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Voxpress:

Even the rich are in trouble, luxury tourism is shrinking

2024-04-04 11:49:36Lifestyle SHKRUAR NGA REDAKSIA VOX

Even the rich are in trouble, luxury tourism is shrinking

The travel industry appears to be on the rise again, but high prices in the luxury sector, which soared after Covid-19, are not returning to pre-pandemic levels. On the contrary, they are increasing more and more from month to month.

Luxury hotel prices have reached "all-time highs" this year, with average daily rates up 70% compared to 2019, according to luxury travel company Virtuoso.

July 2024 stands out for the highest price, marking an 85% increase compared to July 2019.

While prices for luxury train travel are also rising: The starting price for an overnight train trip, which will start in Italy in 2025, rose from 2,000 euros at the end of 2022 to 3,500 euros last month.

Travel prices have risen for many of the same reasons that have affected other industries: inflation, rising labor costs, supply chain issues and debt service rates.

But travelers' unwavering willingness to pay the new prices means the 'old' prices for five-star holidays could be a thing of the past.

Overall, demand for travel remains strong, but surveys show that some travelers are beginning to succumb to the cost. But this is not affecting the luxury travel sector to the same extent.

The industry continues to see increasing price pressures for luxury experiences. Which has come as some travelers have traded their habits for more luxurious experiences. This also reflects the fact that income and wealth levels, including accumulated savings, remain healthy for households with higher net worth.


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