus on emphasizing what they have to offer in terms of unique experiences, particularly those of a once-in-a-lifetime variety, like luxury hotel group Belmond, which recently reopened the Venice Simplon-Orient-Express: a private luxury train service travelling from London to various cities in Europe. Likewise, wellness retreats that offer naturally healing geothermal waters will be popular.

Enjoy traveling, the virus chaos is over, Keep the Faith!

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Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.