Yahoo Finance 11 Expensive Vacation Destinations That Will Be Cheaper in 2024
Travel has been crazy the past few years. After the pandemic, many people took to the skies and traveled all around the world in 2021 and 2022.
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But the rise in interest rates, mass job layoffs and a struggling economy might lead to less demand for travel in 2024. This means there are some deals to be had for those planning to travel next year.
We interviewed luxury travel agents and travel experts to get the scoop on some high-end vacation destinations that might 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 for lower prices in Cape Town next year.
“Known for its stunning landscapes and vibrant culture, Cape Town has long been a favorite among luxury travelers,” Miller said. “From wine tastings in the picturesque countryside to safari adventures that allow you to get up close and personal with Africa’s majestic wildlife, this destination offers something for everyone. With increased competition among luxury hotels and resorts, prices are expected to decrease next year, making it an ideal time to plan your dream vacation to Cape Town.”
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Bora Bora, French Polynesia
One of the most luxurious destinations in the world, Bora Bora might actually be affordable next year.
“Located in the South Pacific, this remote island offers unparalleled natural beauty and seclusion for those looking to truly escape,” Miller said. “While prices for accommodations can be steep, it is expected that next year there will be more competitive rates and promotions available due to the decrease in tourism.”
Phuket, Thailand
Thailand has a beautiful coastline and might be a discount destination for those looking for luxury vacations 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 decrease next year, making it an even more attractive option for those seeking a luxurious escape.”
Bali, Indonesia
Bali may see some lower prices due to decreased demand.
“Known for its lush landscapes, spiritual culture and luxurious resorts, Bali has become a top destination for those seeking a luxury vacation,” Miller said. “From private villas nestled in the jungle to upscale beachfront resorts, there is no shortage of luxurious options in Bali.
“However, with the current decrease in tourism, prices are expected to be more affordable next year, making it an ideal time to indulge in a lavish vacation on this beautiful island.”
Fred Hoffman, travel expert and founder of The True Wilderness, agrees.
“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 presents 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 might be on the way down.
“Renowned for its stunning white-washed buildings, breathtaking views and romantic sunsets, Santorini has been a top destination for luxury travelers for years,” Miller said. “While prices can be steep during peak season, next year is expected to see a decrease in prices due to the decline in international tourism. This makes it 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 be a more affordable luxury vacation destination next year. This means that travelers can experience all that Greece has to offer — from its picturesque islands to its charming cities and villages — without breaking their budget.”
London
Jef Henninger, travel agent and founder of Simple Travel Hacks, said 2022 and 2023 were busy years for tourism in London so 2024 might not have the same demand.
“A ton of people went to London for the queen’s funeral and the king’s coronation,” Henninger said. “Most of those people won’t be looking to go back so soon. With less demand, the prices should be lower.”
Paris
Paris is one of the most romantic, and expensive, luxury vacation destinations. But there could be some discounts due to an unexpected reason.
“The bed bug invasion of 2023 is a very hot topic among travelers right now,” Henninger said. “While I don’t have any stats yet, I have seen a lot of people tell me that they’ve canceled their trip to Paris. This story is top of mind for many travelers, so we could see reduced bookings into at least the first half of 2024. This will bring down prices.”
Maui
Maui is beautiful and expensive, and it recently suffered a catastrophic fire that destroyed the historic town of Lahaina.
“The devastation of Maui led to a lot of people canceling their trips to the island,” Henninger said. “Reduced tourism at least through the first half of 2024 should keep prices lower than usual as the island fights to get back to normal.”
US Virgin Islands
Hoffman expects lower prices for coming to the islands 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 COVID-19 pandemic restrictions, the U.S. Virgin Islands have seen a decrease in tourism. As a result, prices for accommodation, activities and dining are expected to be more affordable compared to previous years.”
Maldives
Hoffman said, “The Maldives is a dreamy destination known for its crystal-clear waters, white sand 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 next year. This makes it a 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,” Hoffman said. “With the decrease in tourism due to the pandemic, prices for luxury accommodations and activities are expected to be more affordable next year.
“This presents an opportunity for travelers to experience a luxurious and adventurous vacation without spending a fortune. From zip-lining through the jungle to relaxing on pristine beaches, Costa Rica has something for every type of luxury traveler.”
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