News – Page 3 – OFFSHORE

An expedition yacht with 6 suites arrives in the Galapagos

February 14, 2024 No Comments

Conservation-led luxury travel company &Beyond has announced the extension of its South America portfolio with the launch of an expedition yacht in the Galapagos Islands.

Named the &Beyond Galapagos Explorer, the 38 m (124 ft) yacht will operate on two 7-night routes in the east and west of the famed Galapagos Islands.

Boasting just six suites and cabins, the yacht will cater for a maximum of 12 guests, with two expert guides present on each departure.

With only 12 guests on board, the elevated guest-to-staff ratio makes the Galapagos Explorer the most exclusive yacht operating in the islands. In addition to the highest level of guiding, the vessel will also offer beautifully appointed spacious indoor and outdoor guest areas, as well as four exquisite cabins and two luxury suites. Currently undergoing an extensive refurbishment of its interiors, the &Beyond Galapagos Explorer will set sail on its first departure on June 17, 2024.

About the Galapagos voyage

Operating on two different seven-night itineraries, the &Beyond Galapagos Explorer will offer the choice of discovering the east or the west of the main cluster of islands, while including the highlights of the destination in both.

Highlights of the eastern itinerary include the magnificent formation of Kicker Rock, located just off San Cristóbal Island, as well as sightings of the critically endangered waved albatross in Gardner Bay on Española Island. The western Itinerary features highlights that include exploring the geographical centre of the Galapagos Islands, Sombrero Chino Island as well as close encounters with the rare Santa Fe land iguana on Santa Fe Island.

Both itineraries present plenty of opportunities for land and sea adventures such as snorkelling, hiking and birdwatching, as well as a plethora of unique and interesting land, air and marine species. Rates for both itineraries begin from USD $10,950 per person sharing per seven-night cruise.

Here’s why getting a Canadian passport might take a little longer

February 5, 2024 No Comments

In the winter months, Service Canada has traditionally experienced spikes in demand for passport services.

As Canadians plan for March break travel or other winter getaways, they may be experiencing longer queues for in-person service at passport offices.

“Passport offices are often busy at this time of the year as people consider warm and sunny getaways, which can sometimes lead to line-ups at passport offices. Service Canada offers several flexible options for people wanting to apply for their passport, including by mail, at a passport office, or a Service Canada Centre,” said minister of citizens’ services, Terry Beech. “We are making government services more convenient and accessible, which is what Canadians expect.”

How to get a Canadian passport

Canadians are reminded of the range of options available for passport service, in addition to passport offices, that can help them avoid lineups:

They can apply in-person at one of more than 300 Service Canada centres and scheduled outreach sites located throughout the country. The processing time is within 20 business days.
Applicants can also apply by mail, and it will be processed within 20 business days.
A select number of Service Canada centres offer service in 10 business days instead of 20 business days.
For passports needed in less than 10 business days, Canadians must visit a passport office that offers urgent or express pick-up services.

Canadians can also take advantage of the online Passport Application Status Checker, to find out where their application stands in real time. The status of the application submitted in person will be available after five business days, and 10 business days for those submitted by mail.

Quick facts about Canadian passports

The service standard for applications submitted at passport offices and Service Canada Centres offering 10-day passport service is 10 business days.
The service standard for applications submitted at regular Service Canada Centres, scheduled outreach sites and by mail is 20 business days.
The performance target for application processing is for at least 90% of complete applications to be processed within these service standards.
For 2023-2024, the total forecast volume is between 4.5 million and 4.7 million.
Passport program statistics are published online, and all data is updated monthly.

For all the details on passport offices, Service Canada centres, and scheduled outreach sites, including the estimated wait times at passport offices, visit the Find a Service Canada Office webpage.

Travel to Europe is almost at pre-pandemic levels

February 2, 2024 No Comments

Towards the end of 2023, European tourism continued its robust recovery, nearing pre-pandemic levels despite inflationary pressures.

Across reporting destinations, foreign tourist arrivals stand at 1.6 per cent below 2019 figures, with nights 0.6 per cent below, showcasing a resilient travel demand across the continent – a trend which is expected to continue into 2024.

This is according to the latest edition of the ‘European Tourism Trends & Prospects’ quarterly report released today by the European Travel Commission (ETC), which looks at the region’s tourism performance and economic indicators over the last months of 2023.

Long-haul arrivals recovering nicely

The recovery is fuelled by strong intra-European travel, primarily from Germany, France, and the Netherlands. Long-haul arrivals are also bouncing back, but at a slower pace and showing significant variations between regions such as the Asia-Pacific and North America.

“The high travel demand seen in 2023 provided a significant boost to European economies and will help improve the balance sheets of tourism companies, which were hard hit by travel restrictions,” said Miguel Sanz, ETC’s president. “However, the return to pre-pandemic levels will also put pressure to accelerate the sustainable transition of the travel industry.”

Value for money in demand

European travel remained resilient in the last months of 2023, with two-thirds of destinations reporting either a full recovery or recording arrivals and/or overnights within 10 per cent of pre-pandemic levels.

Among these, Southern European destinations continue to be the frontrunners, boosted by favourable weather extending into the shoulder season.

Serbia saw the largest surge in arrivals (+15%), alongside Portugal (+11%), Montenegro (+10%), Türkiye (+9%), and Malta (+8%). They are also popular destinations for all-inclusive holidays and more affordable travel costs, which has been key to attracting price-conscious travellers.

Other countries also achieved a significant rebound compared to 2019: Iceland saw a 12 per cent increase in arrivals even amidst volcanic eruptions, while the Netherlands grew tourist nights by 16 per cent despite a smaller two per cent rise in arrivals, indicating longer stays.

In contrast, Eastern European destinations bordering Russia experienced a slower rebound, with countries like Lithuania (-32%), Latvia (-29%), Estonia (-27%), and Finland (-24%) lagging behind.

For the full report, click here.

Seeing the Northern Lights is dream trip for most travellers

January 24, 2024 No Comments

Northern Lights tourism is on the rise, spurred by reports that the astronomical phenomenon will be extraordinarily visible in 2024.

According to a survey commissioned by Expedia, almost three-quarters of Canadians (71 per cent) aspire to see the Northern Lights in their lifetime but haven’t yet crossed the item off their bucket-list. Travelling to see the Aurora Borealis is more in-demand than going on an African Safari (44 per cent), exploring Japan during cherry blossom season (43 per cent), or visiting Machu Picchu in Peru (38 per cent).

Expedia searches are skyrocketing for winter trips to Northern Lights “capitals” like Lapland in Finland, Churchill, Manitoba, and Alta in Norway.

To help travellers plan, Expedia has released a Northern Lights Insider Guide packed with insights on trending destinations, booking hacks, photography tips and ideal itineraries.

Best places to see the Northern Lights

Here are the most popular places to chase the aurora borealis this year, based on Expedia traveller data:

Finland

For Canadian aurora hunters, Finland is an extremely popular destination with hotel searches increasing 197% in 2023 versus 2022. The Finnish Lapland region is most popular (+328%), home to popular Northern Lights locales Rovaniemi (+313%) and Levi (+128%), among others.

Canada

Top Canadian destinations for Northern Lights tourism included Churchill, Manitoba boasting a 173% increase in hotel searches in 2023 compared to 2022. Whitehorse, Yukon (+20%) and Yellowknife, Northwest Territories (+18%) also saw increases.

Norway

Norway’s Northern Lights season stretches from fall to spring, but statistically the best times to see the lights are in March/April and September/October. Top destinations included Kirkenes (+189%), Tromsø (+109%) and Alta,the second northern-most city in the world (+115%).

U.S.

America’s largest state, Alaska, saw an increase of 104% with Fairbanks being the most popular destination (128%). Visit in late August through mid-April for the best chance of spotting the Northern Lights.

When to travel in 2024

Based on average daily hotel rates (ADRs) in 2023, these are the anticipated most cost-effective destinations for Northern Lights trips in the coming year:

February: Faroe Island, with ADRs around $162, more than $100 cheaper per night compared to the most expensive month, September.
March: Aberdeen, Scotland (ADRs $114), nearly 15% cheaper than ADRs in September.
April: Tromsø, Norway, with ADRs around $201, a $107 difference compared to February.
September: Finland (ADRs around $181), roughly $121 cheaper than December.
October: Lapland, Finland (ADRs around $141), less than half the cost of December, January, and February.
November: Yellowknife, Canada (ADRs around $188), around 10% cheaper than January.
December: Greenland, ADRs at $148, less than half the cost during March.

More more information and insider tips on how to plan your Northern Lights escape, ncluding the best times to travel in 2024 and how to take epic photography, visit www.expedia.ca.

A look at the world’s most powerful passports for 2024

January 8, 2024 No Comments

An unprecedented six countries share the top spot with visa-free access to a record-breaking number of destinations on the 2024 Henley Passport Index, which is based on exclusive and official data from the International Air Transport Association (IATA).

Four EU member states — France, Germany, Italy, and Spain — join Japan and Singapore in boasting the most powerful passports in the world, with their citizens able to visit an astonishing 194 destinations out of 227 around the globe visa-free.

The two Asian nations have dominated first place on the index (which ranks all the world’s passports according to the number of destinations their holders can access without a prior visa) for the past five years.

“The average number of destinations travellers are able to access visa-free has nearly doubled from 58 in 2006 to 111 in 2024. However, as we enter the new year, the top-ranked countries are now able to travel to a staggering 166 more destinations visa-free than Afghanistan, which sits at the bottom of the ranking with access to just 28 countries without a visa,” said Dr. Christian H. Kaelin, chairman of Henley & Partners.

Europe continues to dominate

South Korea joins Finland and Sweden in second place with visa-free travel to 193 destinations, and another four EU nations: Austria, Denmark, Ireland, and Netherlands — share third place with access to 192.

The rest of the Top 10 is largely dominated by European countries, with the UK climbing up two ranks to fourth place with visa-free access to 191 destinations compared to just 188 a year ago.

Australia and New Zealand passport holders both improve their ranking to sit in sixth place with 189 visa-free destinations, while the U.S. retains its seventh place with access to 188 destinations without requiring a visa in advance.

It has been a decade since the U.K. and the U.S. jointly held first place on the index in 2014.

Countries climbing the ranks

The UAE remains the biggest climber on the Henley Passport Index over the past decade, adding an impressive 106 destinations to its visa-free score since 2014, resulting in a massive leap of 44 places in the ranking from 55th to 11^th position.

Ukraine and China are also among the top five countries with the most improved rankings over the past 10 years (a net total gain of 21 places each), and both have climbed a further two ranks in the past year.

Ukraine is now in 32^nd place with 148 visa-free destinations and China is 62^nd on the ranking with access to 85 destinations without a prior visa (compared to just 44 in 2014).

While Russia has seen a net gain of 24 destinations over the past decade, its visa-free score and ranking has barely shifted since 2017, and it now sits in 51^st place with access to 119 destinations.

Affluent travellers will pay more for these 10 things

January 5, 2024 No Comments

A new survey by Opinium Research for Kensington Tours reveals the habits of some of the world’s most affluent travellers.

Using data provided by 400 adults, whose household income is above $250,000, shows that travellers in this demographic are inclined to pay extra for exclusive benefits, such as insider access to destinations, no waiting in lines, and a seamless travel experience.

Luxury travellers crave a seamless travel experience, and are willing to pay a premium for it.

Key findings

Considering that two thirds (66 per cent) of luxury travellers report having felt frustrated due to waiting in too long of lines while travelling, it’s no surprise that nearly seven in 10 luxury travellers (68 per cent) report that they are willing to pay a premium for the ability to skip lines, avoid crowds, and experience private tours.

Other offerings that luxury travellers would pay a premium for include personalized, bespoke trips tailored to their wants and needs (66 per cent), one-stop planning (62 per cent), and insider access to exclusive events (56 per cent). Insider access and no waiting in lines top the list of affluent traveler priorities.

Respondents also reported that their travel experiences would be somewhat or greatly enhanced by offerings typically provided by a luxury tour operator, such as access to popular attractions with no wait times (81 per cent), privately guided tours without the crowds (78 per cent), access to exclusive, world-renowned events (74 per cent), and access to insider experiences not traditionally available to the general public (72 per cent).

Additional key takeaways

Other findings from the survey included:

Luxury travellers take more trips, and they are longer: A significant portion of luxury travelers (38 per cent) report taking three-to-five trips annually, while 28 per cent take six-to-10 trips, and a notable 14 per cent embark on more than ten trips each year and most of them average two weeks or more (57 per cent).
They turn to a travel professional: 72 per cent of survey participants expressed their intention to enlist the services of travel experts for their upcoming vacation planning.
Intergenerational travel continues to remain a priority: The popularity of multi-generational travel experienced a significant boost in the wake of the pandemic and continues to thrive, with 82 per cent of those surveyed intending to increase their family travel this year.
Been there; done that; affluent travellers want to see something new: A significant number of respondents (89 per cent) plan to explore new destinations in 2024 with Switzerland, Norway, and Portugal named as top destinations.
Travel pain points: The most prevalent challenges and pain points include locating appropriate accommodations (41 per cent), steering clear of tourist traps (38 per cent), and coordinating activities (38 per cent).
More space, increased privacy, and added exclusivity are in high demand: More than 50 per cent expressed interest in distinctive experiences such as luxurious villa stays featuring in-house amenities and private yacht expeditions.

Go to https://www.kensingtontours.com for more.

These are the top 10 places to go in 2024

December 20, 2023 No Comments

With more people looking to travel to “traditional” destinations in a new way —think giving back, or exploring local cultures and making deeper connections— G Adventures has listed the most popular spots for 2024.

G Adventures’ founder, Bruce Poon Tip, says travellers have changed over the past three years and are now looking for deeper, more meaningful experiences. He notes that while they may be travelling less frequently, they’re staying longer in a single destination. “While they are there they want to connect with local people and their cultures, and to experience community tourism in its purest form,” Poon Tip says.

“We’re also still seeing a lot of travellers checking off those big ‘bucket list’ trips, with many making up for lost time, and they’re keen to stay active when they travel – that’s why we’re seeing such huge growth in some of our most iconic locations,” he added.

Where to go in 2024

Packed with the best destinations travellers can enjoy in 2024, the Where To Travel list focuses not just on meaningful community tourism experiences, but also places which have new and noteworthy reasons to visit.

Travellers can’t get enough of Japan since it reopened, with the land of the rising sun also seeing rising bookings. G Adventures reports a 134 per cent increase in bookings for 2024, and this trend is set to continue with the launch of the small group adventure operator’s Geluxe Collection of premium active trips.

The new Japan itinerary includes hiking the remote Michinoku Coastal Trail, which was constructed after the tsunami to bring community tourism back to Iwate. G Adventures is the first major operator to offer this hike.

GET THERE: G Adventures’ Japan: Kyoto, Tokyo & the Michinoku Coastal Trail trip is priced from $10,299pp for an 11-day trip from Tokyo to Kyoto. Travellers will discover villages outside Kyoto by foot, as well as hiking up to the Unotori shrine in Fudai, Iwate, to witness a unique cultural performance that has all but died out in other parts of Japan.

The numbers don’t lie. Portugal has seen stand-out growth with traveller numbers tripling since 2019 and up 33 per cent compared to 2022. Affordable and accessible, with fantastic food, culture and history, there are plenty of reasons to want to visit this European gem.

New direct flights to Porto from Toronto with Azores Airlines will also give travellers more options to get there from summer 2024. We say go before it gets even more popular, as its star looks set to continue to rise.

GET THERE: G Adventures’ Highlights of Portugal itinerary is priced from $1,749pp for a seven-day trip from Lisbon to Porto. On this trip, travellers will sit down to a traditional meal to the sound of a Fado performance by Portuguese folk music artists in one of Lisbon’s oldest neighbourhoods, and immerse themselves in history and culture at UNESCO World Heritage Sites like the Monastery of Batalha, Coimbra University, and the picturesque town of Sintra.

Uzbekistan and the ‘Stans in general – have become quite the hotspot as people look to check off big ‘bucket list’ destinations and get further afield to lesser-known countries. Uzbekistan has seen a 53 per cent increase year over year, also usurping 2019 by 16 percent.

The stunning Center for Islamic Civilization in Tashkent is set to open its doors in April 2024, and joins the Center for Contemporary Arts, which was opened in 2019, as two new cultural hubs set to attract the attention of travellers.

GET THERE: G Adventures’ Highlights of Uzbekistan trip is priced from $2,179pp for a 10-day trip from Tashkent return. During the trip, travellers will head out into the desert to visit Chashma Complex, a pilgrimage site in the territory of Nurata, dominated by ruins of Alexander the Great’s fortress, visit the remote Aydarkul Lake for a swim before continuing on for an overnight stay in a local yurt camp, where they enjoy an authentic Uzbekistan dinner and an evening Kazakh singing show.

India has picked up the pace in the past year with bookings doubling between 2022 and 2023. G Adventures partnership with National Geographic means exclusive experiences are built into every itinerary. Canadian travellers have had their visas restored, so expect numbers to increase as India continues its return to pre-pandemic prowess.

GET THERE: A National Geographic Journeys with G Adventures North India Highlights trip is priced from $2,179 per person from Delhi return. In Jaipur, known as the “Pink City,” travellers will meet with a local historian and sociology scholar to learn about India’s complex social fabric and traditions, and discuss a range of topics from the country’s belief systems to its architecture.

Vibrant and colourful Mexico has proven more popular than pre-pandemic, helped by the introduction of new trips to the G Adventures portfolio.These include two new Geluxe Collection premium active itineraries, which put a fresh active spin on what has been seen as a more traditional ‘beach’ destination. Up 24 per cent than in 2019, and 28 per cent when compared to last year, Mexico continues to make consistent gains.

GET THERE: A 14-day Mexico: Central Mexico & the Yucatan Peninsula trip is priced from $7,849pp, travelling from Oaxaca to Tulum. Travellers will wander the cobblestone streets and markets of Oaxaca and devour mole in Puebla, before biking through agave fields and taking a break from the heat with a swim in a jungle sinkhole near Merida.

Another country that was late to reopen but has doubled its traveller numbers since 2022 is Vietnam, which is also a great value choice for families looking for adventure on their next trip. With tasty food, beautiful sights and friendly people, it makes a wonderful opportunity for children to learn about a different culture in a fun and engaging way.

GET THERE: A 12-day Vietnam Family Adventure is priced from $2,019 per adult and $1,799 per child, travelling from Hanoi to Ho Chi Minh City. This trip visits Oodles of Noodles, a G for Good project supporting former street youth where travellers help prepare and cook a number of different types of noodles.

As travellers have started flocking back to Europe, Greece has seen huge growth, up 90 per cent from 2019 numbers and 24 per cent year on year. One of the best ways to avoid the crowds and get amongst it with locals, is by boat.

Taking travellers to remote islands to enjoy local cuisine and culture, G Adventures’ Sailing programme epitomizes community tourism, making sure wealth is distributed to lesser-known locales while still taking in the highlights of the islands.

GET THERE: A 10-day Sailing Greece – Santorini to Santorini trip is priced from $2,499 per person, travelling from Santorini return. On-shore experiences include strolling through the markets of Syros, uncovering the beauty of the Venetian ruins in Paros hiking through the trails and paths of Sifnos.

Thailand also continues its epic comeback, and we can expect it to boom even more as travellers head there before the ‘White Lotus Effect’ takes hold, with filming for the third season set to begin in 2024. Up 76 per cent in traveller numbers year on year, Thailand is still a solid choice for young travellers and backpackers looking for an affordable escape.

GET THERE: The Bangkok to Hanoi: Chiang Mai, Night Markets & Streetside Bars Roamies trip in partnership with Hostelworld is priced from $1,199pp for a nine day trip from Bangkok to Hanoi. This trip includes a visit to Yimsoo Cafe in Bangkok that offers training and economic opportunities for people living with disabilities.

With Asia trending since its reopening, South Korea has also proven a welcome surprise in terms of its popularity, with numbers doubling in 2023 compared to 2019. Helped by popular culture – K-Pop and K-dramas – South Korea also offers a wealth of traditional culture, incredible food, and exciting experiences for travellers.

GET THERE: An eight-day Best of South Korea trip is priced from $3,449 per person, travelling from Seoul return. Travellers will see the highlights in and around Seoul plus visit folk villages, unique Korean temples, and the bustling markets of Busan, as well as learning about the sombre history of North and South Korea and taking an excursion to the Demilitarized Zone separating the two.

Another popular post-Covid destination is Italy, which is up 30 per cent from 2019 numbers, and 24 per cent year on year. With travellers looking to head to their dream destinations, it makes sense that perennial favourite Italy would be high on everyone’s lists. With G Adventures’ Local Living programme, travellers are taken off the road most travelled to really experience what it is like to live like a local.

GET THERE: An eight-day Local Living Italy—Amalfi Coast trip is priced from $2,699 per person, travelling from Naples return. On this trip, travellers live like one of the region’s locals, discovering the small towns, mountain trails, and local customs of this uniquely beautiful place, tucking into bed at a converted 17th-century monastery home base.

For more information on G Adventures, please visit www.gadventures.com.

Two thirds of Canadians are going off the beaten path for 2024

November 29, 2023 No Comments

A new survey by British Airways reveals that one in five Canadians are planning to travel more than ever before in 2024.

Notably the pandemic has made more than half of all Canadians want to travel more (58%).

A third (33%) of Canadians plan to explore new destinations and tick places of their ‘must visit’ list in the new year. While less frequent travel with longer holiday duration both domestically (23%) and internationally (23%) seems to be important going into 2024.

Going off the grid

Immersing in new cultures (29%) and trying new experiences for the first time (18%) are important criteria for Canadians planning their next adventure.

Almost two thirds (64%) plan to go off the beaten track to less touristy destinations when they plan their news years travel, with 1 in 10 planning to attend a major entertainment or sporting event.

The regions that Canadians plan to visit the most next year are Europe (42%), North and South America (28%) and Africa (13%).

Exploration and adventure are the top priorities when planning trips in 2024 (43%). More than 1 in 10 Canadians (12%) wanted to ditch their tech altogether and opt for a digital detox.

Social media influence

Social media remains a key influence for Canadian travel (28%), whereas film and TV locations proved to be the biggest influence for Americans planning their travel (22%).

However, of those Canadians planning travel to the UK, 52% say they have been influenced by actor Ryan Reynolds, and his ownership of Wrexham AFC.

For the winter 2023/2024 season, British Airways operates twice daily flights between Toronto and London, with daily flights from Montreal and Vancouver to London. Customers can connect to over 65 countries from British Airways’ home at London Heathrow.

Five trends upscale travellers are embracing for 2024

November 17, 2023 No Comments

Global travel agency network Virtuoso says that its clients are prioritizing travel, despite inflation and global unrest. They remain insatiably curious and willing to pay for new experiences.

These findings come from the company’s 2024 Virtuoso Luxe Report, which included input from 2,000 travel advisors who shared their extensive knowledge, professional experience and client requests to offer insight into 2024’s top trends.

Five luxury travel trends

The Luxe Report identified five key trends upscale globetrotters are embracing in 2024.

New places

While preference for European favorites remains, the desire to visit dream destinations, under-the-radar locations or the drive to be “first” to a destination, has luxury travellers increasingly intrigued by the unexplored. The cultural richness of reemerging travel must-sees such as Japan offer unique itineraries for those seeking a departure from the norm.

Time to celebrate

Post-pandemic festivities continue with celebration travel making the list of top trends for 2024. Travellers are committed to sharing life’s most important moments with loved ones – travel with immediate family and multigenerational travel are also among the top trends.

Respecting the plant

Travellers are hyper-aware of the fragility of the world. Virtuoso advisors say clients are pushing geographical boundaries to witness nature in its pristine form for fear it will diminish or become inaccessible.

Greece, Morocco and Hawaii are also top-of-mind for travelers who want to support destinations recently impacted by disaster while remaining respectful of their recovery.

Small ship cruising

Favouring less-crowded, more intimate settings, small-vessel cruising is on the rise. River cruises remain popular for the casual atmosphere, proximity to major cities and wide-ranging itineraries.

Popular routes include the Danube River, Mekong River and the Nile. Adventure cruising is also trending due to increased accessibility to places like Antarctica, 2024’s leading adventure destination. And yacht charters are on the rise, offering privacy, flexibility and a customized experience.

Custom comfort

Increased demand for custom trips made easy, from exclusive-use experiences to booking half days at hotels to fit their needs, has today’s traveller maximizing comfort. Their desire to leave nothing to chance has increased motivation for using a professional travel advisor to simplify bookings and enhance the overall experience.

Luxury market to hit €1.5 trillion in 2023—and travel is a big factor

November 8, 2023 No Comments

The global luxury market is projected to reach €1.5 trillion in 2023, an 8-10 per cent growth over 2022, setting a new record for the industry and proving its unparalleled resilience.

These are among the findings of the latest Bain & Company report with Altagamma, the Italian luxury goods manufacturers’ industry association. Spending on experiences, particularly, recovered to historic highs, fueled by a resurgence in social interactions and travel.

Despite challenging macroeconomic conditions, the market registered robust growth of 11-13%, at constant exchange rates. This is consistent with last year’s growth rate and translates to a ~€160 billion increment in spending across luxury categories.

Amid pronounced geopolitical and macroeconomic shifts, the luxury market has proven unparalleled resilience this year. The key segment, personal luxury goods, has experienced continued growth in 2023 and is projected to reach €362 billion by end of year, 4 per cent higher than 2022 at current exchange rates.

European tourism rebounds

The study shows global luxury tourist purchases have nearly reached pre-pandemic levels, with untapped potential remaining in many areas.

Europe has enjoyed a progressive pickup in tourism, driving growth across countries, with long-haul resort locations attracting high spenders alongside key luxury cities. Even if local aspirational customers were impacted by macroeconomic instability, stable top-customer pools maintained positive momentum contributing to market growth.

American tourism dwindles

Alternatively, the Americas have seen a deceleration throughout the year, posting an eight per cent drop from 2022, as widespread uncertainty continues to impact aspirational customers’ spending.

Top customers remain confident but have maintained their spending abroad, as the US dollar remains strong against the Euro and price differentials favor oversea purchases.

Other regional trends

Saudi Arabia is accelerating, attracting investments of major luxury brands; and Australia has provided fertile ground for growth.

Mainland China posted a strong performance after its first quarter reopening but slowed progressively as new macroeconomic topics arose. Hainan is poised to grow as a bright luxury hub, set to become an entire duty-free island by 2025.

Japan is booming, thanks to sound local customers and the weak Yen, favoring touristic inflows. Conversely, South Korea is facing a challenging year, with unfavorable macroeconomic headwinds impacting local consumption and strong currency leading tourists to buy elsewhere.

Southeast Asian countries experienced positive momentum, thanks to strong intraregional tourism and growing interest from local consumers, especially in Thailand.