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Prestige/Luxury Goods

UK Luxury Travel Market Report 2024

UK Luxury Travel Market Report 2024

Market Intelligence Reports Prestige/Luxury Goods Travel UK

The UK luxury travel market has been boosted by improved financial wellbeing amongst higher earners. A growing desire for unique experiences presents an opportunity to promote upgrades that emphasise quality and comfort.

UK Luxury Travel Market – Current Landscape

Aside from cost, there is a growing concern about sustainability and the environmental impact of luxury travel. This includes heightened scrutiny of the carbon footprint associated with first-class flights, private jets, and luxury accommodations. As a result, there is likely to be an increased demand for eco-friendly luxury travel options. This could include sustainable hotels and resorts, carbon-neutral transportation options, and experiences that support local communities and conservation efforts.

Trusted brands and special offers play a crucial role in the luxury travel sector, with nearly four-fifths of luxury travellers preferring to book with established names. Special offers and unique experiences serve as significant motivators, particularly for younger generations who are increasingly interested in solo luxury travel.

UK Luxury Travel Market Statistics

UK luxury travel consumer base: Nearly two-fifths of UK adults are defined as luxury holidaymakers.
UK luxury travel habits: Luxury travellers are far more likely to plan trips outside Europe than non-luxury holidaymakers.
UK luxury travel demographics: Around eight in ten Gen Z would be interested in taking a luxury holiday on their own in the future.

UK Luxury Travel Market Report – What’s Inside?

Key Topics Analysed in the Report

Improvements in financial confidence will positively benefit luxury travel behaviour
Most popular holiday destinations and types of holidays considered by luxury travellers, including package beach holidays and luxury cruises
Preferences of products and services within luxury holidays, including demographic preferences for private luxury amenities and dining in gourmet restaurants
Interest in emerging luxury holidays, including enthusiasm for niche sectors such as space tourism, unique accommodation options and voluntourism

Report Scope

There is no industry-wide agreement on the definition of the luxury holidaymaker. Mintel has, therefore, approached the luxury travel segment from three different angles. Consumers were asked how much they think they will spend on their most expensive holiday in the next three years and the duration of this holiday. In addition to holiday expenditure and duration, Mintel asked whether they will likely stay in a five-star or above-rated accommodation, which is seen by many brands as a core element of luxury travel. For further detail, see Luxury traveller breakdowns.

Meet the Expert Behind the Analysis

This report was written by Jennie Bryans, Senior Travel & Leisure Analyst at Mintel. Jennie researches and writes reports on the Travel & Leisure sectors, having joined Mintel in September 2021. She gathers compelling and actionable insight across demographic groups. Jennie previously acquired research and analytical experience whilst completing her Master of Research (MRes) in Political Economy from the University of Bristol.

As demand surges for experiential luxury travel, brands can thrive by focusing on unique experiences such as voluntourism and gastro-tourism.

Jennie Bryans
Senior Travel & Leisure Analyst

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Executive Summary
- Opportunities for the luxury travel market
- Luxury travel brands should focus on expanding health and wellness offerings
- Focus on delivering unique experiential and personalised travel itineraries
- Solo luxury travel is a rising trend among young travellers
- Market dynamics and outlook
- Market predictions
- The cost of living remains a concern for many households
- Experiences that help improve wellbeing will appeal to luxury travellers
- Graph 1: change in priorities compared to a year ago, 2024
- What consumers want and why
- Luxury travel brands in the Middle East have key opportunities to showcase on social media
- Opportunity to elevate luxury solo holidays by offering physical activity breaks
- Ultra-luxury holidaymakers eager for space tourism
- Experiential luxury tourism continues to boom
- Amalgamate luxury holidays and volunteering initiatives
- Luxury travellers nearly twice as likely to pay more for a personalised itinerary
- Innovation and marketing
- Scotland’s Glenapp Castle Launches Downton Abbey-Inspired Package
- Onefinestay partners with Daylesford Organic to offer breakfast hampers
- Virgin Galactic launches space tourism flight amid growing waiting lists
Market Dynamics
- Market drivers
- The UK moves out of recession and inflation falls to target levels
- Graph 2: CPI inflation, 2021-24
- Graph 3: GDP, 2021-24
- Consumer confidence remains fairly fragile…
- Graph 4: the financial confidence index, 2016-24
- …and the emotional impact of the cost of living crisis is still prevalent
- Graph 5: perception of the state of the cost of living crisis in the UK, 2024
- The cost of living remains a concern for many households
- Experiences that help improve wellbeing will appeal to luxury travellers
- Graph 6: change in priorities compared to a year ago, 2024
- Luxury travel sector is a leading contributor to carbon emissions
- Richest 1% of Brits hold more wealth than 70% of the population
What Consumers Want and Why
- Introduction to the luxury consumer
- Nearly two-fifths of UK adults are defined as luxury holidaymakers
- Mintel’s approach to defining the luxury traveller
- Volume of the luxury traveller segment
- Young professionals keen for luxury experiences and wellness retreats
- Big-ticket spenders and five-star big-ticket spenders
- Graph 7: luxury traveller segments, 2024
- Consumer spending plans show strong opportunities for luxury travel
- Graph 8: spending on the most expensive holiday in the next three years, 2024
- Holiday destinations
- Luxury travellers are far more likely to plan trips outside Europe
- Graph 9: most considered holiday destinations for the most expensive holiday planned in the next three years, 2023
- Long-haul destinations appeal to luxury travellers
- Graph 10: most considered long-haul holiday destinations for the most expensive holiday planned in the next three years, 2024
- Luxury destinations facing the challenge of overtourism
- Luxury travellers set their sights on Caribbean beaches
- Young luxury travellers keen for long-haul adventures
- Older luxury travellers prefer European breaks
- Luxury travel brands in the Middle East have key opportunities to showcase on social media
- Holiday types
- Luxury travellers twice as likely to take sea or river cruises
- Graph 11: most considered holiday types for the most expensive holiday planned in the next three years, 2024
- Families with young children nearly twice as likely to take a safari holiday
- Opportunity to elevate luxury solo holidays by offering physical activity breaks
- Opportunity for luxury sporting holiday brands to promote short breaks
- Products and services within luxury holidays
- Comfort and exclusivity lead in the way in luxury accommodation
- Graph 12: products and services within luxury holidays, 2024
- Over a third of younger millennials interested in participating in environmentally-friendly activities
- Young males show strong appetite for fine-dining
- Graph 13: interest in dining in a gourmet restaurant, by age and gender, 2024
- Dual-parent families with higher incomes are more likely to engage in luxury travel activities
- Emerging luxury holidays
- Health & wellness retreats remain firm favourite
- Traditional types of holiday come out on top
- Graph 14: ranking of emerging luxury travel holidays, 2024
- Out of this world tourism
- Ultra-luxury holidaymakers eager for space tourism
- Demographic nuances between emerging luxury holidays
- Amalgamate luxury holidays and volunteering initiatives
- Culinary trips on the menu for luxury travellers
- Mini breaks: Nearly a quarter of luxury travellers would be interested in staying in micro-hotels
- Luxury holiday behaviours
- Nearly four-fifths of consumers prefer to stick to trusted brands
- Graph 15: luxury holiday behaviours, 2024
- Younger generations more enticed by special offers
- Special offers appeal to young families
- Experiential luxury tourism continues to boom
- Experiences comes out as most mentioned when searching for luxury travel
- Gen Z’s keen for solo luxury travel
- Seniors seek companionship on luxury holidays
- Graph 16: percentage of consumers interested in taking a luxury holiday on their own in the future, by age, 2024
- Luxury travellers nearly twice as likely to pay more for a personalised itinerary
- Virtual reality experiences set to take off
Innovation And Marketing Trends
- Abercrombie & Kent introduce exciting new tours
- Scotland’s Glenapp Castle launches Downton Abbey-inspired package
- Virgin Limited Edition adds to its collection
- Kuoni announces first TV ad in four years
- Onefinestay partners with Daylesford Organic to offer breakfast hampers
- Virgin Galactic launches space tourism flight amid growing waiting lists
Appendix
- Report scope and definitions
- Market definition
- Consumer research methodology
- Abbreviations and terms
- Luxury traveller breakdowns
- Mintel’s luxury traveller breakdowns
- All age groups are equally represented within the luxury travel market
- Big-ticket spenders
- Five-star big-ticket spenders
- Households earning £75,000+ account for over a quarter of five-star big-ticket travellers

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