Skift Take
Changes in spending patterns for ultra-high-net-worth travelers might signal a slowdown in luxury revenge travel. However, despite a cautious approach, there's still a considerable appetite for unique experiences, as a younger set go in search of sailing adventures.
It's not exactly budget travel, but at least one tour operator is seeing a pullback in what high-net-worth households are looking to spend.
They're less likely to shell out $1 million for a luxury, tailored week spent island hopping in the Mediterranean. And they're favoring the less chartered waters of Indonesia or Costa Rica at the average rate of $250,000 for a week onboard a private yacht for 12 people.
That's according to Edita Sgovio, vice president of Yachts and Villas for Kensington Tours, which has access to a 3,000 global charter fleet and is part of the Navigatr Group.
In 2022, she said, million-dollar super-yacht bookings made up 40% of Kensington's private yacht tours business. In 2023, that dipped to 20%.
"We've still had a few bigger bookings, but not as many as last year," said Sgovio, who suggested the revenge luxury travel trend is slowing. "We see more caution tied to the U.S. Economy. Our ultra-high-net-worth clients are holding their cash. This is always a big purchase, even for them."
Kensington shared oth