Luxury travel ‘shows no sign of slowing down,’ says Virtuoso

Travel shows no sign of slowing down, despite inflation and global economic challenges, according to luxury travel network Virtuoso.

The brand, whose network comprises more than 21,000 advisors across 54 countries, presented its findings at the 35th annual Virtuoso Travel Week, which took place in Las Vegas this week.

Booking analysis based on transactional data sourced from Virtuoso’s travel agency members reported a 69% uptick in sales versus 2019 numbers, with hotel and cruise segments leading the way, up 173% and 122% respectively.

Future leisure travel sales going into 2024 and 2025 are equally strong, the network said. When comparing sales leading into 2020 from 2019, considered to be luxury travel’s highwater mark, 2023’s future sales are pacing 107% higher.

Future sales for 2023 and 2024 are also tracking 44% higher than they were in 2022 leading into 2023.

In addition, this year's future cruise sales are 44% higher than they were in 2022 and 106% higher versus 2019.

Virtuoso reported “sustained and slightly increased year-on-year hotel pricing”, with average daily rates for preferred hotels for the upcoming festive season climbing to nearly $1,600 per night.

Hotel rates for Paris are up 11% compared to 2022; London and New York up 16%; Rome 19% and Florence 37%.

Virtuoso advisors also noted growing demand for exclusive-use experiences, such as private aviation and yachting, with Virtuoso’s 2023 yacht bookings up 79% compared with 2019.

The wellness sector is also continuing to perform well, with 94% of travellers incorporating self-care into their travels. A total of 47% of respondents spend between $5,000 and $10,000 per wellness trip and another 44% spend $10,000 to $25,000 per trip.

Top wellness destinations include Mexico, the US and Europe, while Thailand, Bali, Fiji and Iceland were tipped as emerging wellness destinations.

Food and wine are top priorities, particularly among Baby Boomers and Gen-Xers, with 70% of Virtuoso advisors witnessing an increase in culinary travel and 20% of clients booking trips with food and wine as the main focus.

A total of 47% spend between $10,000 and $25,000 per trip, with another 15% spending $20,000-$50,000 per trip.

Virtuoso identified Portugal, Copenhagen, Croatia and Colombia as growing culinary destinations.

The luxury travel network also unveiled the Virtuoso Impact Report, Sustainable Travel, 2023 during Virtuoso Travel Week, highlighting its partners and how their practices are viewed by guests.

A total of 88% of travellers said they want to see their tourism dollars go toward protecting the planet, particularly initiatives like waste management and recycling, protecting and restoring landscapes, and the usage, implementation or support of sustainable and renewable energy.

A further 64% said they were committed to sustainability in culture, like supporting Indigenous communities and aiding in cultural restoration of sites.