UHNW (ultra-high net worth) individuals – those with a net worth of at least US $30M, are increasingly opting for bespoke vacations such as wellness travel, adventure travel and one-of-a-kind experiences.
These travellers typically book vacations with their extended family; using private transport for domestic destinations and first-class commercial for long haul travel.
Ultra-luxury vacation rentals provide the space and flexibility fundamental to UHNW individuals when travelling as a multigenerational family or friend group.
They also deliver a more personalised concierge and housekeeping service and of course privacy – which is of the utmost importance to UHNW travellers.
What’s trending in the luxury travel market?
Culinary trips still top the niche travel list for luxury travellers who crave unique and memorable experiences shared with loved ones and close friends.
A further trend identified with UHNW travellers is their demand for privacy and security over brand exclusivity.
In a recent interview, 30-year-old American billionaire Sam Bankman-Fried told David Rubenstein that he is “not excited to dive into travel in a luxury way. I think I should help the world with my money instead”.
Our Siretti team hears this more and more, with travellers of this demographic wanting to stay in villas or larger vacation rentals for their privacy, not because they are more luxurious or exclusive.
This trend is clear amongst the younger wealthy – privacy, security and more space over brand exclusivity.
The destinations of choice for luxury travellers
Approximately 78% of American-based UHNW couples and families booking a trip overseas choose a luxury villa stay in a beach destination such as Bali, Sardinia, or Caribbean luxury destinations such as Anguilla and St Barts.
Statistics show that the percentage is almost equal for European ski vacations. UHNW travellers choose luxury chalets in destinations like Aspen, Zermatt or Morzine.
The trend takes a turn when it comes to city stays; principally in Europe, where the overwhelming majority of visitors choose a luxury branded hotel stay.
However, even this is changing – as we note that celebrities and wealthy families are starting to book non-branded, privately owned luxury accommodations such as penthouses in Rome, townhouses in London’s Chelsea or apartments in Saint-Germain, Paris.
Sooner rather than later, we expect to see the launch of multinational luxury vacation rental brands and the industry will catch up to the fast-moving wealthy changing travel needs.