In a study by Bankrate, it was found that the average American spends $1,979 on a vacation. That is an average of 2 percent of household spending in the country. Yet, the proportion of consumers willing to spend more for a luxurious travel experience is rapidly growing. By 2026, the luxury travel market is predicted to generate $1,614 billion, with the safari and adventure travel sector making up 43 percent of that. Yet even with the growing interests in 2020’s trendy travel locations and unforgettable luxury destinations like the floating hotel on Japan’s Seto Inland Sea, the experience does not come cheap. Easily costing over $5,000 per couple, many travelers say they cannot afford the hefty price tag of a luxury vacation. But what if you could bring that price down with a few simple tricks? From tracking prices to getting to know the travel trends, here’s how to do luxury travel on a budgeter’s budget.
Know Where To Look For The Best Luxury Deals
The average luxury traveler makes up about 5 percent of the population. They take 14.3 trips per year and spend around $3,115 per person – much more than the average traveler. While many of them choose to use a personal travel agent, you can use travel comparison websites like Trivago, HotelsCombined, and Virtuoso. Luxury travel websites like Virtuoso can help you find untouristed destinations or tap into 2020’s travel trend of multicountry itineraries to get the best value for your money. Even if you choose popular tourist destinations like Australia, the platform can help you find exotic and extravagant vacation spots down under. Some of the best include Bedarra Island, Lord Howe Island and the Ningaloo Reef. Finally, don’t forget to set your Google alert for flight change notifications. Using your travel destination and dates, you can track price changes using various airlines and flight booking websites.
Take Advantage Of The Renewed Interest In Staycations – And Do The Opposite
Thanks to recent events, staycations are back on trend for vacations. In April, a survey by the travel planning website Trivago showed that searches for vacations dropped by 90 percent. By mid-June, accommodation was booked at only 38 percent of the volume seen in January 2020, showing the stark shift in vacation preferences. Another study by Ipsos found that only 5 percent of travelers planned to take a vacation outside of the U.S. Right now, the travel world is in a unique transition period as travel restrictions are slowly eased and economies explore incentives to boost tourism again. Interestingly, this also bodes well for your travel budget. With interest in luxury international locations at a peak low, hotels, airlines and vacation providers are offering heavily discounted deals.
However, you need to be quick about this one. Research shows that flight bookings for 2021 are rapidly building, and experts predict flight price hikes, as demand for international travel is set to explode in the future. If you do choose to book a luxurious international vacation in 2021, avoid hotspots like Dubai or Europe. Go against the trend, and book a location that is yet to be explored, such as Croatia or Panama.
Lock-In Your Ticket Price Now
Many experts claim that the luxury travel sector will rebound faster than others. However, it is also reasonable to assume that airline and luxury destination capacities will remain lower for some time as everyone tries to balance a return to business with customer safety. This means travelers will be competing for fewer seats on a flight, and with demand set to skyrocket, prices will soon reflect this.
To get ahead of the spike, book your travel tickets now. Online travel agencies like Options Away allow consumers to book a future travel ticket at the current price. Travelers are offered various holding options like 24 hours, 7 days, and 21 days. Other airlines also offer a deposit option and deadline to postpone or cancel. If you do want to postpone, travelers can also benefit from airline discounts currently being offered by airlines like Qatar Airlines.
The luxury travel industry is in a unique place right now – one that allows you to take advantage of some unique deals. If you have been after the perfect luxurious getaway or adventure but can’t see yourself splashing out on the bigger prices, these tips should help you get a little closer to your luxury travel dreams.