Cultural connection and exclusive access driving high-value bookings, panel hears

Luxury travellers are willing to spend more on culturally rich and exclusive travel experiences, research has revealed.

 

According to a 2024 questionnaire by travel news outlet Skift – which surveyed more than 2,500 global travellers and 300 industry executives – 19% said that exploring new and exclusive destinations would influence them to pay a higher price tag, while 18% cited pursuing unique and enriching experiences.

 

The insights were shared with media delegates at independent luxury hotel collection The Set’s inaugural Summit, held at Hotel Café Royal in London on November 29.

 

Skift’s managing director for EMEA, Kate Irwin, said: “Luxury travellers will spend boldly when they’re exploring brand-new destinations.

 

“Ultimately, travellers have changed. They are experience-led and want to feel connected and fulfilled in every aspect.”

 

She stressed that, as trips become “cultural pilgrimages”, the role of travel advisors is to create “access” and become “cultural curators”.

 

Speaking on a panel at the event, Shelby Donley, global general manager for UHNW (ultra-high-net-worth) at Virtuoso, echoed this sentiment.

 

She said that creating authentic travel experiences means “knowing the people with the keys to the city” to offer clients insider knowledge and one-of-a-kind experiences.

 

Donley also stressed the importance of creating value for clients.

 

She said: “There is a misconception that UHNW individuals will spend anything to get what they want. When they’re passionate about something, that’s true, but there is a ceiling.

 

“With this clientele, it’s not about what the number is, it’s about when they feel the cost is above the value return. That’s where we’re starting to see some price resistance.”

 

Senior director of Luxury Travel at Capital One, Phillip La Rue, added that high-end travellers’ pursuit of cultural connection is reflected in shifting hotel preferences.

 

The company conducted a study of 3,000 luxury travellers, which revealed that 89% of respondents are interested in independent and boutique properties.

 

He said: “They want hotels that authentically reflect the local destination.”

 

He added: “I think there is an enduring trend for meaningful travel, rather than chasing the next hot destination or Instagram spot.”