UHNWIs spend lavishly on travel; And high-end tour operators are seeing an unprecedented rise in trips with price tags of $100,000 or more.
Travel has proven to be a post-pandemic priority for many.
Exclusive tour operator cazenove+loyd It has seen a 50% increase in travel with price tags of six figures or more in the past year. With a boutique ethos and a team of small, local suppliers, the company’s typically six-figure bookings are for four to five people. A recent example involved a round-the-world reservation for a family of four in Latin America and Asia that cost $300,000. (The trip will see the family 'live’ in some places, such as New Zealand, where cazenove+loyd has arranged a private home for a few weeks, and in others, such as Indonesia, the family will travel entirely.)
Although cazenove+loyd has doubled bookings, they only account for 10% of the total number of voyages they undertake. Based in London The Untold Story Journey, cite a 50% year-over-year increase in six-figure bookings; However, six-figure trips account for up to 40% of their bookings for this ultra-luxe operator: “Typically, these are trips that customers take at least twice a year, and are family or extended family trips. between two and eight guests,” says Chris Bruning, co-founder and MD of Untold Story Travel. „They’re not one-time events, but often they mark a family milestone like an anniversary, birthday or graduation.” Bruning notes a tendency to stray off the beaten path, and some of the more impressive Untold Story Itineraries have a wilder ride. Costa Rica ($126,000 for two people) and a mega trip to Tahiti on an island designed by the co-founder of Cirque du Soleil ($1,265,0000 for up to 32 people). „Customers are choosing adventure destinations like Latin America, Southeast Asia and Africa, where a six-figure reservation can yield something truly extraordinary,” says Bruning.
Adventure destinations aren’t the only attractions for big spenders. „The main increase is the type of six-figure bookings we’re doing because we’re seeing demand for a variety of trips.” Founder and CEO Henry Morley says A real journey, about 15% of bookings for a tour operator are over six figures. “We service five six-figure bookings every year, mainly in Africa and Asia; However, an interesting thing to note is that post-pandemic, we served many six-figure itineraries in Europe as well,” says Morley.
Cartology journey Book 30 or more six-figure trips a year, which is 20% of all trips booked. “We’ve always done high-value trips; However, we have definitely seen an increase,” says Justin Huxter, co-founder and luxury travel consultant at Cartology Travels. „The focus is shifting towards spending more on experiences rather than a primary focus on accommodation. Therefore, we create truly unique itineraries with a strong focus on unique activities and exciting experiences.
Some of those experiences included touring fashion designers’ workshops in Hyderabad on their India itinerary or patrolling with an anti-poaching unit in Tanzania on an East African trip. Another trend Huckster noticed: „The number of customers using private charter flights to get to a destination, increase the efficiency of their travel within destinations, and get more benefits.”
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