The Future Of High Net Worth Travel
Ever since the global pandemic caused its first waves across the globe, the world of travel and luxury spending – even among the most affluent – has been rocked. The effects of this industry upset have produced significant changes in both behaviour and spending power. From private jets and vacation rentals to wellness staycation and ‘bleisure’ travel, how we define current and future travel trends need to be reconsidered.
Expert-organised leisure travel is expected to rebound back to pre-pandemic levels in 2022 and 2023 – but with a higher number of HNW customers (both repeat and first-time users) valuing expert travel risk support as opposed to finding their own options or using an alternative travel agent. Many will want a return to the excitement of travel, but in the knowledge that it’s to a safe destination with an effective healthcare system and low virus levels, with all necessary precautions taken.
Last-minute, complex bookings will remain for at least 24 months as global government restrictions keep changing, with countries opening and closing borders and the still-pertinent threat of contracting the virus.
Private jets and upgrades of leisure travellers to business and first class are gaining popularity as they allow passengers to travel with minimal interaction with other people and enable efficiency, safety, and comfort.
Private vacation rentals
Private vacation rentals took off during the pandemic as consumers started working remotely and many quickly realized they could be based anywhere. This is still a strong trend, especially those booking longer trips to avoid potential travel complications, and to have increased privacy and security.
Global lockdowns gave many HNWIs unexpected time for self-reflection and wellbeing. This trend is now seeping into travel plans, with trips that enrich both mind and body becoming increasingly popular in the luxury tourism market.
‘Bleisure’ – is one of the travel sector’s hottest buzzwords right now. Predictions indicate that, due to the pandemic’s forced transition to remote meetings, business travel will be much slower to recover than leisure. As executives are being asked to reduce business travel, the length of trips is increasing to fit more meetings into one trip. We’ve noticed that to make the most of this return to travel, executives then often extend the trip further to include leisure time.
As stated earlier, whether travelling internationally or domestically, there is a growing awareness of the risks involved when travelling. As the travel risk management process becomes more complex, many UHNW Individuals are utilising third-party specialists in order to provide clarity and a professional perspective.
Experienced teams can identify specific and changing needs unique to individuals, along with tailored risk management and assistance solutions. This enables centralisation and streamlining of processes, to ensure efficiency and automation whilst consistently monitoring the safety of a Principal prior to, and throughout the duration of their trip. In-country support provided by experienced travel risk professionals benefits travellers with the options of advice, support and emergency response if needed.
There can be no doubt that global assistance providers bring valuable assistance to private clients, shaping their travel, advising on risks and ensuring individuals are safe internationally. Playing a proactive role is fundamental and providers should continue to evolve and adapt their strategies to align with clients’ unique tolerances.
For more travel risk management advice contact us at email@example.com or call +44 (0) 20 7315 4221.