The high cost of luxury travel nowadays.

The travel industry is largely back on track.

The prices in the luxury sector, which increased due to the Covid pandemic, are not returning to normal. Instead, they are continuing to rise each month.

This year, Virtuoso reported that luxury hotel rates have reached "peak levels," with an average daily rate increase of 70% compared to 2019.

According to a company representative, July 2024 is expected to have the highest rate of increase, with an 85% increase compared to July 2019, as stated on CNBC Travel.

The cost of luxury train travel is increasing, with Accor's La Dolce Vita Orient-Express raising its rates by 75% in just 16 months. The starting price for a one-night trip on the train, which will open in Italy in 2025, has gone from 2,000 euros in late 2022 to 3,500 euros ($3,776) last month.

The cost of Belmond's Venice Simplon-Orient-Express train increased from £3,530 in February to £7,060 ($8,925) in March, as per a review of its website.

CNBC Travel received no response from Belmond regarding their request for comment, but Accor stated that pricing and plans are subject to change.

The same reasons that have impacted other sectors, such as inflation, increasing labor costs, supply chain problems, and debt service rates, have led to an increase in travel prices. Despite this, travelers' determination to pay the new rates suggests that the "old" prices for a luxurious vacation may no longer be feasible.

When money is 'no object'

As inflation and rising costs abate, luxury travel prices are holding firm.

Atmosphere Research Group's president, Henry Harteveldt, stated that the demand is there at significantly higher rates.

"Harteveldt stated on "Squawk Box Asia" Monday that money is almost irrelevant to some wealthy and ultra-wealthy travelers. For them, spending 1000 euros, $1,000 or more per night is nothing, as it's like only $250 to most consumers."

Luxury train travel is valued by wealthy travelers for its unique and new experiences, he stated.

"These companies will seize the opportunity to offer exclusivity to their customers while they can."

Where pricing matters

Harteveldt stated that budget and mid-scale travel sectors will experience lower costs due to competition among price-conscious travelers.

"As the hotel sector grows, budget and midscale hotels are among the fastest-growing categories. They offer lower pricing as they expand or open new properties."

Although booking early can save money on airfares, hotel pricing operates differently, he stated.

"Harteveldt stated that hotels offer refundable and changeable rates, as he has observed that hotel rates can decrease by $25 or more per night closer to the check-in date if demand is not as expected."

'The luxury boom continues'

Despite the strong demand for travel, some survey respondents are starting to feel the financial strain.

Dave Goodger, managing director for Europe, the Middle East and Africa at Tourism Economics, an Oxford Economics company, stated that this isn't affecting the luxury travel sphere at the same level.

Despite the economic downturn in certain developed markets, the luxury market is still thriving, according to the source's statement to CNBC Travel.

Luxury experiences are becoming increasingly expensive, according to industry experts.

"He stated that the increase in luxury experiences among some travelers is due to their improved financial status, including healthy income, wealth levels, and savings."