Luxury travel market could see growth in 2022 as COVID-19 has spurred new consumer trends, says GlobalData

Amy Stewart

In the luxury travel market, there has been an influx of consumer travel trends as a result of the COVID-19 pandemic. This includes a boom in private aviation services at the high end of the market, remote working from overseas locations and demand for private buyouts of large villas or boutique hotels, finds GlobalData.

The leading data and analytics company’s latest report,‘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 in the aftermath of the COVID-19 pandemic, they may begin to seek experiences that are more immersive and more exceptional than in previous years.

Hannah Free, Travel and Tourism Analyst at GlobalData, comments: “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. 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’.”

Source: GlobalData Plc

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 favor of inconspicuous and responsible consumption. Their approach to luxury is driven by ethical living, artisanship, authenticity and sustainability. Experience is 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.

Free concludes: “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. This includes hyper-personalization, exclusivity, unique experiences, intuitive service and the ever important ‘human touch’ element.”

*GlobalData poll – Ended on 17 Jan 2022 (428 Responses)

About GlobalData

4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.

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