Luxury is the word

Forget gold taps, these days luxury could wriggling through the mud on an exclusive boot camp adventure

- HANNAH BRANDLER

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).