The Paradox of Progress
AI, emotion and caution are redefining luxury travel for the world’s wealthiest. Davin Reid-Montanaro gives a tour of the new landscape
As luxury brands look ahead to the remainder of 2025 and beyond, one thing is clear: high-net-worth individuals (HNWIs) are spending differently. They’re not only wealthier – with the global number of billionaires projected to grow by 40 per cent in the next two years – but they’re also more cautious, more intentional and more emotionally engaged with how and why they spend.
At Fox Communications’ recent Luxury Insights 2025 event, we at Agility Research presented a set of data that unveiled the evolving psyche of the luxury consumer. With an emphasis on AI, emotional connection and cultural enrichment, our research offers a roadmap for how the world’s wealthiest are approaching their spending, travel and engagement with brands in a time of transformation.
A Surge In Wealth, Tempered By Caution
One of the most striking statistics we’ve come across is the extraordinary growth in global billionaire numbers. A 40 per cent increase is expected worldwide over the next two years. In the UK alone, that figure is even more pronounced: the country has already seen an 86 per cent increase in billionaires since 2022 and a further 40 per cent jump is anticipated by 2026.
Yet, despite this rapid accumulation of wealth, HNWIs are not spending recklessly. In fact, UK-based consumers are among the most cautious in the world when it comes to expectations for income and investment growth – second only to Japan. Compared to more optimistic markets such as India, UK HNWIs are approaching their finances with a measured mindset, reflecting a growing desire to ensure value, quality and personal relevance in their spending.
Fewer Trips, Higher Spend And A Shift In Priorities
One of the most notable behavioural shifts is in luxury travel. While travel continues to be a core pillar of the HNWI lifestyle – accounting for 25 per cent of their total share of wallet – the frequency of travel is decreasing. Instead, individuals are spending more on fewer trips, seeking depth over breadth and meaning over motion.
Our data reveals that while only around a third of HNWIs plan to increase airline and hotel spend in the next six to 12 months, those who do are hyper-focused on maximising the impact of each journey. The travel experience is no longer about ticking off destinations – it’s about crafting deeply personal, emotionally rich experiences that leave a lasting impression.
Europe (excluding the UK) is leading the pack in terms of destination appeal. Italy, in particular, has surged in popularity, while France has seen a decline – dropping from the second most popular destination to fifth. This 10 per cent shift from 2023 figures suggests a more curated approach to travel, driven not by prestige, but by cultural allure.
Immersion Over Indulgence
Cultural immersion has become the number-one driver of travel choices, surpassing even shopping, which ranks third. HNWIs increasingly want to feel embedded in the culture of the places they visit – eating where locals eat, discovering lesser-known experiences and connecting authentically with their surroundings. And they are turning to technology, particularly AI, to help them achieve this.
More than 30 per cent of HNWIs are now using a blend of digital and physical channels to research, plan and preview their trips. Virtual reality tours and AI-driven recommendation engines are allowing users to ‘demo’ destinations and experiences before booking, providing a deeper sense of control and personal alignment.
Crucially, 75 per cent of those surveyed believe that AI recommendations for travel and vacation planning will outperform human equivalents within the next 12 months. These consumers are not just willing to engage with AI – they actively trust it to understand and serve their needs.
Yet the data also reveals a meaningful contradiction: 40 per cent of respondents remain cautious about AI. They acknowledge its utility, but also express a need for balance. The takeaway? Innovation is welcomed, but not if it comes at the cost of humanity.
The Rise Of Emotionally Intelligent Luxury
At the heart of this data lies a powerful undercurrent: a desire for human connection. While AI tools offer scalability, precision and personalisation, HNWIs are not seeking automation alone. They want emotional resonance. They want to feel seen, heard and understood – not just efficiently served.
This is particularly vital for luxury brands, which have always thrived on intimacy, storytelling and exceptional service. As the digital age accelerates, the most successful brands will be those that use AI not as a replacement, but as a bridge – a tool that enhances the human touch rather than eliminating it.
Whether it’s AI-curated itineraries that reflect a traveller’s personal history, or VR experiences that emotionally prime a guest before arrival, the future lies in the thoughtful fusion of intelligence and empathy.
The Digital-Savvy, Experience-First Consumer
Our research also highlights a generational evolution in how HNWIs gather information. The luxury consumer of 2025 is more digitally fluent than ever. They know how to navigate social media, filter recommendations and use emerging platforms to shape their decisions. In fact, 10 per cent more HNWIs are planning to spend on luxury experiences in 2025 compared to 2024, signalling not just growing wealth, but growing clarity in what matters to them.
The implication is clear: brands that fail to meet these consumers at the intersection of emotional value and technological ease will be left behind. But for those that can deliver meaningful, personalised experiences – blending the magic of human connection with the power of AI – the opportunity is vast.
The Takeaway: Tech-Powered, But Human-Led
Research is more than a snapshot of current luxury trends – it’s a signal of where the industry is heading. From booming billionaire populations to digitally led cultural immersion, the narrative of luxury is changing.
In this new era, AI is not the star of the show – it is the stagehand. The spotlight remains on the human experience: rich in emotion, steeped in culture and intentionally crafted. The brands that succeed will be those that understand how to choreograph both.
As we look towards the next chapter in luxury, the path forward is clear: personalise boldly, connect deeply and never underestimate the value of the human touch.
Davin Reid-Montanaro is director of data and analytics at Agility Research with over 15 years of experience in data analytics, business intelligence, and product management. He has developed an AI-driven analytics platform for workspace management and launched a quarterly workplace index report, serving over 50,000 customers. With a focus on leveraging data to drive strategic insights and decision-making, David has helped shape long-term corporate strategies across various sectors.
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