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Your next luxury getaway is about to be even more.
Despite declining inflation, the luxury industry has continued to see its rates skyrocket post-Covid, CNBC Travel reported. Average daily rates in the industry peaked this year and were 70% higher than in 2019, according to data from Virtuoso. However, those types of exclusive travel are becoming more expensive due to the emerging prices of hard work and the ongoing disruptions in the supply chain caused by the pandemic, as well as the ability of the wealthiest to pay the emerging prices.
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“They need something exclusive. . . and corporations are going to take advantage of it while they can,” Henry Harteveldt, president of Atmosphere Research Group, told CNBC Travel.
Next July will see the highest rate, up 85% compared to July 2019, according to a Virtuoso representative. Hotels are the only ones that report that they are worth increasing. up.
In fact, fares for Accor’s upcoming La Dolce Vita Orient-Express journey have soared 75% in just 16 months, the outlet reported. As a reminder, costs for the overnight trip, which will begin in Italy in the spring of 2025, rose from $2,000 (or about $2,168) per user to $3,500 per user (about $3,776) last month. Similarly, CNBC Travel found that fares for Belmond’s Venice Simplon-Orient-Express rose to £7,060 ($8,925) in March.
Despite this, high-net-worth Americans don’t let prices get in the way of their plans. “The luxury boom continues despite stagnant economic activity in some evolved primary markets,” Dave Goodger, managing director of Tourism Economics, told CNBC. Travel. ” This happened when some travelers opted for more sumptuous experiences. It also reflects the fact that sources of income and wealth levels, coupled with accumulated savings, remain healthy for families with higher net worth.
According to Virtuoso’s Luxury 2024 report, more than a portion of advisors surveyed through the platform expect demands and the number of vacations to continue to increase this year. So where do all the wealthy go? As it turns out, all of them are meant to explore far-flung destinations and lesser-visited places, adding Japan, Iceland, Norway, Croatia, Antarctica, and Portugal, to name a few. Of course, as Paris prepares to host the Summer Summit during the Olympics, the City of Light is also high on many people’s bucket lists.
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