While the average cost of a luxury hotel break might have risen significantly in the past year, Stonehage, the wealth management group, also notes that discounts can be had on many hotel bookings through special deals or good old-fashioned bartering.

The bargain hunter will find numerous top-class international hotels advertising reduced room rates, offering them cheap on request or throwing in generous freebies in an attempt to persuade visitors to ride out the recession in their suites.