Asia and Europe propelled luxury travel in 2023

Global luxury tourist purchases have nearly returned to prepandemic levels, but upside potential remains, according to a new report by Bain & Company

Feb 5, 2024

The luxury hospitality market rose to an estimated €213 billion. It finally surpassed its pre–Covid-19 levels, propelled by increased occupancy and a stabilizing Average Daily Rate.

Key takeaways

  • Across regions, consumer expectations are rising as room rates stabilize at higher levels than in the past;
  • A surge in the appetite for unique, personalized, and transformative experiences that foster a “disconnection” from normal life.;
  • Impact-consciousness, particularly among younger generations, favors more authentic and culturally immersive experiences and accelerates sustainable practices;
  • Rising service expectations call for new technology solutions and data usage.

Get the full story at Bain & Company

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