Rise of Luxury Experiences: Why Travelers Are Choosing Memories Over Material Goods

Rise of Luxury Experiences: Why Travelers Are Choosing Memories Over Material Goods

Experience-driven luxury companies have significantly outperformed the broader luxury sector, reflecting growing demand for travel, wellness and premium experiences.

Luxury spending has long been associated with the purchase of high-end products such as designer handbags, watches and jewellery. Yet consumer preferences are evolving. Increasingly, luxury is being defined not only by what people own, but by what they experience. Travel, wellness, personalised services and cultural enrichment have become powerful drivers of spending among affluent consumers.

Since the pandemic, this shift has accelerated. Travellers are placing greater value on meaningful experiences, personal well-being and memorable journeys. Luxury tourism revenues have already surpassed pre-pandemic levels, supported by strong demand for premium hotels, cruises and wellness retreats. Industry estimates suggest that the global luxury travel market reached approximately $1.6 trillion in 2025 and is expected to continue growing at high-single-digit rates for the foreseeable future.

Financial Markets Are Reflecting the Trend

The impact of this shift extends beyond consumer behaviour and is increasingly visible in financial markets. As illustrated in this month’s chart, companies exposed to luxury travel, hospitality and wellness experiences have significantly outperformed the broader luxury sector over the past two years, suggesting investors are recognising the strength and durability of this structural trend.

Viking Holdings: Travel as an Experience

One of the clearest beneficiaries of this trend is Viking Holdings. Unlike traditional cruise operators focused on mass-market entertainment, Viking has built its brand around destination-focused travel experiences designed for affluent travellers seeking enrichment and discovery.

The company reported revenue growth of nearly 22% in 2025, reaching $6.5 billion, while maintaining occupancy levels of around 95%. To address rising demand, Viking plans to add 27 new river ships by 2028 and 10 additional ocean ships by 2031. These investments reflect management’s confidence that demand for experiential and destination-oriented travel will remain strong.

Premium Hospitality Continues to Expand

The same trend can be observed across the luxury hotel industry.

Hilton now operates more than 500 luxury properties across brands including Waldorf Astoria, Conrad and NoMad, while continuing to expand its flagship destinations in key markets. Marriott, through brands such as Ritz-Carlton, St. Regis and JW Marriott, continues to benefit from strong global demand for premium accommodation and exclusive travel experiences. With nearly 1.8 million rooms worldwide and more than 600,000 rooms in its development pipeline, Marriott is investing heavily to capture future growth.

Both companies have highlighted a growing preference for personalised service, exclusive destinations and memorable experiences as travellers choose to spend more on unique journeys and premium hospitality.

Wellness Becomes a Core Luxury Category

Beyond transportation and accommodation, wellness has become one of the most important pillars of the luxury experience economy.

This creates a significant opportunity for OneSpaWorld, the leading provider of wellness services onboard cruise ships and at resort destinations. The company operates more than 200 wellness centres, serves over 28 million cruise guests annually and controls more than 90% of the outsourced maritime wellness market. In 2025, OneSpaWorld generated record revenue of approximately $961 million, supported by growing demand for fitness programmes, nutrition services, medi-spa treatments and broader wellness-focused experiences.

Perhaps most importantly, wellness is increasingly viewed as an integral component of luxury travel rather than an optional add-on. Consumers are seeking experiences that contribute not only to enjoyment, but also to personal well-being.

The Future of Luxury

Taken together, the success of Viking, Hilton, Marriott and OneSpaWorld highlights a profound shift in luxury consumption.

Luxury goods remain an important part of the market. However, some of the strongest growth is now coming from experiences that offer discovery, wellness and personal enrichment. Both high-net-worth individuals and younger affluent consumers are prioritising travel, cultural experiences and self-care over the acquisition of additional material possessions.

The implication is clear: the future of luxury may be defined less by what people own and more by where they go, what they experience and how those experiences enrich their lives.

Written by Maria Hernandez Sanchez

Download PDF version: Chart of the Month_September 2026

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