Unprecedented Travel at Unprecedented Prices
The ultra-wealthy are spending lavishly on travel, and luxury travel companies are seeing an unprecedented increase in trips priced at $100,000 or more.
Travel has proven to be a post-pandemic priority for many, with the luxury goods sector in particular continuing to see unprecedented growth thanks to spending by the ultra-wealthy.
Exclusive tour operator cazenove+loyd has seen a 50% increase in trips priced above six figures last year. With a boutique ethos and the help of small local suppliers, the company's typical bookings are his six-figure bookings for four to five people. A recent example is booking his $300,000 round-the-world trip for a family of four, including stops in Latin America and Asia. (The trip will see the family “living” in some places, such as New Zealand, where Cazenobe+Lloyd arranged a private home for a few weeks, while in others, such as Indonesia, the family will travel completely.) .)
At Cazenove+loyd, bookings have doubled, but six-figure trips only make up 10% of all trips the company organizes. London-based Untold Story Travel also said bookings were up 50% year-on-year, reaching six figures. But for this ultra-luxury travel company, that means up to 40% of his bookings are his six-figure trips. “Typically these are trips that a customer undertakes at least twice a year, and they tend to be family trips or extended family trips…guests range from two to eight,” says Co-Founder of Untold Story Travel says Chris Brunning, MD. “It's not necessarily a one-time event, but it often commemorates a family milestone, such as an anniversary, birthday, or graduation,” Branning said, noting that they tend to go off the beaten path. Some of the most memorable untold itineraries include an extremely wild excursion to Costa Rica ($126,000 for two) and an epic trip to the jointly owned private island of Tahiti. Founder of Cirque du Soleil ($1,265,000 for up to 32 people). “Clients are choosing more adventurous destinations, such as Latin America, Southeast Asia and Africa, where six-figure bookings tend to yield something truly special,” Branning says.
It's not just adventurous destinations that attract big spenders. “The six-figure bookings that we're doing are the main increase because we're seeing demand for more diverse travel.” About 15% of the bookings come from his six-figure travel company, True Travel founder and CEO. CEO Henry Morley says: “We deal with about five six-figure bookings each year, mainly in Africa and Asia. However, an interesting thing to note is that after the pandemic, even in Europe, he has delivered a large number of six-figure itineraries. That's true,” Morley said.
At Cartology Travel, we book over 30 six-figure trips a year, accounting for 20% of all trips booked. “We've always had high-value travel, but we're definitely seeing an increase,” says Justin Huxter, co-founder and luxury travel advisor at Cultology Travel. “Rather than focusing on accommodations, the focus is shifting to spending more on experiences. Therefore, we create truly unique itineraries with an emphasis on unique activities and great experiences. I am.”
Some of those experiences include touring a fashion designer's workshop in Hyderabad on an itinerary in India and going on patrol with an anti-poaching unit in Tanzania on a trip to East Africa. Another trend Huxter has noticed is that “to maximize efficiency and get the most out of their trip, customers are using private his charter flights not only to get to their destination, but also within their destination. It's increasing.”
