Strike up a conversation with a family member, friend or colleague and it's likely that your view of luxury travel will differ. For some, it may be ostentatious hotel rooms dripping with bling. For others, it may be the peace and quiet found in a cabin in the woods. Does luxury mean Michelin-starred dining in the city or a rustic meal with a bedouin tribe? No-expense-spared shopping trips or a chance to rebuild coral reefs? According to Lauren Alba, VP of global marketing and communications at Leading Hotels of the World (LHW), a collection of five-star independent hotels across the globe, "luxury is in the eye of the beholder".
Not only is individual preference at play, but luxury is also shaped by circumstance. The pandemic prompted a reassessment of priorities and values, and for many, the result was a renewed appreciation of simple pleasures (time spent with loved ones, experiencing nature) versus more traditional materialistic pursuits. There's also a demographic shift, with Millennials and Generation Z starting to shape the future of the luxury space with a focus on sustainability, slow travel and unforgettable experiences. Here we take a look at the ever-evolving concept and hear from important players in the travel industry on their forecast for the future of luxury.
EAGER TO EXPERIENCE
One thing that can be reliably guaranteed is that luxury travel will still come with a high price-tag. Investment bank Credit Suisse has forecast that the number of global millionaires will exceed 87 million by 2026, a rise of 25 million from 2021, (see Credit Suisse's Global Wealth Report 2022).
Denne historien er fra May 2023-utgaven av Business Traveller UK.
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Denne historien er fra May 2023-utgaven av Business Traveller UK.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
The rail thing - Why airlines and train companies are partnering to increase options for travellers on short journeys
An intercity flight connection operated by train would have been almost unthinkable in the early 1990s, but in 2024 it will increasingly be the default experience at many European hub airports. European nations have been among the world's leaders in adopting high-speed rail for short-distance trips, along with Asian countries such as Japan and China.
Adventures in Albania - From paranoid dictatorship to dream travel destination, why the Balkan nation is ready for its moment in the sun
Over the past few years, tourism has shot up stratospherically; recent figures from the European Travel Commission show it's grown 86 per cent since 2019. Its GDP per capita has also been increasing, and last year stood at US$8,800, while the average monthly salary is now around 84,000 lek (£704). Foreign direct investment is also on the rise, with countries including Switzerland, Italy, and the Netherlands targeting sectors such as energy, mining, information and real estate to a value of around US$1.5 billion in 2022, according to UNCTAD's World Investment Report. Not bad for a country which used to depend on foreign food aid.
Sushi Kanesaka at 45 Park Lane, London
Watching Kanesaka work his magic is performance in itself
Scandic Spectrum, Copenhagen
An impressive corporate hotel just minutes from Copenhagen's centre
Kimpton Clocktower, Manchester
The perfect mix of gorgeous heritage design with cool, cosmopolitan attitude
Mandarin Oriental Mayfair, London
A stunning success another calming experience in the capital
Eurostar Business Premier LONDON-PARIS
It remains the superior service for those travelling from London to Paris
Qatar Airways Boeing 777-300ER first class DOHA-HONG KONG
There is a lot to like, but my experience was far from perfect
4 HOURS IN...Vienna
You'll be spoiled for choice when it comes to the Austrian capital's museums, galleries and historic cafes
SWITCHING OFF IN...THE LOIRE VALLEY
Escape to the secluded forests of the Loire Valley for a digital detox