Every quarter, Embark Beyond founding partner Jack Ezon releases one of the most talked-about temperature checks in our industry, including a trends report that combines complex data with frontline insights from advisors, hoteliers and customers alike. The Q3 2025 edition pulls no punches: some destinations are soaring, others are stumbling, and the forces behind these shifts tell us not just about economics, but about culture and psychology. Below, I’ve excerpted some of the most compelling regional stories to serve as a reminder that when it comes to luxury travel, even iconic buildings are not immune to change.
France overtakes Italy: Riviera moment
For the first time in recent years, the French Riviera has beaten Italy's Amalfi Coast to become the summer king. Saint-Tropez and the surrounding Côte d'Azur are not only busy but also attractive, attracting tourists from Monte Carlo and Cannes as well.
Italy may still be bustling with activity, but high prices have tourists looking elsewhere. This summer, many are turning to France, where the Riviera beach clubs and relaxed charm shine just as well, and are slightly more affordable. A surprising twist? France ended up being the top destination this season, something that would have seemed unthinkable just a few years ago.
The Paris Effect: Unstoppable Energy
Paris has entered a golden winning streak. After last summer's Olympics, the city has made a comeback, fueled by blockbuster cultural programming, high-fashion moments and even the global Taylor Swift phenomenon. Paris is far from its peak, but it seems to reinvent itself every season, making it a popular city for well-heeled travelers. Whether it’s fashion week, headline exhibitions, or a refreshed dining scene, Paris is that rare destination that continues to gain momentum.
I don't know about swimming in the Seine, though. Would you like to? However, I highly recommend Seine: the river that created Paris Author: Elaine Sciorino. This is a fascinating historical and cultural journey through Siene by a longtime New York Times reporter.
London's luxury downturn
Across the English Channel, London is even more complicated. The city's enduring appeal is undeniable, but it finds itself caught in headwinds: business travel has declined, VAT refunds – once the secret fuel of Bond Street's shopping frenzy – have disappeared, while a spate of luxury hotel openings has tipped the balance. Wimbledon lacked its usual sparkle this summer, with even Art Basel's Paris branch stealing some of the spotlight. For a capital that thrives on international buzz, London can seem strangely depressing.
It’s not that tourists don’t come at all, but their numbers or interest in indulgence aren’t as strong.
Greece: A story of the value of disguise
At first glance, Greece appears to be slipping, with numbers falling compared to its Mediterranean rivals. But really, it’s more of a repositioning. With prices in Italy and France eye-wateringly high, Greece has emerged as a choice for “great value” luxury: still dazzling, still sophisticated, but suddenly priced to seem reasonable by comparison. For those who want to enjoy the charm of the island without the added prices, Mykonos and beyond can quietly satisfy your needs. Greece may be in decline, but it's far from out.
Botswana’s $10,000-a-night question
Demand for safari remains strong, but Botswana – once the undisputed benchmark – is starting to lose ground. Prices approaching $10,000 a night for some campsites proved to be a step too far, and clients turned to Kenya, Tanzania and South Africa, where the experience was just as compelling. Botswana still has incredible wilderness and uniqueness. Still, such high pricing risk is moving from premium to prohibitive. In the world of luxury goods, the distance between exclusivity and excess can be narrow.
takeout
Luxury travel is never static; it changes with the pull of perceptions, prices and culture.
The real advantage for travelers and their advisors is not just knowing where to go, but why timing matters.
