• Traditional luxury vacations are evolving as the travel industry expands.
• Gen Zers now have more of a say, changing how the wealthy travel.
• From 'coolcations' to hyper-specific wellness getaways, these are the new trends to know.

Who cares about luxury bags, watches, or coats when you can put that money toward your next lavish trip?

That seems to be the thinking of some wealthy consumers right now, as demand for luxury goods slows, but travel and experiences continue to gain traction, according to Bain's latest deep dive into the luxury industry.

The type of people spending more on travel is also changing. Notably, younger, aspirational travelers are entering the mix. They want to ensure their trips are stress-free, value-oriented, and full of high-end experiences.

With the industry expanding and younger generations coming into the fray, the classic luxury holiday involving lounging around a 5-star hotel by the beach isn't quite cutting it anymore.

Here's a closer look at luxury travel trends that are picking up speed heading into the new year:

Social media is dictating wealthy travelers' itineraries, thanks to Gen Z

When it comes to luxury family vacations, Gen Z is increasingly calling the shots.

Inspired by social media and what they want to post on their Instagram and TikTok accounts on holiday, younger travelers are becoming more opinionated about the activities they want to do and the destinations they wish to visit.

Julia Carter, the founder of the luxury travel agency Craft Travel, told Business Insider that the phenomenon has become increasingly pervasive. Now, roughly 80% of family trips her company organizes are influenced by Gen Zers, who suggest destinations and activities based on what they've seen on social media.

"It's definitely the hotels that they're most interested in," Carter said. "You can go to London or Paris, but unless you get these money shots, as they say, how do you show that you really did it in style? The hotel is the proof."

Health and wellness are top of the holiday agenda

Wellness tourism is growing, and it's getting a lot more specific, according to luxury travel network Virtuoso's 2025 trend report.

From genetic testing and menopause therapy to virility treatments and brain-boosting, luxury hospitality venues tapping into wellness tourism are popping up around the world, the report said.

Slow travel isn't going anywhere

Black Tomato has also seen demand increase for what it dubs "silent travel," whereby clients who predominantly live in big cities seek intentional, quiet resets away from the hustle and bustle.

These vacations can last as long as a month, aligning with the already popular slow travel movement, which has seen people crave longer and less rushed holidays.

Samy Ghachem, general manager of La Dolce Vita Orient Express, told BI that he calls the movement "slow cruising" and said it originated shortly post-COVID-19.

Since then, Ghachem said: "People have developed an appetite, an interest, a desire to slow down, to increase the quality of the experience, and to appreciate that experience more."

The rich are paying to 'get lost' on vacation

One of the quirkier trends set to pick up speed is a desire among travelers to challenge themselves in the wild.

As Scott Dunn, a luxury travel agency founded in the UK, reports in its "What's Hot for 2025" report, there's a growing interest in remote experiences with clients seeking "to step out of their comfort zone, and use travel as a medium for discovery, deep immersion and transformation."

Black Tomato offers a "Get Lost" service, where clients are challenged to find their way out of a remote destination while being monitored by a support team.

Travelers who book the service often don't know the terrain or what they will be required to do upon arrival, but that appears to be exactly the point.

They're also loving the luxury all-inclusive

Luxury all-inclusive trips also seem to be having a moment.

Travel agent Fora told BI it's seen a 324% increase year-over-year in bookings across top-booked all-inclusive brands in 2024. Scott Dunn also listed the luxury all-inclusive as a key travel trend for 2025.

While convenience and the feeling of luxury for decent value are big draws, all-inclusive resorts that offer more than relaxing by a beach are among the most popular options.

As Scott Dunn reports, clients are booking all-inclusive venues that "go beyond the typical 'fly and flop' beach hotel to encompass everything from safari camps and remote lodges, to cruise journeys and wellness retreats."

Wealthy travelers pay big bucks for unique experiences

From flying to Texas for the best views of the solar eclipse this year to heading to Australia to catch a glimpse of the rare pink Lake Hillier or the Namib desert for the fairy circles, Black Tomato and Scott Dunn report seeing an uptick in clientele crafting itineraries around "once-in-a-lifetime" moments in nature.

The trend aligns with the "last chance tourism" trend that Will Bolsover, founder and CEO of Natural World Safaris, told BI is gaining momentum.

"We're seeing more of our clients booking trips and requesting experiences because they know they might not always be available," he said. "Sometimes these requests are related to specific iconic locations that are at threat of climate change, such as travelers wanting to see Mount Kilimanjaro while there's still snow at the peak and seeing Antarctica before the ice melts," he added.

They're swapping the beach for 'coolcations' in the summer

Some wealthy travelers are booking escapes to destinations known for cooler summer temperatures, a switch from the traditional desire to head to the beach.

Scott Dunn, for example, reported a 26% increase in bookings for trips to Finland and Norway this summer, while Luggage Forward, a global door-to-door luggage delivery service, said it's seeing more of its clients head to cooler destinations.

"With most of our clients being US city dwellers, we are seeing a rise in their interest in more remote, colder countries," Luggage Forward's co-CEO Audrey Kohout said. "This kind of travel is more adventurous than your typical summer beach vacation, with outdoor winter activities like skiing being the focal point of many of these trips."

Luxury vacations offering access to racket sports are all the rage

Sports like padel and pickleball are growing in popularity in the US, and the desire to keep playing on holiday is taking hold.

According to Virtuoso's 2025 travel report, luxury resorts are increasingly building "state-of-the-art" courts and facilities for racket sports to attract wealthy guests.

Dubbed the "racketeering trend," pioneers of the sports/luxury travel combo include the British billionaire Virgin Group founder Richard Branson, whose exclusive Necker Island retreat now houses courts for padel, pickleball, and tennis.

• Emily Schildt, 37, is a veteran brand marketer and CEO of Pop Up Grocer, a boutique grocery store.
• Pop Up Grocer, which has been called NYC's answer to Erewhon, has plans to expand across the US.
• Its success thanks to Gen Z viewing a pantry stocked with pricey snacks as a status symbol.

Emily Schildt is a millennial, but if you peeked into her pantry, you could easily mistake her for Gen Z.

Bank of America reported Gen Z customers spent more at premium grocery stores than any other generation in 2024. Younger consumers are more likely to buy luxury grocery items as they become priced out of more expensive purchases, like a house or designer handbag.

Schildt, 37, gets the hype. The self-proclaimed "peanut butter connoisseur" currently has two spreads on rotation in her Brooklyn home: One Trick Pony Nuts, a peanut butter made of Argentine peanuts and Patagonian sea salt, and Pistakio's pistachio spread. Together the two jars retail at over $25.

Schildt, the CEO of Pop Up Grocer, is accustomed to the price of luxury condiments. She launched the boutique grocery store in 2019 to spotlight the newest modern food and beverage brands.

The brand's first brick-and-store opened last year in the West Village. TikTokers dubbed Pop Up Grocer as New York City's answer to Erewhon — an upscale market chain in Los Angeles known as a celebrity hotspot and for pricing essentials like milk for $20.

Schildt was working as marketer for small food companies and saw firsthand how difficult it was for her clients to succeed at large retailers.

"You can obviously have a great product and a wonderful story to tell, but ultimately, it was really difficult, if not impossible, to find a shelf on which to sell your product," Schildt said.

That realization led her to launch Pop Up Grocer in 2019. Schildt told Business Insider, "I started as a single pop-up store here in New York and it was just 10 days long and it was really successful. So we went on to do nine more of those." Pop up Grocer raised a $3 million seed round in 2021.

Now, the company has evolved into a permanent store. Schildt said the store, which opened in 2023, has been successful "in terms of year-over-year growth."

"We have been fortunate to operate every unit since our start profitably," she said, adding "I'm very proud and excited about that."

"Now we are putting plans in place and making inroads to open a second store," she said.

Gen Z is redefining groceries as a luxury

The last four years haven't been without challenges.

First, there was the not-so-small hurdle of launching Pop Up Grocer during a worldwide pandemic. "It was wild," Schildt said, adding that she felt it has had a lasting impact on consumers.

People might be more "flush with cash" nowadays, she said, but "they're being very reserved about how they're spending it."

However, one demographic isn't afraid of splurging on pantry products: Gen Z. BI previously reported that Gen Zers are spending more on expensive snacks, food, and beverages than ever.

Schildt echoed this, telling BI the generation has redefined groceries as "a more accessible luxury product."

"A $20 Hailey Bieber smoothie from Erewhon might give you some clout among your peers and social audience," she said. Similarly, at Pop Up Grocer, some of the most expensive snacks have the highest sales in revenue.

A $20 Coconut Cult yogurt is small potatoes compared to a luxury handbag, but it still gives you a feeling of indulgence, Schildt said.

The Sephora of Food Retail

Like many CEOs, Schildt does some of her best problem-solving and ideating on the shop floor.

"I learned that I didn't really know my customers at all until, you know, I sat in our café for a week and watched how people use the store, what they're buying, and how they interact with our team."

It's a strategy that Schildt used long before she opened the first Pop Up Grocer store.

When asked about the Erewhon comparisons, Schildt said, "Erewhon is my Mecca," adding, "I went many times as a point of inspiration for starting my business. To go in there and to find camel milk as a concept was really sort of inspiring."

In the aisles of Erewhon, Schildt asked herself: "If I'm using the store in this way for discovery and inspiration, why isn't there a store that is created specifically for that purpose?"

Enter Pop Up Grocer.

"Ultimately, our goal is to be the Sephora, if you will, of food and beverage, of grocery," she said, "a place for discovering new brands and new products, for prioritizing, as a company, new brands and underrepresented and under-resourced founders across the US."

Aspirational grocery shopping is a promising market for Schildt to bet her success on. Erewhon made an estimated profit of $171 million last year and told Bloomberg it averages four times the annual revenue per square foot of other groceries. Bayley & Sage, a luxury independent grocery store in London, saw a 29% increase in revenue last year, according to the Financial Times.

Schildt wouldn't say where she plans to open the next Pop Up Grocer, though Los Angeles, a hub for the rich and famous of America, does seem like a logical next step.

If Pop up Grocer does head west, Erewhon should brace for some friendly competition, which Schildt said is necessary to grow the category.

"The more the merrier," she added.

• New legislation in New York intends to crackdown on the black market for restaurant reservations.
• The law will restrict third-party agents from selling reservations to the highest bidders.
• New York's Gov. Kathy Hochul says it gives everyone "a chance to get a seat at the dinner table."

For the last few years, New York's dining scene hasn't exactly been a democracy.

From Reddit users scalping coveted restaurant spots for $1,500 to third-party agents using AI bots to hoard reservations and sell them to the highest bidders, eating out in New York evolved into a gamified legal black market where the biggest spenders stood a better chance at winning a seat at the table.

Now, a new law, signed by New York Gov. Kathy Hochul on Thursday, seeks to democratize New York's renowned dining culture.

Legislation S.9365A/A.10215A prohibits "third-party restaurant reservation services from arranging unauthorized reservations," per the governor's website.

It intends to crack down on the "predatory marketplace" that requires diners to either pay extra before they set foot in a restaurant or make it "inaccessible" for those who refuse.

"New York is home to some of the best restaurants in the world, and whether you're returning to your favorite local spot or trying out the latest in fine dining, you deserve a fair system," Gov. Hochul said.

New York State Restaurant Association President and CEO Melissa Fleischut, echoed Gov. Hochul and said AI bots stockpiling reservations have "wreaked havoc" on New York restaurants by increasing "no-show" rates.

"Food and beverage orders, employee schedules, and many other aspects of a restaurant rely on accurately predicting how many customers will show on a given night," Fleischut said.

The bill doesn't impact legitimate reservation platforms like SevenRooms and Resy, which work directly with restaurants.

Not everyone is convinced legislation S.9365A/A.10215A will protect both businesses and consumers.

Speaking to Bloomberg, Jonas Frey, who founded the Appointment Trader website, said New York's dining scene will still favor the rich who can splurge on concierge services or book via prepay sellers.

"If Appointment Trader were to shut down tomorrow in New York City, no one that doesn't have a relationship or doesn't want to prepay $1,000 would be able to go to Carbone or 4 Charles Prime Rib or Tatiana for that matter," Frey, whose website will be impacted by the new law, said.

• Luxury brand Hermès is best known for its handbags, which can start at around $10,000.
• Its artistic director, Pierre-Alexis Dumas, said they were not "expensive," but "costly."
• Expensive is "a product which is not delivering what's supposed to deliver," he told "60 Minutes."

Would you call a $10,000 bag expensive? Pierre-Alexis Dumas, the artistic director of the luxury brand Hermès, would disagree.

In an interview on "60 Minutes" that aired Sunday, Dumas said the 186-year-old luxury fashion house's bags weren't "expensive" but "costly."

Hèrmes is perhaps best known for its Birkin bag, a tote the brand introduced in the 1980s that starts at around $10,000 but, in some variations, can cost six figures.

Expensive means "a product which is not delivering what it's supposed to deliver, but you've paid quite a large amount of money for it, and then it betrays you," Dumas, 58, said.

He said a "costly" product is priced highly because it is made "properly, with the required level of attention, so that you have an object of quality."

Dumas, who became artistic director of Hermès in 2005 and whose father was CEO of the Hermès group, said each bag the company sell is hand-sewn with its saddle-stitching by artisans trained for the task for years.

The limited resources and time required to complete a product contribute to the final price, which can also depend on size and materials.

Even the rich struggle to get their hands on Hermès bags

Even if Hermès clients have the money to splurge on a Kelly (named for Grace Kelly) or a Birkin (named for British actor Jane Birkin), they might have to wait years for it.

Martin Roll, global business strategist and senior advisor at consulting giant McKinsey, told Business Insider Hermès' brand identity is centered on the scarcity of its product.

Roll said this strategy was critical to the brand's longevity and ability to withstand tougher economic cycles, such as the slumping demand in China that is hitting the luxury industry.

"They know very well that, like all the luxury brands, Hermès could run the risk of being over-saturated," Roll said, adding that the brand's continued family ownership is also an advantage.

"You have that stability in the ownership," he said. "And you have leadership stability."

On "60 Minutes," Dumas dismissed rumors that Hermès artificially drums up the scarcity of its product, saying, "That would require a marketing department, which the Maison doesn't have."

"I always like to say Hermès is an old lady with startup issues," he said.

He also denied that the brand withholds bags to add to their scarcity.

"Whatever we have, we put on the shelf, and it goes," he added.

• Alfonso Cobo, 32, bought a three-bedroom apartment in an old Tribeca warehouse for $4.6 million in 2022.
• The tech entrepreneur, who studied architecture, spent $1 million making it a bachelor pad.
• Cobo sold his loft to pursue a bicoastal lifestyle and more renovation projects worldwide.

In 2022, Alfonso Cobo was on the hunt for new digs in Manhattan when he decided to look at listings in Tribeca.

Cobo, originally from Spain's Canary Islands, lived in a handful of New York City neighborhoods over the course of eight years.

"I've done this thing of moving a lot from Brooklyn to Manhattan," Cobo, a 32-year-old serial tech entrepreneur and the founder of social media platform Hypelist, told Business Insider. "Tribeca was a neighborhood I had never tried."

Eventually, he came across a listing for a three-bedroom apartment in The Fairchild, a seven-storey converted warehouse built in the 1880s.

"It was very, very dated. Everything was super white, dark floors, glossy white kitchen cabinets," Cobo said. "It just wasn't me at all. It didn't have the level of warmth I wanted. It didn't have any personality."

But Cobo isn't one to shy away from a project — so he took a leap and bought the 2,000-square-foot apartment for $4.6 million.

Cobo was dead-set on the apartment and paid 8% over the asking price.

Three years before buying the Tribeca loft, Cobo sold a social media app he created to Squarespace for $50 million.

As much as he might fit the bill of a tech entrepreneur, he says he feels like a designer first and foremost.

"Even though I didn't love architecture as an industry as a whole when I used to like work there," Cobo added, "I did really miss that physicality of designing spaces."

That itch to create is partly why he felt he could take on a real estate project as extensive as this — and was willing to pay 8% above the asking price.

"I do love putting all my passion and love into designing my own spaces."

Cobo enlisted British designer Helena Clunies Ross and spent $1 million on a renovation.

Cobo, who has an architecture degree from a British university, credits Ross with encouraging him to work in "unconventional" design choices that took his home "to the next level."

"We put a lot of effort in doing a really high-end renovation," he said.

The process ended up costing Cobo $1 million as it involved spending on a number of custom-designed features.

He estimates that about 80% of the interiors and furnishings are customized.

From the sofas and curved windows to the lamp in the dining room that spirals down from the 21-foot ceiling and the metal-clad library, almost every inch of the apartment was tailor-made to suit Cobo's personality and style, including nods to his Mediterranean heritage.

One of his favorite features is the dark gray kitchen island, which he said and Ross spent "weeks and weeks" picking out.

Cobo's priority was sourcing unique and high-quality materials, which meant the space turned out far from the "sad beige" aesthetic often associated with millennials.

"Even though I'm quite minimal when it comes to design, there's a lot of layering and a lot of texture," he said.

The apartment originally had three bedrooms, but Cobo ditched two of them.

Having found success at a relatively young age, Cobo said he didn't feel the need to have an additional two bedrooms.

"I don't have a family, I'm still single, so I really created a space that fulfilled my needs at the time."

What eventually turned into his bachelor pad was an oasis within the hustle and bustle of NYC where Cobo could work, be social with friends, work, and disconnect. "I really wanted to adapt the space to those needs."

Not having a guest room wasn't an issue, Cobo added. If his parents visited, for example, they got the bedroom while he set up camp on the couch.

One of his favorite features is a 16-foot olive tree that required a crane to install.

Given the apartment's modern design, Cobo wanted to add a more earthy element to his home.

The result was a huge 16-foot olive tree, which sits on the first floor and was no small feat to install.

"To bring that in, we actually had to close the traffic in the street, bring in a crane, crane the tree up, and then fit it through a really small window," he said.

It was "a whole thing," Cobo said. And for a moment, he had real doubts the tree would ever get into the loft.

But when it finally did, he said "it changed the space completely and brought that added missing piece of nature."

Cobo just sold the apartment for almost $7 million.

Working with Jessica Markowski, an agent from NYC real estate firm Serhant, Cobo said it took about three months to find the right buyer.

This week the loft sold for $6.9 million — making it one of the most expensive one-bedroom sales in Manhattan this year, he said.

Cobo wouldn't be drawn on the new owner, but said the individual shares a similar lifestyle and aesthetic.

And while he's renovated a handful of residences before, letting go of his Tribeca apartment wasn't easy. "I was quite emotional because I put so much of myself in it."

Cobo is already busy with new renovation projects.

Cobo's decision to sell the loft was prompted by increasingly dividing his time between New York and California.

As well as working on his latest tech venture, he's also looking ahead to future renovations through his real estate company, Olivar.

Creating beautiful homes is one of his "passion projects," Cobo said, adding that he has projects underway in the US, Bali, and Spain.

"I'm always thinking about what the next thing is, what I can build next, what I can renovate."

• Chanel announced Matthieu Blazy is taking over as the house's artistic director.
• Blazy, coming from Bottega Veneta, is stepping into a coveted role once held by Karl Lagerfeld.
• He helped Bottega Veneta defy the luxury slump, but skeptics question if he can fill Lagerfeld's boots.

After months and months of rumors, Chanel has finally named its new artistic director.

Late Thursday evening, the century-old French Maison announced that 40-year-old Parisian designer Matthieu Blazy is getting one of the most coveted roles in fashion.

Blazy, who spent the last three years steering the ship at Bottega Veneta, is replacing Virginie Viard, a Chanel stalwart who stunned the industry by stepping down from the role in June after five years.

Viard was a longtime collaborator and protégé of Karl Lagerfeld, who became synonymous with Chanel after holding the title of creative director for over 30 years until his death in 2019.

Following Blazy's appointment, Alain Wertheimer, Global Executive Chairman, and Leena Nair, Global CEO of Chanel, released a joint statement calling him "one of the most gifted designers of his generation."

While they are "confident" he can "write a new page" in Chanel's history, industry insiders will withhold judgment until his first collection debuts in September 2025.

"He's created a name for himself, and it's true that Bottega has become one of the biggest brands lately, and the turnaround has been fantastic," Blanca Zugaza Escribano, a fashion and luxury consultant at Metyis, told Business Insider. "But is he at the level of a Karl Lagerfeld?"

The biggest shoes in fashion to fill

What Blazy does have going in his favor is that he helped Bottega Veneta, where British Louise Trotter will be taking up the mantle, remain resilient amid an industry-wide slump.

Out of the top brands owned by Kering, including Gucci and Saint Laurent, Bottega Veneta was the only one to deliver positive earnings in its most recent quarter. Revenue was at €397 million ($416 million), up 4% year-on-year.

"My impression is that he will be a committed brand steward who respects the history and heritage of Chanel while innovating for the future," Milton Pedraza, CEO of the Luxury Institute, told BI.

Still, Bottega Veneta's recent successes pale compared to the stable growth of fashion heavyweights like Hermès and Chanel, which, unlike many of their luxury peers, have avoided chopping and changing leadership and chasing trends to bolster sales and brand growth.

Escribano said that Chanel's strategy is similar to that of Hermès, which Martin Roll, global business strategist and senior advisor at consulting giant McKinsey, previously told BI is a brand that has found success by playing the long game with "stability in the ownership" and "leadership stability."

Escribano said it's surprising Chanel is looking for a new designer to inject new energy and vision.

"People are not tired or bored of the classic Chanel," Escribano said. "If something's not broken, why fix it?"

While Blazy will technically be stepping into Viard's shoes, her links to Lagerfeld leave little doubt that it's actually the legacy of the late German designer that Chanel's newcomer has to live up to.

"He's young, and he's modern for a role that's so iconic and classic," Escribano said.

One of the biggest challenges will be whether Blazy can align himself with Chanel's CEO and team, who have been there since Lagerfeld's days.

To follow in Lagerfeld's footsteps, Pedraza said Blazy will have to be the kind of creative director who can "seamlessly optimize, not compromise, the brand past and present with the brand future."

"The best creative directors can leave the brand better than they found it through innovation while maintaining the DNA and identity of the brand," he said.

• Dubai is scrambling to build opulent mansions and apartments to accommodate a wave of rich expats.
• If you can find one up for sale, a luxury home in Dubai is still cheap compared with New York or London.
• The priciest property on the market is a $134 million coastal villa with views of the Burj Khalifa.

The world's rich have a soft spot for Dubai for its prime location between the East and West, its golden visa scheme — and lack of income tax.

The rate at which they're moving to Dubai, with businesses and families in tow, means developers are scrambling to build more luxury accommodation.

Property prices in the emirate are expected to rise by 8% in 2025, but real estate agents tell Business Insider that Dubai is still a buyer's market.

"When you put Dubai on the global stage, and you're looking at relative affordability and affordable luxury, it's still reasonably priced compared to elsewhere in the world," Faisal Durrani, Knight Frank's head of research for the Middle East and North Africa, told BI.

Seconding Durrani's perspective is B1 Properties, a brokerage catering to ultra-high-net-worth individuals.

It's listing the most expensive property in Dubai —  a 495 million dirhams ($134 million) villa on Jumeirah Bay Island, one of the city's four prime neighborhoods.

Take a look inside.

The $134 million villa is one of seven nestled by the water within Dubai's Bulgari Hotel and Resort.

Branding and scarcity are two of the most critical factors in determining real estate prices in Dubai, a B1 Properties representative told BI.

They said this property has both as its under the Bulgari Hotel and Resort umbrella and one of only seven villas on the coastline.

The mansion, which covers about 20,000 square feet, is a touch less than the 12,500-square-foot penthouse in New York City that reportedly broke the record for Manhattan's most expensive sale in 2024 at $135 million.

"Dubai is still considered buyer-friendly when it comes to price per square feet compared to key metropolitan or coastal cities like New York, Miami, London, Singapore, and Hong Kong," the B1 representative said.

The two-story villa has appliances and interiors from the likes of Hermès and Baccarat.

The villa, which is being sold fully furnished, underwent an extensive renovation to exude "luxury in its every element," the B1 Properties representative said.

Appliances, furnishings, and interiors, products from some of the most luxurious brands on the market, including Hermès, Baccarat, Steinway & Sons, and Miele, can be found in the kitchen, living areas, and bedrooms.

The villa has four bedrooms, six bathrooms, and amenities including a gym and sauna.

All four bedrooms are on the second floor. Other amenities include steam room and sauna, cinema, massage room, and a gym.

Since listing the sale earlier this year, B1 Properties said that most of the attention was from families, aligning with the neighborhood's demographic.

"We've had interest from buyers of various nationalities, predominantly billionaires, entrepreneurs, and global business owners with families," they said. "This particular community is more suited to families, given the secluded nature of these villas."

Acircular cabana overlooks the pool and has views of Dubai's cityscape.

The covered circular seating area with a fire pit is steps away from the 141-foot-long pool, which is fitted with an underwater sound system, per the listing.

The patio area offers views of Dubai's skyline, dotted with skyscrapers including the Burj Khalifa.

Finding a waterfront property in a prime neighborhood in Dubai is "extremely rare".

Dubai may be a coastal city, yet growing demand means upmarket accommodation by the water that's ready to be occupied is increasingly hard to find, the B1 Properties representative said.

"Luxury properties, particularly those offering unique features, rarely stay on the market long due to their scarcity and the targeted demand. Buyers are eager to secure properties quickly, often outbidding one another due to limited availability."

• Japan Airlines is offering a same-day luggage delivery service for visitors to Tokyo.
• The service costs $29, and the airline says it will help combat "congestion" on public transport.
• The weak yen has made Japan a popular destination for visitors from countries including the US.

Japan Airlines is offering to deliver luggage to your hotel or accommodation when you visit Tokyo.

The same-day service costs 4,500 yen ($29) per suitcase and is available from terminal three at Haneda Airport.

JAL said the initiative will help "address social issues such as congestion in public transportation and the shortage of storage lockers," as well as making life easier for tourists.

The "Baggage-Free" service, which is also available for Japanese residents, covers 14 districts in Tokyo including Shinjuku.

Millions of visitors have been flocking to Japan to take advantage of the weak yen.

The Japanese government expects to surpass its target of 32 million visitors this year following a very busy summer, with a record 3.2 million tourists in July, about 66% more than the same month in 2023.

Just over 250,000 Americans visited in July, up 26% year-on-year.

Amrita Banta, managing director of luxury insights firm Agility Research & Strategy, previously told BI that luxury and designer stores in Tokyo were proving popular.

Banta, who visited Tokyo in the summer, said high-end stores started admitting customers by appointment to cope with demand.

Neighborhoods such as Shibuya and Harajuku in Tokyo are busier than ever, with higher prices at restaurants and hotels triggering frustration and anti-tourist sentiment among some residents.

Some places in Japan are taking steps to mitigate the impact of over-tourism.

In May, a mesh barrier was erected in the town of Fujikawaguchiko to block views of Mount Fuji for tourists gathering in crowds, leaving trash, and ignoring traffic signs.

Foreshadowing its luggage delivery service, JAL started offering tourists free flights in September to lesser-known destinations in Japan.

That move may not help solve the overtourism problem, Ben Julius, the founder of tour operator Tourist Japan, previously told BI.

"The majority of visitors are first-time visitors. And when people visit Japan for the first time, they won't miss the must-see cities," he said.

• Rupert Murdoch finally sold his three-floor New York City apartment for $23.8 million.
• The media mogul spent years trying to sell the property, which was listed for $62 million in 2022.
• Photos show inside the penthouse, which offers 360-degree views of Manhattan.

After a yearslong search, Rupert Murdoch, the 93-year-old billionaire media mogul, appears to have finally found a buyer for his nearly 7,000-square-foot penthouse in New York City, close to the Flatiron building and Madison Square Park.

Back in the summer, Murdoch slashed the price to $28.5 million, about half its original listing price, in his latest bid to sell the property.

The nonagenarian finally parted ways with the penthouse for $23.8 million, according to the Robb Report.

Compass, the real estate agency carrying the listing, did not immediately respond to a request for comment from Business Insider.

The former chair of the Fox Corporation and News Corp., who married his fifth wife, Elena Zhukova, in June at his private vineyard in Bel-Air, California, briefly listed the three-floor apartment for $72 million in 2015. In 2022, Murdoch apparently listed it in earnest, asking for $62 million.

In the years since the listing price steadily dropped. After briefly being taken off the market in December 2023, the property was re-listed in April for $38.5 million, nearly half its original price tag. Two months later, it was slashed by a further $10 million.

The apartment may have very well been a thorn in Murdoch's newlywed bliss — although not a huge thorn perhaps, given Murdoch is worth $12 billion per the Bloomberg Billionaires Index.

Take a look inside the $23.8 million penthouse apartment.

Rupert Murdoch bought the five-bedroom, six-bathroom penthouse before it was finished.

After calling it quits with his third wife, Wendi Deng, in 2013, Murdoch was on the lookout for a new bachelor pad.

In their divorce settlement, Deng, who was married to Murdoch for 14 years, kept the Fifth Avenue triplex the couple bought for $44 million in 2005, New York Magazine reported.

Murdoch purchased two apartments at One Madison Square, a luxury condominium at the start of Madison Avenue, built in 2011. He purchased the building's three-floor penthouse for $43 million, along with a slightly smaller unit on 57th floor in 2014.

Curbed reported that Murdoch initially lived in the smaller apartment — if you can call 3,300 square feet small — until the penthouse was completed.

The penthouse sprawls across three floors, connected by a winding staircase.

The apartment was constructed by architect Jose Ramirez, who specializes in luxury interior design, per The Hollywood Reporter.

Per the listing, the first level has an open-plan layout, comprised of a double-height "Great Room" connected to a 586-square-foot terrace overlooking Manhattan, a dining room, kitchen, library, and bathroom.

A spiral staircase and elevator connect the first floor to the second, which houses two bedrooms with en suites and staff quarters.

Another staircase and elevator go up to the third floor, with two more bedrooms with en suites and an expansive primary suite.

Shortly after the purchase, Murdoch briefly listed the penthouse for $72 million.

Less than a year after buying the penthouse pre-completion, Murdoch briefly put it back on the market for a whopping $72 million, The Wall Street Journal reported in 2015.

Around the same time, Murdoch bought a $25 million townhouse in the West Village.

Murdoch changed his mind again five months later, taking the penthouse off the market and, instead, putting the townhouse back on, Curbed reported.

Murdoch may have called it quits with his penthouse, but he isn't over NYC yet.

Murdoch relisted the penthouse in 2022, leading some to question if the Australian was done with the Big Apple, where he's had a base since the 1970s after buying The New York Post.

If Murdoch had been looking to move out of NYC, he would've had plenty of other homes to live in.

As Architectural Digest reported, the Murdoch family has a "staggering" real-estate portfolio, which includes an Australian ranch, a $28.8 million California vineyard, and an apartment in London's ritzy Mayfair neighborhood.

The New York Times last year reported that Murdoch bought a seven-bedroom apartment on the 27th floor of a historic building overlooking Central Park for $35.2 million.

He's far from the only ultra-rich homeowner who struggled to sell their pricey digs.

Selling a lavish pad is no easy feat in 2024.

As BI's real estate reporter Alcynna Lloyd previously reported, a number of celebrities and ultrawealthy homeowners — particularly those with property in NYC — found themselves in similar positions to Murdoch.

Kenny Lee, a senior economist at StreetEasy, told Lloyd that a slowdown in demand is at the crux of a real-estate slump.

It's even led some wealthy homeowners to auction or rent their pricey digs, an option Murdoch may no longer consider after washing his hands with his former bachelor pad.

• Martin Kuczmarski was COO of Soho House before stepping down to open The Dover restaurant in London.
• He says its success shows that old-school hospitality is still valued.
• Kuczmarski thinks some members' clubs have lost their way.

Martin Kuczmarski has a bone to pick with private members' clubs.

Since stepping down as COO of Soho House in 2022, he's watched on as operators including restaurant group Cipriani and hotel chain Aman have opened their own ventures — and is not entirely impressed.

"The original idea was to get the right people in the right room for the right objective," Kuczmarski told Business Insider. "The purpose of members' clubs has changed — and a lot of people have become greedy."

Kuczmarski worked in luxury hospitality at Michelin-starred restaurants and five-star hotels before being recruited by Soho House founder Nick Jones. Over 15 years, he helped turn the business with a handful of locations in London and New York into a household name.

By the time Kuczmarski left, Soho House had about 120,000 members across dozens of sites in 10 countries.

About a year later, Kuczmarski opened his first solo project: The Dover, a New York-Italian restaurant in London's ritzy Mayfair neighborhood.

The dishes are simple yet elevated — think spaghetti meatballs and burgers served on fine-bone china. Kuczmarski, who has Polish and Italian heritage, jokes that the menu he crafted is basically food he'd ask for if he knew it was his last meal.

The Dover has since become one of "the hottest" restaurants in London, which Kuczmarski says proves that old-school hospitality is still valued amid a wider industry push for tech-driven innovation.

"What I've done with The Dover is go backward," he said. "Maybe it's time for the members' club to go backward."

Putting old-school hospitality back on the menu

If you manage to clinch a reservation at The Dover, for which Kuczmarski said he spends up to four hours a day fielding requests, it won't take long to catch what he means by going backward.

Upon entering, you're greeted by staff who, instead of whipping out a tablet, flick through a large reservation book scrawled with handwritten details. Wait staff behind the bar and on the floor wear double-breasted jackets.

You'll hear the Kuczmarskis' private record collection playing on vinyl — featuring the likes of Bill Withers, Bob Marley, and Sade. The music will be audible, but not so loud you'll have to raise your voice to be heard or miss the clink of forks on china plates.

Through the bar and into the dining room, you'll see a black-and-white checked floor inspired by The Ritz in Paris and a curved wooden-paneled ceiling — nods to the Orient Express and the French Riviera.

Each bespoke table is covered in three layers of white tablecloths, which Kuczmarski says helps absorb noise, and topped with real flowers and candles.

Each detail is intended to evoke intimacy and connection, key elements of classic luxury hospitality that Kuczmarski believes are disappearing.

Although A-listers such as Paul Mescal have been spotted at The Dover, Kuczmarski says, "You don't have to be loud, you don't have to be big, you don't have to be arrogant, you don't have to be expensive, to succeed."

The next mission

Ahead of a stock market listing in New York in July 2021 as the Membership Collective Group, he says his schedule morphed into endless conferences, Zoom meetings, and flying between cities, leaving little time for the people-facing tasks he prefers.

In a way, Soho House lost its soul. "The personality, the human touch, was disappearing," Kuczmarski says.

Some Soho House members may agree, with some believing its origins as a meeting place for creative types is at odds with rapid expansion.

A year ago, the company said it was pausing new memberships in London, New York, and Los Angeles amid criticism about the quality of service and overcrowding.

The shares were priced at $14 for the IPO but have since struggled and closed on Monday at $4.71, valuing the company at $917 million.

Kuczmarski wouldn't be drawn on Soho House specifically, but says he's proud of what he accomplished alongside Jones, who stepped down as CEO in late 2022, and that the company's new management team is "very good."

Given his time at Soho House, Kuczmarski says it's only natural that people ask if opening his own club is on the agenda.

With the success of The Dover under his belt, it seems he may consider the idea: "Something in my stomach is burning now to show how to do members' clubs — to get it right."

In the meantime, Kuczmarski is also planning a second restaurant in London, which he hopes to open next summer, as well as a 60-room designer hotel in Italy.

• Mercer released its annual Quality of Living City Ranking in December.
• The ranking assesses the practicalities of daily life for international workers.
• Seven US cities made the top 50.

In early December, consulting firm Mercer released its 2024 Quality of Living City Ranking.

Using New York City as the base city, Mercer researched and compared the practicalities of daily life for international workers in 241 cities across five continents, looking at factors such as housing, crime, cultural scene, travel, and access to education.

Western European cities like Zurich, Vienna, and Geneva dominated the top positions in Mercer's list, with just seven US cities making the top 50.

Here's a closer look at the ones that made the cut, using the most recent data from the US Census Bureau and Realtor.com:

1. Boston

Mercer's 2024 Quality of Living City Ranking: No. 32

Population: Around 654,000

Median sold home price: $780,000

Median household income: Around $89,000

Known for: The largest city in New England is big on sports, colonial history, and seafood (think buttery lobster rolls and creamy clam chowder).

But Boston might be best known for its higher education offerings, with over 30 universities and colleges, including the likes of Harvard and MIT, having campuses there.

2. San Francisco

Mercer's 2024 Quality of Living City Ranking: No. 36

Population: Around 809,000

Median sold home price: $1.5 million

Median household income: Around $137,000

Known for: Only around a 40-minute drive from Silicon Valley, San Francisco is a global hub for tech and innovation.

It also has a vibrant cultural scene and is dotted with iconic landmarks like the Golden Gate Bridge.

3. Honolulu

Mercer's 2024 Quality of Living City Ranking: No. 39

Population: Around 342,000

Median sold home price: $620,000

Median household income: Around $83,000

Known for: The birthplace of former US president Barack Obama is brimming with stunning beaches, lush green hiking trails, and crystal clear waters.

The Hawaiian capital is one of the most culturally diverse cities in the US.

4. Los Angeles

Mercer's 2024 Quality of Living City Ranking: No. 44

Population: Around 3.8 million

Median sold home price: $1 million

Median household income: Around $76,000

Known for: Los Angeles is one of the US's entertainment hubs. Besides being the primary residence for a long list of Hollywood stars, the city has a world-class food scene, countless shops, and beautiful beaches.

5. New York City

Mercer's 2024 Quality of Living City Ranking: No. 45

Population: Around 8.3 million

Median sold home price: $708,000

Median household income: Around $77,000

Known for: The birthplace of late-night television, the Big Apple is best known as a concrete jungle of skyscrapers and the center of the US financial sector.

The city has a diverse population, an eclectic food scene, and a seemingly never-ending nightlife.

6. Portland

Mercer's 2024 Quality of Living City Ranking: No. 48

Population: Around 630,000

Median sold home price: $530,500

Median household income: Around $86,000

Known for: Portland, Oregon, is known as a haven for creatives, foodies, and small business entrepreneurs. The city's many parks and walking trails make it a sweet spot for those who like a city that blends urban areas with nature.

7. Washington, DC

Mercer's 2024 Quality of Living City Ranking: No. 49

Population: Around 679,000

Median sold home price: $695,000

Median household income: Around $102,000

Known for: The nation's capital and home of the sitting US president, Washington, DC, is full of landmarks like the Lincoln Memorial, the National Mall, and the Washington Monument — to name just a few.

• US News & World Report created a list of the best places to live in the US in 2024.
• Factors such as housing affordability, job opportunities, and quality of life determined the list.
• Naples, Florida, tops 2024's list, followed by Boise, Idaho, and Colorado Springs, Colorado.

Deciding where to live isn't always easy.

Some people move multiple times in a decade, searching for new experiences or better opportunities. Others end up regretting relocating to their new homes.

While everyone's circumstances are unique, data can help narrow down the choices.

Every year, US News & World Report ranks 150 big cities based on factors including quality of life, schools, crime rates, employment opportunities, and housing affordability to find the best places to live in the United States.

For 2024's list, the South and the Midwest have the most cities ranked in the top 15.

Booming Boise, Idaho; outdoorsy Colorado Springs, Colorado; and the bustling banking hub of Charlotte, North Carolina, all consistently make the list of the best places to live. Newcomers include Austin, a growing tech hub, and two scenic South Carolina locales: Greenville and Charleston.

In addition to weighing job opportunities and housing costs, US News & World Report emphasizes each area's overall standard of living.

Here are the 15 best places to live in the US, according to US News & World Report. Residents find plenty to like about these cities, including relatively affordable homes, plenty of jobs, and lots of ways to spend their free time.

15. Lexington, Kentucky

Population of the metro area: 320,154

Median home price: $331,000

Median monthly rent: $1,600

Median household income: $66,392

Climate Vulnerability Index: 58th percentile (average vulnerability). This index shows areas of the US most likely to face challenges from climate change.

Known for: Home to over 450 horse farms, Lexington is known as the horse capital of the world. While it doesn't have the Kentucky Derby, Keeneland Race Track holds its own horse races twice a year.

14. Madison, Wisconsin

Population of the metro area: 280,305

Median home price: $415,000

Median monthly rent: $1,700

Median household income: $70,484

Climate Vulnerability Index: 6th percentile (lowest vulnerability)

Known for: Wisconsin's capital is also the state's second-largest city. Madison is a college town, offering plenty of chances to see concerts and sporting events.

13. Charleston, South Carolina

Population of the metro area: 155,369

Median home price: $617,500

Median monthly rent: $2,800

Median household income: $89,083

Climate Vulnerability Index: 55th percentile (average vulnerability)

Known for: With its cobblestone streets and 18th- and 19th-century buildings, Charleston is a dream for historic-architecture buffs. Plus, miles of beachy coastline are just a short trip from downtown.

12. Green Bay, Wisconsin

Population of the metro area: 105,744

Median home price: $318,000

Median monthly rent: $999

Median household income: $66,950

Climate Vulnerability Index: 15th percentile (lowest vulnerability)

Known for: Wisconsin's oldest city is home to the Green Bay Packers, a storied NFL team. Nature lovers can make the most of Green Bay's 25-mile Fox River State Trail, even in the winter.

11. Sarasota, Florida

Population of the metro area: 57,602

Median home price: $488,500

Median monthly rent: $2,800

Median household income: $68,870

Climate Vulnerability Index: 24th percentile (lower vulnerability)

Known for: Sarasota earned the nickname the Circus City because Ringling Bros. and Barnum & Bailey Circus moved its winter quarters to the beachy town in 1927. These days, the weather, leisurely pace of life, and lack of income tax all attract people to Florida. Sarasota, in particular, has become a magnet for workers, according to a January LinkedIn report.

10. Boulder, Colorado

Population of metro area: 105,898

Median home price: $945,000

Median monthly rent: $2,995

Median household income: $75,923

Climate Vulnerability Index: 12th percentile (lowest vulnerability)

Known for: Not far from the Rocky Mountains, Boulder is known for outdoorsy activities, including rock climbing, hiking, skiing, and cycling. The city's median age is 28.6, giving it a youthful, lively energy.

9. Austin

Population of metro area: 979,882

Median home price: $484,900

Median monthly rent: $2,000

Median household income: $91,501

Climate Vulnerability Index: 20th percentile (lower vulnerability)

Known for: An artsy, contemporary city, Austin is known for its vibrant nightlife, live music, eclectic cuisine, and college scene. It also has a long history of attracting tech giants, and even more companies have opened offices there since the pandemic. West Coasters in the industry have moved to the city, lured by the booming job market and comparatively low cost of living.

8. Virginia Beach, Virginia

Population of metro area: 453,649

Median home price: $384,500

Median monthly rent: $2,195

Median household income: $91,141

Climate Vulnerability Index: 18th percentile (lowest vulnerability)

Known for: Boasting a beloved boardwalk, Virginia Beach has miles of beaches, delectable seafood, and a mild climate. Murals, museums, and shops in the ViBe Creative District give the seaside destination some arty flair, too.

7. Huntsville, Alabama

Population of metro area: 225,564

Median home price: $315,000

Median monthly rent: $1,465

Median household income: $73,319

Climate Vulnerability Index: 54th percentile (average vulnerability)

Known for: Since the start of the US space program in the 1950s Huntsville has been a hub for the aerospace and defense industries. Today it's bursting with startups, alongside long-standing workplaces like NASA and Boeing. Jeff Bezos' Blue Origin also has a facility for building rocket engines in Huntsville.

6. Raleigh, North Carolina

Population of metro area: 482,295

Median home price: $450,000

Median monthly rent: $1,826

Median household income: $86,309

Climate Vulnerability Index: 13th percentile (lowest vulnerability)

Known for: This capital city has a busy downtown, free museums, and miles of hiking trails. Part of North Carolina's Research Triangle, Raleigh has a long history of fostering technology and science companies, creating a strong local economy.

5. Charlotte, North Carolina

Population of the metro area: 911,311

Median home price: $424,900

Median monthly rent: $1,950

Median household income: $80,581

Climate Vulnerability Index: 35th percentile (lower vulnerability)

Known for: Second only to New York, Charlotte is a bustling banking hub. Locals can root for the city's professional basketball, football, and soccer teams or soak up the art and food scenes.

4. Greenville, South Carolina

Population of the metro area: 72,824

Median home price: $366,500

Median monthly rent: $1,725

Median household income: $73,536

Climate Vulnerability Index: 55th percentile (average vulnerability)

Known for: In the foothills of the Blue Ridge Mountains, Greenville attracts new residents with its moderate climate, burgeoning food reputation, and natural beauty. Greenville is also home to several major corporations, including Michelin, GE, and Lockheed Martin.

3. Colorado Springs, Colorado

Population of the metro area: 488,664

Median home price: $440,000

Median monthly rent: $1,873

Median household income: $83,215

Climate Vulnerability Index: 34th percentile (average vulnerability)

Known for: The US Olympic and Paralympic Training Center is located in Colorado Springs, making the city especially attractive to athletes. There are hundreds of miles of trails for hiking and mountain biking, and white water rafting is a popular summer activity. From the Garden of the Gods to the iconic Pikes Peak, gorgeous natural sights adorn the area.

2. Boise, Idaho

Population of the metro area: 235,421

Median home price: $472,500

Median monthly rent: $1,774

Median household income: $79,977

Climate Vulnerability Index: 9th percentile (lowest vulnerability)

Known for: Thousands of new residents flocked to Idaho's capital in the past decade, making it the US's fastest-growing city in 2018. Boise blends sought-after amenities such as microbreweries and cider houses with nearby scenic state parks full of rivers, canyons, and mountains.

1. Naples, Florida

Population of the metro area: 19,704

Median home price: $629,500

Median monthly rent: $6,100

Median household income: $135,657

Climate Vulnerability Index: 32nd percentile (lower vulnerability)

Known for: Located on Florida's Gulf Coast, Naples is like a postcard come to life, with white-sand beaches, luxurious residences, and over 1,350 holes of golf. The city has long attracted wealthy residents who can afford the high housing costs. Right now a $295 million compound is up for grabs, the most expensive home for sale in the US.

Sources: Population and income data are from the US Census, median home price from Realtor.com, median rent from Zillow, and climate information from the Climate Vulnerability Index.

This story was originally published on May 15, 2024, and most recently updated on December 4.

• Dubai is a haven for rich expats seeking business opportunities and low tax.
• Its real estate market is struggling to keep up with demand for luxury housing.
• Property prices keep rising as Dubai scrambles to build thousands more villas to meet demand.

Dubai is hot with the rich. The emirate has become an economic hub for entrepreneurship, business, and networking, while its lack of income tax is also a lure for many international ultra-high-net-worth individuals.

Geopolitical instability and tax policy changes in other hubs have only made Dubai more of a haven for the superrich. The influx of wealthy folk is causing a problem, however: there aren't enough houses to meet demand.

In its latest Dubai Market Review, property company Knight Frank found listings of luxury properties valued at more than $10 million plummeted by about two-thirds to 460 this year.

To meet surging demand, Dubai is scrambling to build more homes. Almost 9,000 villas will be completed by the end of the year, and another 19,700 are expected to be built in 2025.

Developers will have to build even more upmarket properties to meet demand. Knight Frank suggests that Dubai will need between 37,600 and 87,700 houses by 2040 to help accommodate a population set to reach about 5.8 million by then.

At the same time, prices in Dubai prime neighborhoods such as the Palm Jumeirah and Emirates Hills have soared, rising by 20% in the most recent quarter compared to the same period last year.

"Last year, we had 37 homes available for over $50 million," Faisal Durrani, Knight Frank's head of research for the Middle East and North Africa, told Business Insider. "This year, it's dropped to nine."

"We're talking quite small numbers here, but it's helping to paint this picture of a shortage of homes at the top end of the market."

Although Dubai's real estate market is buoyant, Durrani said the housing bubble could burst if the global economy slows or oil prices falter.

A global recession would mean "a very real risk of job losses, population reduction, and therefore reduction in demand for housing," he said.

Prices are expected to rise by 8% in 2025, yet luxury property in Dubai is still a relative bargain. Knight Frank found that $1 million buys 91 square meters of prime property there, compared with 33 square meters in London and 34 square meters in New York.

"When you put Dubai on the global stage and you're looking at relative affordability and affordable luxury, it's still reasonably priced compared to elsewhere in the world," Durrani said.

• Victoria Blinova worked in Dubai for four years at a boutique marketing firm and later at Nestlé.
• She grew up in Cyprus and moved to the UAE in 2013 to attend NYU in Abu Dhabi.
• Expats don't pay taxes, but Blinova found saving in Dubai hard because of the luxury lifestyle.

This as-told-to essay is based on a conversation and emails with Victoria Blinova, 30, about living in Dubai and moving to London. The below has been edited for length and clarity.

I grew up in Cyprus and moved to the UAE in 2013 to study at New York University in Abu Dhabi.

While there, I studied Arabic. A significant part of my day-to-day was being immersed in the culture. I wanted to stay in the region after graduation to continue my immersion.

I spent four years in Abu Dhabi, and then I worked in Dubai for four years. Initially, I worked in management consulting in a boutique firm. Later, I got a job at Nestlé and worked there for a couple of years before moving to London.

In Dubai, people are very transient. Everyone's an expat. By my fourth year, most of my friends had left the city. I felt like I needed to explore somewhere new.

Dubai has amazing work opportunities, and I plan to return at some point. There are so many complex and exciting projects you can work on. People are so generous, open to learn, and hungry for opportunities.

For entry-level jobs, if you are at the right company, Dubai is one of the most lucrative markets.

At Nestlé, back in 2019, I was making a good salary tax-free.

When I left Dubai, I had saved around 30% of my salary over four years. But I was constantly biting myself thinking I could have saved even more.

It's easy to get sucked into a glamorous life in Dubai

A lot of people in London are like, "I'm going to move to Dubai. It's like 40% to 100% more salary."

But I had a period in my life where I spent a lot more in Dubai than I spent in London. In London, you can be very thrifty, and that's not frowned upon.

When you're in Dubai, it's not part of the culture. Luxury is very affordable. Because of that, everyone automatically opts into that luxury.

I very often went overboard.

I remember clearly booking a five-star hotel to treat myself randomly for 200 dirhams, which is $54. I'd do stuff like book a five-star hotel for one night, and that's quite normal.

It was also very common to go to yacht parties. I've been to so many.

In 2021, I remember paying £80 for a yacht party. When I told this to my friends in London, and they were like, "But that's 80 pounds?" I responded that it was cheap for a day on a yacht.

Bottomless brunch is also very common. You would spend every weekend going to very luxurious bottomless brunches. It would be like £100 to experience something unforgettable.

In Dubai, if you go out, you're not just going to go to a cheap little place around the corner. There are more expectations on gifts.

You can't walk outside your house in Dubai and not spend a significant chunk of money.

Whereas in London, I feel like everything is so unaffordable, you end up not spending. The lifestyle in London differs because social plans can be going on a walk or spending a day in the park. You're not expected to drop £100 on a dinner. You don't have spend money to enjoy your weekend.

Saving choices like getting a roommate or buying a used car weren't the norm

I was renting for 70,000 dirhams a year ($19,058) divided by two. I had a flatmate, which is not very common in Dubai.

I remember my Nestlé colleagues in Dubai asked me, "Why do you live with a flatmate?" They weren't bullying me, but they thought it was a bit weird.

I also drove a used Nissan Juke, which is a nice car in London. But in Dubai, people would ask, "Why are you not driving an Audi?"

My response was, "I'm 25. I'm not going to buy a Mercedes or an Audi, especially I'm not going to buy it new."

I didn't club, and if I did, it was very rarely. Clubbing is a big deal in Dubai, and lots of people spend a lot on it. I also didn't spend money on luxurious brands, clothes, or handbags, because I didn't really care for them.

My mindset is that if I have money to spend, that means I have money to save.

But I'd say 80 to 90% of my surrounding peers, even the smartest people I knew, would literally live paycheck to paycheck. People opt into luxury automatically because it's relatively cheap.

It becomes part of your lifestyle, and this is when you spend all your money. I found it an ongoing problem.

If you're a family, I think it's easier to spend less. You're probably more accustomed to staying at home.

As long as you're staying at home, I think you can make Dubai work and make it very affordable.

But if you're in your 20s or your early 30s, and you're single or a young couple, and you like going out — prepare to spend a lot more than you ever imagined.

• Lululemon has seen sales slide in North America, but it's thriving in China.
• Stiff competition and product mishaps hampered consumer demand for Lululemon in the US and Canada.
• But in China, changing health habits and a struggling luxury sector are helping to boost sales.

China is in its health and wellness era, offering Lululemon a ray of hope as the brand struggles to engage consumers back in the US and Canada, where it was founded.

In its most recent earnings release in August, Lululemon reported that same-store sales in North America fell by 3% during the second quarter versus the year before. The region's share of the company's net revenue during the quarter also dropped to 73% from 78% in 2023.

The results came a month after the company saw its shares slide following its decision to pause sales of its new leggings line after the products were criticized by some shoppers for being poorly designed and unflattering.

Yet, over in China, Lululemon is on the up and up.

The brand, known for selling $100 yoga pants, reported that same-store sales in mainland China increased by 21% in the second quarter, generating a net revenue of $314.2 million — up from 34% from Q2 in 2023. The brand is due to release Q3 earnings later this week.

Lululemon, a premium activewear brand founded in Canada in 1998, seemingly found respite in a Chinese retail ecosystem that has, for the most part, been sluggish as the real estate crisis and rising youth unemployment dampen consumer spending this year.

While China's economic slowdown is throwing many brands off their game — particularly those in the luxury sector — the conditions are ripe for a brand like Lululemon to thrive.

As luxury takes a hit, health and wellness is taking priority in China

Martin Roll, a global business strategist and senior advisor at consulting giant McKinsey said Luluemon's success in China speaks to a trend of consumers focusing on health and wellness in tough economic times.

Roll said it's natural for consumers to realign their focus on their well-being when the economy takes a hit. And while health as a concept is nothing new in China, modern industries built around it are, he added.

"China is kind of waking up in terms of health," Roll said, adding that Chinese consumers are catching up with health habits like yoga, gym, and physical welfare that North American consumers have followed for the last 20 years.

Moreover, in the US and Canada, the company faces increased competition from lower-cost rivals such as Athleta and Fabletics but competition is less steep in China.

Lululemon might also be hitting the spot for Chinese consumers who are shying away from luxury spending but still want to indulge themselves occasionally.

"It's a premium brand, but it's accessible; it's not a Birkin bag," Roll said.

Hooking Chinese Gen Zers and millennials

Olivia Plotnick, founder of Wai Social, an advertising and social media firm in Shanghai, said Lululemon's strategy and positioning in China are yielding positive results as younger generations redefine their spending habits.

As BI previously reported, trend forecaster WGSN said an emerging "rural revival" trend among young people in the Asia Pacific region, predominantly China, placing greater value on a slower-paced lifestyle, sustainability, and health and wellness.

The trend might present a challenge for some companies, but Lululemon has put in the work to be in a prime position, Plotnick said.

"Lululemon entered China with a long-term goal and has invested in a strategic approach to innovation, lifestyle resonance, brand ambassadorship, social media engagement, and global resource integration," she said.

Through in-store activities and nationwide events promoted by influencers, the brand focused on "community building" in China, she added.

The efforts are now paying off, she said, as the health and wellness industry continues to grow — despite the economic slowdown.

"They have done an excellent job at making wellness aspirational yet approachable for younger consumers who tend to consider brand story, quality, craftsmanship, and environmental impact in their purchase decision," she said.

• The Alps have the bulk of the world's major ski resorts.
• Property companies say the quality of the skiing is not the only criteria for some Alpine buyers.
• Instead of winter sports, wellness is taking priority for many seeking an Alpine chalet.

Powdery snow, wide slopes, epic mountain views, and a vast network of interconnected trails weaving through snowcapped forests are hallmarks of skiing in the Alps, home to many winter resorts.

About 120 million people visit the Alps between December and April for its ski and snowboard offerings.

Yet, for some wealthy chalet buyers in upmarket towns such as Gstaad and Courchevel, it seems skiing is no longer the only draw.

In its 2024 Alpine Market Review published in November, property company Knight Frank reports buyers are just as interested in the "après ski" health and wellness activities after hitting the slopes as strapping on the skis.

Knight Frank surveyed about 730 high-net-worth individuals from more than a dozen countries for the report and found that health and wellness ranked above skiing and snowboarding in priority when asked about the Alpine lifestyle they're most interested in.

Wellness offerings also came out ahead of ski-in/ski-out access and proximity to the village center when wealthy respondents were asked what amenities were most important in their purchasing decisions.

The rebalancing of their priorities aligns with findings from Bain & Company and Altagamma's 2024 Luxury Monitor. They found that consumer spending has shifted away from tangible goods to luxury experiences, particularly those linked to wellness and personal treatment.

In response to increased demand for wellness offerings, Knight Frank notes that resorts in the Alps are repositioning themselves as "a top destination for rejuvenation" with high-end spas, thermal baths, and specialized health resorts.

"The Alps are increasingly viewed as a year-round destination, with health and wellness now overtaking skiing as the primary lifestyle driver for buyers," said Kate Everett-Allen, head of European residential research at Knight Frank.

Knight Frank's results echo a similar ski market report from Savills, highlighting the emergence of "wellness/medical retreats" in luxury winter resorts.

Jeremy Rollason, head of ski for Savills and author of the report, told Business Insider that health and wellness offerings are not an entirely novel concept. In the mid-1900s, he said, the Swiss Alps had sanatoriums visited by those with physical and mental health issues.

But interest in modern health and wellness trappings, such as saunas, steam rooms, and heated outdoor pools, among Alpine buyers, is now picking up speed, Rollason said.

"You buy in a ski resort because you like the mountains and probably because you like skiing or winter sports," he said. "There is much more than that now, and that's required developers and providers of hospitality in the ski resorts to offer so much more."

Rollason added that if the uber-wealthy are buying a chalet, "then it's not just a chalet — it's an all-encompassing leisure object."

• Some of the trendiest bars in New York City and London are selling pint-size versions of martinis.
• They are cheaper — more of an aperitif — yet offer what one bar chief called a "mini luxury moment."
• The drink aligns with Gen Z's alcohol habits and taps into demand for luxury experiences.

The New York Happy Meal — a martini and french fries — is going on a diet.

Younger generations are ditching their elders' heavier drinking habits, fueling the growth of alcohol-free alternatives and, in turn, causing a slowdown in the spirits category.

The wine and spirits consultancy IWSR said the category saw volumes plummet by 5% in the UK last year. The same year, over in the US, it says spirits sales volumes fell by 2% — the first time in nearly 30 years the consultancy had measured a decline there.

In this environment, martinis at some of the trendiest bars in New York City and London are starting to look a little different.

They still have alcohol — traditionally a mix of dry vermouth and gin — but generally contain just a few ounces of liquid and are served in smaller versions of a standard martini glass that can hold between six and eight ounces.

And once you start noticing them on bar menus, it can quickly start to feel like the tiny martini is everywhere.

Look no further than the Lower East Side's Bar Valentina's $10 Teeny 'Tinis, which a representative says have "really taken off" since introduced to the menu in 2023, or Tao Uptown's $15 tiny-martini flights.

Across the pond, at Tayēr and Elementary — a London bar regularly ranked close to the top on the World's 50 Best list — there's a blue-cheese version dubbed the "One Sip Martini" or OSP.

Missy Flynn, a co-owner who leads the bar operations at Rita's, an American-inspired restaurant in London's Soho neighborhood, told Business Insider the OSP had influenced the release of their crowd-favorite tiny martini in 2021 — gin-based, three ounces, and topped with an olive, jalapeño, and anchovy-stuffed gilda.

Tayēr and Elementary's tiny martini debuted in 2019, but a bar representative told BI: "These days, there is literally no table that wouldn't order them."

The beverage's cult following inspired the bar to launch a dedicated merch line featuring a £75 or $94 sweater.

For a growing number of Gen Zers, 3 to 4 sips of alcohol is plenty

The rise of the teeny-tiny martinis, which can be gulped down in just three to four sips, comes at a time when young people are increasingly disenchanted with alcohol.

In the US, the Pew Research Center found the percentage of adults ages 18 to 35 who said they drank alcohol at least occasionally fell from 72% in 2001-2003 to 62% in 2021-2023.

The sober-curious movement corresponds with the growing market share of the no- and low-alcohol category, which the IWSR expects to increase in volume at a compound annual growth rate of 7% between 2022 and 2026.

Tiny martinis' diminutive stature could make them more palatable to younger generations.

Smaller cocktails are social-media friendly, appealing to Gen Zer's love of sharing content online and tapping into the generation's obsession with "'mini' formats in consumer goods," Claudine Ben-Zenou, the head of IWSR Radius innovation tracking, told BI.

"It does appeal to people who are looking for something that's a bit less strong," Flynn, the co-owner of Ritas, told BI.

There's also a difference in price. The tiny martini at Rita's costs £9 ($11) without the additional £4 ($5) gilda — or garnish arranged on a cocktail skewer — compared with £13.50 to £14.50 ($17 -$18) for the other cocktails listed on the menu.

"As things become more expensive, in London and generally," Flynn said, "This idea of offering a small version of something that allows that person to have that experience within their time at the restaurant is a good thing."

Teeny, tiny moments of luxury

Another factor favoring the popularity of the mini martini is a heightened demand for luxury experiences.

Bain & Company's 2024 luxury monitor found the beleaguered luxury industry had been propped up this year by a growth in demand for luxury experiences.

"Luxury spending has shown remarkable stability this year, despite macroeconomic uncertainty, largely driven by consumers' appetite for luxury experiences," said Claudia D'Arpizio, a Bain & Company partner who leads the firm's global fashion and luxury practice.

In the UK, Flynn said, the martini has historically been viewed as the ultimate luxurious drink.

"We position them as these kind of special occasion drinks," she said. "You go to a fancy hotel bar, and you have a martini."

Tiny martinis might still scratch the itch for a special moment, Flynn added.

"What it offers," she said, "is that feeling of a mini luxury moment."

• 29 countries offer residence visas for remote workers, or "digital nomad visas."
• Spain and Italy have joined the growing list of countries offering digital nomad visa programs.
• Governments hope the visas will help develop more sustainable tourist economies.

In the lead-up to the election, Business Insider reported millions of Americans were considering leaving the country if former President Donald Trump won his 2024 campaign. After his victory was announced, searches for the phrase "moving to Canada" spiked — along with inquiries about international digital nomad visas.

The specialized visas allow remote workers to live and work in countries like Malta, Portugal, and Costa Rica — as long as their income comes from outside the country.

And as some American tourists consider moving abroad, dozens of countries have, in recent years, launched special visas designed specifically for remote workers to drive tourism in their countries.

In some countries, the visas have become so popular that they've had to start turning people away. As of October 2024, for example, Cyprus is no longer accepting digital nomads after it filled the 500 slots it had available for its visa program.

Nonetheless, there are still plenty of options elsewhere. Here are 29 countries that offer visas specifically for remote workers, the minimum income required to apply, and how much they cost.

Europe digital nomad visas

Malta

Malta, an island south of Italy, has a permit that allows nomads to keep their jobs elsewhere and legally stay in the country for one year with a chance of renewal.

To be eligible, you must be from a country outside the EU and EEA and have a minimum gross annual income of 42,000 euros. The Nomad Residence Permit requires applicants to have health insurance, hold a valid travel document, have a rental or purchase agreement, and pass a background check. There is no application deadline, but there is a 300-euro application fee.

Latvia

Latvia introduced its digital nomad visa in February 2022, allowing applicants to spend up to a year in the country with the opportunity to renew for another.

Digital nomads must either work for a company based in a member state of the OSCE (Organization for Security and Co-Operation in Europe) or a company registered in one of those countries for at least six months.

They must also have health insurance and make at least 2.5 times the country's average monthly salary of the previous year, which the government website reports is about $4,043 (€3,843). There's also a $63 (€60) state fee for the visa application.

Romania

To apply for Romania's digital nomad visa, digital nomads must show proof they can work remotely, either as freelancers, business owners, or employees of a company registered outside the country.

Applicants are also required to have a clean criminal record, medical insurance for the duration of the visa with a minimum liability of $31,580 (€30,000), make at least three times the average gross monthly salary in Romania, around $3,467 (€3,300), and pay an application fee of $126 (€120).

Hungary

Known as the White Card, the digital nomad visa in Hungary requires applicants to be employed by a company outside the country, have shares in a company outside the country, or work as a freelancer.

In addition to providing proof of health insurance and proof of accommodation, those keen on getting a White Card must earn at least $3,146 (€3,000) a month. Application fees can cost as much as $297 (€284).

Croatia

Croatia allows non-EU citizens to apply for its digital nomad visa program, which grants up to one year of residency for remote workers.

The program also allows residency for close family members of the visa applicant so long as the family meets the country's income requirements. To be eligible, applicants must make a minimum of 2,870 euros a month (or $3,035) or have a minimum of 34,440 euros (or $36,430) already available in their account.

Iceland

In Iceland, a long-term visa for remote work can grant you 90 to 180 days while working. The program requires that you are from a country outside the EU and EEA and also from a country that does not need a visa to travel to the Schengen area (US citizens can travel to Iceland without a visa).

Applicants must also have a monthly income of 1,000,000 Icelandic króna (or $7,156) or 1,300,000 Icelandic króna if they bring a spouse.

Greece

Greece started its Digital Nomad Visa in 2021 and is still operating today. The program lets non-EU digital nomads, with a 3,500-euro monthly income, stay for 12 months.

The application fee is refundable at 75 euros, and there's also an administration fee of about 150 euros.

Portugal

Portugal has been kind to digital nomads. With its "Temporary Residence Visa for the Exercise of Professional Activity Provided Remotely Outside the National Territory," or D8 visa, launched in 2022, non-EU nomads can still freely work there.

Applicants must be over 18 years old, prove income over 3,280 euros a month, and show proof of accommodation for at least 12 months. The application fee ranges from 75 to 90 euros.

Estonia

Estonia launched its Digital Nomad Visa (DNV) program in 2020, offering up to a year of residency for eligible workers looking to live in the Northern European country bordering the Baltic Sea and Gulf of Finland.

Eligible remote workers must prove they earn at least 3,504 euros a month (or $3,706) and apply in person at their nearest Estonian Embassy or Consulate. Application fees range between 80 and 100 euros ($84 and $105).

Spain

Spain's Digital Nomad Visa Program allows remote workers, their spouse or unmarried partner, and dependent children to reside in the country for one year.

Applicants must have an undergraduate or postgraduate degree from a "University, College, or Business School of prestige" or have at least 3 years of work experience in their current field, in addition to earning at least 200% of the monthly Spanish national minimum wage — currently set at 37.8 euros/day ($39) or 1,134 euros/month ($1,199).

Italy

Italy's Digital Nomad Visa is available to non-EU citizens who are highly specialized workers with careers that require post-secondary degrees or at least three years of professional training or experience.

The visa lasts up to one year for the applicant, their spouse, and dependent children. To be eligible, the applicant must prove that their salary is at least three times the annual minimum wage of 24,789 euros (or $26,221) and that they have at least 30,000 euros (or $50,000) worth of medical insurance coverage.

Asia and Africa digital nomad visas

Bali, Indonesia

In April, Bali introduced a Remote Worker Visa (E33G), which allows digital nomads to work from Bali for a year. Foreign workers in Bali must be employed by a company outside Indonesia and receive a yearly income of at least $60,000.

The application fee for a standard single-entry visa costs 12,900,000 Indonesian rupiah, or about $810.

Thailand

The Destination Thailand Visa allows digital nomads to stay in Thailand for up to 180 days per visit, on a multiple-entry basis, within five years. The visa fee costs 10,000 Thai baht, or $284.

Applicants must be at least 20 years old and have at least THB 500,000, or about $14,400 USD, in their bank. Employed workers are required to have a foreign employment contract, while freelancers need a professional portfolio.

Japan

Japan introduced a new digital nomad visa in April. This visa allows holders to work remotely in the country for up to six months. Visa holders must be nationals or citizens of selected regions, including the US and UK.

Applicants must have an annual income of at least 10,000,000 Japanese yen, or $65,000, and submit their applications in person or by mail to the nearest embassy or consulate general of Japan. A single-entry visa costs $22, while a multiple-entry visa costs $43, but some countries, including the US, are exempt from this fee.

United Arab Emirates

UAE's virtual work residence visa allows holders to live and work remotely in the UAE — including Dubai and Abu Dhabi — for up to a year. Applicants must make at least $3,500 a month and have sufficient health insurance coverage within the country.

The service fee to apply for the visa is 300 United Arab Emirates Dirhams, or about $80.

Cabo Verde

Cabo Verde's Remote Working Program allows remote workers to stay for up to 6 months, with the option of renewal after. Individual applicants must have an average bank balance of 1,500 euros, or $1,570, in the past 6 months.

The visa fee costs 20 euros, and applicants must submit an online form to indicate their interest.

South Africa

South Africa recently launched a remote work visa, which allows holders to stay for at least 3 months and up to 3 years. While details are still being finalized, the latest visa requirements state that applicants must have a salary of at least 650,796 South African Rand, or about $36,000, and a valid foreign-based employment contract.

Caribbean digital nomad visas

Grenada

To receive a digital nomad visa from Grenada, you need a valid passport, an annual income of at least EC$100,000 a year, or about $37,000, full COVID-19 vaccination, and valid health insurance.

There is no application deadline. The fee is $1,500 for individuals, $2,000 for a family of four, and $200 for each additional dependent.

St. Lucia

St. Lucia's Digital Nomad Visa program, "Don't Just Visit, Live It," has no income threshold. The one-year visa is available to remote workers, freelancers, and students.

The application fee costs $125 XCD (about $47) for a single-entry visa or $190 XCD (about $70) for a multiple-entry visa.

Curaçao

Curaçao's Digital Nomad Visa, the At Home in Curaçao program, has no salary requirements. Still, you must be employed, own a business, or have freelance clients outside the country.

Health insurance, a clean criminal record, and proof of accommodation or a lease on the island are also required. The visa application fee is about $294.

Dominica

To qualify for Dominica's Digital Nomad Visa, the Work in Nature (WIN) Program, you must be 18 years old and have a clean criminal record.

You will also need an income of at least $50,000 or have sufficient funds to support yourself and any family members accompanying you during a 12-month stay.

The application fee is $100. The individual visa costs $800, and the primary applicant can also apply for their spouse and dependents for a total fee of $1,200.

Anguilla

The digital nomad visa in Anguilla has no income requirements, but interested travelers must fill out an application at least 7 days before arrival.

Digital nomads also need proof of a negative COVID-19 test 3 to 5 days before they step foot on the island and proof of a health insurance policy covering COVID-19 complications.

Antigua and Barbuda

To nab Antigua and Barbuda's two-year visa through the Nomad Digital Residency Programme, applicants must be 18 or older, earn at least $50,000 a year, and have a clean criminal record.

Their employer must be outside Antigua and Barbuda as well. Application fees range from $1,500 for a single person to $3,000 for a family of three, plus another $650 for each additional dependent.

Barbados

Introduced in June 2020, the Barbados 12-Month Welcome Stamp offers a one-year visa for digital nomads interested in the island and the opportunity to renew.

Applicants must make at least $50,000. Fees are $2,000 for an individual and $3,000 for a family bundle and must be paid within 28 days of application approval.

North, Central, and South America digital nomad visas

Bermuda

The Work from Bermuda certificate was created for "remote workers, self-employed digital nomads and university students engaged in remote learning," according to the program's web page. It lasts for 12 months and is renewable on a case-by-case basis.

The application fee is $275, and interested applicants must be at least 18 years old, have a clean criminal record, and have valid health insurance.

There is no official salary requirement, but applicants must demonstrate that they "have substantial means" or a "continuous source of income," though no official range is provided.

Colombia

Colombia's "Visa V Digital Nomads" program allows expats from more than 100 countries to live and work remotely in the tropical country for up to two years. Applicants must make a minimum income of three times the current legal monthly minimum wage in Colombia, which currently equals about $885 a month.

The application costs $54, and if approved, the Visa itself costs another $177. People hoping to become digital nomads in Colombia must also provide a contract or employment letter detailing their employment agreement and compensation details. Entrepreneurs may alternatively submit a letter outlining their business project and financial resources.

Belize

Belize offers citizens of the European Union, the United Kindom, the United States, and Canada the chance to live and work in the country via its "Work Where You Vacation" program. Applicants can secure a six-month visa by proving they make a minimum annual income of $75,000 or $100,000 if applying with dependants. Kids under 18 are eligible to enroll in the country's school system.

Applicants must submit a notarized banking reference, a police record, and proof of travel insurance. The visa costs $500 per adult and $200 per child.

Costa Rica

Costa Rica's digital nomad program extends the country's 90-day tourist visa to a full year with the option to renew for an additional year. Applicants must be foreign nationals who earn a minimum of $3,000 a month or $4,000 a month if applying with dependants.

All application materials must be submitted in Spanish. The application costs $100, while the visa is an additional $90.

Brazil

Brazil's digital nomad visa (VITEM XIV) allows foreign nationals from more than 100 countries to work remotely in the South American country for one year and to renew for longer.

The visa is available to remote workers who can prove a monthly minimum income of $1,500 or an available bank balance of at least $18,000. Applicants must submit a background check, a copy of their birth certificate, proof of valid health insurance in Brazil, and documents proving digital nomad status.

The visa costs $290 for US applicants and between $100 and $215 for UK applicants. Expats from all other countries will pay $100 for the visa.

• Kohl's said comparable sales plummeted 9.3% in the third quarter.
• Apparel and footwear sales struggled despite strong performances for Sephora and other categories.
• Growth in revenue from beauty sales at Sephora was one of the few rays of hope.

Kohl's continues to fight an uphill battle after sales tumbled following missed opportunities, a decline in footfall, and an overreliance on its partnership with Sephora.

Comparable sales at the department store chain fell 9.3% in the three months to November 2, which CEO Tom Kingsbury called "frankly disappointing" despite attempts to improve its products, strategy, and in-store experiences.

Sales remained soft in apparel and footwear despite strong performances for the Sephora, home decor, gifting, and impulse categories.

"We are not satisfied with our performance and are taking aggressive action to reverse the sales declines," he said.

Net income fell to $22 million for the third quarter, down from $59 million for the same period last year.

Kohl's now expects full-year comparable sales to be 6% to 7% lower compared with 2023.

Shares closed down 17% on Tuesday, bringing the decline this year to 45% and valuing the company at less than $1.6 billion.

Earlier this week Kohl's said Kingsbury would step down on January 15 after two years in the role. He will be replaced by retail veteran Ashley Buchanan.

Investing in key growth categories had a ricochet effect, leading to a 20% drop in inventory for private brands, Kingsbury said. "Not having the appropriate level of private brands hurt our ability to serve our customers."

The decision to pull back on fine jewelry to focus on Sephora, which now has about 1,050 concessions in Kohl's locations under a partnership that began in 2021, has also had an impact.

"As we introduced Sephora Shops into our stores, the fine jewelry business was largely displaced which resulted in a persistent headwind to our sales performance for many periods," Kinsbury said.

While the partnership is one of the few bright spots in the quarter, with total beauty sales up 15% in the quarter, it could mean Kohl's missed opportunities to capitalize on a hot category.

Claudia D'Arpizio, senior partner and global head of fashion and luxury at the consultancy Bain, told Business Insider that jewelry has been the "most resilient category" for the luxury goods industry over the past year.

Jewelry, along with beauty and fragrance, are affordable luxury categories particularly in demand with younger customers who have been underserved by luxury players in recent years, D'Arpizio said.

• Christian Louboutin is working to protect his secret hideaway in Portugal from overtourism.
• The French designer's aim is to prevent the town of Melides from becoming the next St. Tropez.
• But the area is becoming an A-lister hot spot, drawing the likes of Prince Harry and Meghan Markle.

Christian Louboutin is trying to keep a tiny town near the coast of Portugal low-key, but as real estate developers open five-star resorts and sprawling golf clubs nearby, drawing A-listers and royalty, his effort might be in vain.

The French designer, 61, told Bloomberg that the rural village of Melides, nestled within the Alentejo region of Portugal, is grappling with an influx of tourism and the impacts of climate change.

Louboutin, who came across Melides over a decade ago, has a personal stake in the town with a population of around 1,500.

Not only does he own a home there, but in 2023, he opened a 13-room boutique hotel in Melides with plans to open a second.

While stopping tourism completely isn't part of his mission, Louboutin is dedicated to preserving the Melides he first fell in love with.

"People are touched by authenticity and we need to keep it that way," Louboutin told Bloomberg. "Don't expect Melides to become like St. Tropez. It's not going to happen."

Representatives for Louboutin did not immediately respond to BI's request for comment.

A best-kept secret no more

But whether Louboutin likes it or not, the once-upon-a-time lowkey getaway is now squarely on the map — thanks in part to the development of a series of luxury resorts and private members clubs nearby.

Just a 15-minute drive from Melides lies Costa Terra, a 722-acre luxury resort community and gold club built by US real estate developer Discovery Land Company.

The company is headed up by Mike Meldman, who cofounded Casa Amigos with George Clooney.

The Telegraph reported that Prince Harry and Meghan Markle visited the club last year. Since then, speculation has been rife that the couple, who are based in Montecito, California, bought a property within the gated community.

The Sussexes aren't the only A-listers rumored to have bought into Costa Terra — reports have also associated George Clooney, Paris Hilton, and Sharon Stone with the development.

Representatives for Costa Terra did not immediately respond to requests for comment.

Alongside Costa Terra, several other glitzy developments are cropping up near Melides, including a 175-house residential project under development by Vanguard Properties and one on the Tróia peninsula built by Inditex billionaire Amancio Ortega's daughter.

Priced out

Vitor Paiva, a license partner at the Comporta branch of real estate agency Engel & Völkers, says the Portuguese government has set limits on touristic beds that prevent the area surrounding Melides from becoming as saturated with tourists as hot spots like St. Tropez or Monoco.

However, Paiva said the tourists that are now coming to the area are more affluent and "sophisticated" than those before, which means the small villages are changing from their rustic roots.

"New investors, customers coming, they ask for more modern services," he told BI. "They want to have the very good beach restaurants, luxury restaurants, high-quality services."

As a result, some locals in towns in the region are feeling priced out, Paiva said.

"Local restaurants are closing, even the small coffee shops for the locals, they are closing and being upgraded with more sophisticated coffee shops," he said. "In some cases, we are seeing the locals struggle."

In Melides, the idea of a rustic town remaining a secret oasis is slipping away.

But Louboutin isn't giving up on his aim to protect it.

He cofounded Intertidal Melides, a community-led organization rallying local landowners and business owners to preserve the local environment.

"Tourists come here for the beauty of this place," Louboutin told Bloomberg. "So we need to just keep it that way."