GlobalData’s report, Luxury Travel Market Trend and Analysis of Traveller Types, Key Destinations, Challenges and Opportunities, 2022 Update, shows that luxury travellers may now be looking for more captivating experiences than before COVID-19.
It identifies new consumer trends in luxury travel, including remote working from overseas locations, a boom in private aviation services at the high end of the market, and demand for private buyouts of large villas or boutique hotels.
GlobalData Travel and Tourism Analyst Hannah Free says as luxury travellers are determined to make up for lost time, 2022 could see an increase in holiday budgets, with an uptick in demand for once-in-a-lifetimeadventures. She says 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% said their budgets were only slightly higher.
The report found socially conscious, high-nett-worth consumers were rejecting displays of wealth in favour of inconspicuous and responsible consumption. Their approach to luxury was driven by ethical living, artisanship, authenticity and sustainability. These travellers sought greener travel and eco holidays while wanting to do good for people and the planet. If travel brands ignore this trend, they risk a disconnect with an audience looking for sustainable options.
Megan De Jager, Portfolio Director, Travel, Tourism & Creative Industries Portfolio at RX Africa, the organisers of specialist expo, Luxury Travel Market Africa (ILTMA) as part of Africa Travel Week next year, told Travel News which recent trends she had seen developing in the local luxury travel market.
De Jager says, post-COVID, people are travelling with purpose, looking for meaningful experiences, bucket-list destinations and itineraries, and exclusive escapes.
“The idea of luxury used to be connected with lavish expenses and overt consumerism, but the post-COVID 19 luxury traveller is much more interested in time – time spent on exclusive experiences, time saved through convenience, and time made more valuable through devoting it to special, once-off, tailor-made adventures.”
De Jager says people are looking for bespoke experiences and are willing to spend more for them.
She stresses that luxury travel presents incredible opportunities for African tourism operators, adding that luxury tourism was one of the first segments to recover after COVID and is on a faster recovery track than budget tourism.
“Luxury means different things to different people, which is why in 2023, the theme for ILTMA will be about ‘What Luxury Means to You’,” says De Jager, adding that the expo programme will comprise immersive luxury experiences, luxury FAM trips for media and travel buyers and high-end African product experiences.
ILTMA will return from March 31 to April 2 to the Kirstenbosch National Botanical Gardens in Cape Town, offering a taste of Cape Town’s luxury offerings.
