Ben1183 / Getty Images/iStockphoto
Travel has been crazy the last few years. After the pandemic, many people took off and traveled all over the world in 2021 and 2022.
But rising interest rates, mass layoffs and a struggling economy could lead to less demand to travel in 2024. This means there are deals for those planning to travel next year.
We surveyed luxury travel agents and travel experts to get insight into some high-end vacation destinations that could be cheaper next year. Here are 11 luxury travel destinations that could see big discounts in 2024.
Cape Town, South Africa
Christian Miller from Discover Italy sees competition as a driver of lower prices in Cape Town next year.
“Known for its stunning scenery and vibrant culture, Cape Town has long been a favorite destination for luxury travelers,” Miller said. “From wine tastings in the picturesque countryside to safari adventures that allow you to get up close and personal with majestic African wildlife, this destination offers something for everyone. With increased competition among luxury hotels and resorts, prices are expected to drop next year, making it the perfect time to plan your dream vacation to Cape Town.
Bora Bora, French Polynesia
Bora Bora, one of the world’s most luxurious destinations, might just be affordable next year.
“Located in the South Pacific, this remote island offers unprecedented natural beauty and seclusion to those looking to truly get away from it all,” Miller said. “While accommodation prices may be high, it is expected that next year more competitive rates and promotions will be available due to reduced tourism.”
Phuket, Thailand
Thailand has a beautiful coastline and could be a budget destination for those looking for a luxury vacation next year.
“With its stunning beaches, vibrant nightlife and incredible cuisine, Phuket has long been a popular destination for luxury travelers,” Miller said. “However, with the current economic climate, prices are expected to fall next year, making it an even more attractive option for those looking for a luxurious getaway.”
Bali, Indonesia
Bali may see a drop in prices due to lower demand.
“Known for its lush landscapes, spiritual culture and luxurious resorts, Bali has become a premier destination for those seeking a luxury vacation,” Miller said. “From private villas nestled in the jungle to high-end beachfront resorts, there is no shortage of luxurious options in Bali.
“However, with the current decline in tourism, prices are expected to be more affordable next year, making it the perfect time to treat yourself to a lavish vacation to this beautiful island.”
Fred Hoffman, travel expert and founder of The real desertagrees.
“Bali is a popular destination among tourists, thanks to its beautiful beaches, vibrant culture and welcoming locals,” Hoffman said. “However, due to the COVID-19 pandemic and the closure of international borders, tourism has been significantly impacted in Bali. As a result, prices for luxury villas, resorts and attractions are expected to be more affordable next year. This represents an opportunity for travelers to experience the beauty of Bali without breaking the bank.
Santorini, Greece
Greece is a picturesque destination and prices for traveling there could fall.
“Known for its stunning whitewashed buildings, breathtaking views and romantic sunsets, Santorini has been a top destination for luxury travelers for years,” Miller said. “Although prices can be high during the peak season, next year prices are expected to fall due to the decline in international tourism. Now is the perfect time to experience the luxury of this Greek island without breaking the bank.
Hoffman added: “Greece is a Mediterranean paradise known for its ancient history, stunning beaches and delicious cuisine. However, due to the financial crisis in recent years and the impact of the pandemic, Greece is expected to become a more affordable luxury vacation destination next year. This means travelers can experience everything Greece has to offer – from its picturesque islands to its charming towns and villages – without breaking their budget.
London
Jef Henninger, travel agent and founder of Simple Travel Tipssaid 2022 and 2023 were busy years for London tourism and so 2024 may not have the same demand.
“Many people traveled to London for the queen’s funeral and the king’s coronation,” Henninger said. “Most of these people won’t be looking to go back anytime soon. With less demand, prices should be lower.
Paris
Paris is one of the most romantic and expensive luxury vacation destinations. But there might be discounts for some unexpected reason.
“The bedbug invasion of 2023 is currently a very hot topic among travelers,” Henninger said. “Even though I don’t have any statistics yet, I’ve seen a lot of people tell me that they have canceled their trip to Paris. This story is on the minds of many travelers, so we may see a reduction in bookings at least until the first half of 2024. This will drive prices down.
Maui
Maui is beautiful and expensive, and it recently suffered a catastrophic fire that destroyed the historic town of Lahaina.
“The devastation of Maui has led many people to cancel their trips to the island,” Henninger said. “Reducing tourism at least until the first half of 2024 is expected to keep prices lower than usual as the island fights to return to normal. »
US Virgin Islands
Hoffman expects prices to come to the islands to drop due to natural disasters.
“The U.S. Virgin Islands are a group of islands located in the Caribbean Sea,” Hoffman said. “Made up of three main islands – St. Croix, St. John and St. Thomas – it is known for its stunning beaches, clear blue waters and rich cultural heritage. Due to the impact of natural disasters such as hurricanes and restrictions related to the COVID-19 pandemic, the U.S. Virgin Islands has experienced a decrease in tourism. As a result, prices for accommodation, activities and restaurants are expected to be more affordable than in previous years.
Maldives
Hoffman said: “The Maldives is a dream destination known for its crystal clear waters, white sandy beaches and luxurious overwater villas. However, the Maldives has also been affected by the decline in tourism due to the COVID-19 pandemic. To attract more tourists, many resorts and hotels are offering discounted rates and packages for the next year. Now is the perfect time to plan a luxury vacation to this idyllic island destination.
Costa Rica
“Costa Rica is a Central American country known for its lush rainforests, abundant wildlife and breathtaking beaches,” said Hoffman. “With the decline in tourism due to the pandemic, prices for luxury accommodation and activities are expected to be more affordable next year.
“This represents an opportunity for travelers to experience a luxurious and adventurous vacation without spending a fortune. From ziplining through the jungle to relaxing on pristine beaches, Costa Rica has something to offer every type of luxury traveler.
More from GOBankingRates
