HomeEconomicMost Wealthy Travelers Plan to Increase Travel Spending in 2023

Most Wealthy Travelers Plan to Increase Travel Spending in 2023

Global luxury travel is increasingly leaning towards responsible tourism, wellness, and meaningful human relationships, according to a report released on December 6 at the Luxury Travel Market in Cannes, France.

The report produced jointly with American Express and research firm Altiant, also found that the majority of wealthy travelers still prefer to spend money on experiences rather than products. Nearly 60% plan to increase travel spending in 2023, compared to 10% who say they will cut spending, according to Bloomberg.

The findings are based on an Altiant survey of 1,200 wealthy individuals and wealthy tourists across 14 countries in Asia, Europe, and the Americas in the second half of 2022. The survey predicts which pandemic behaviors persist and which disappear with travel restrictions in many countries.

Health and safety are the No. 1 factor in choosing a destination, an issue that remains relevant in the post-pandemic era, with security related to both security considerations and fears of discrimination. Feeling good remains a key factor when planning a vacation for 61% of respondents.

At the same time, 50% of respondents say they will continue to make up for lost time due to the pandemic and make their extravagant travel dreams come true. However, 49% indicated that they would rather fly less and stay longer at their destination.

45% plan to make eco-friendly trips next year, and among Chinese tourists, this figure reaches 81%. Slightly more than half are willing to pay extra up to 20% for eco-friendly vacations.

There is a preference for a more relaxed holiday – mainly beaches and trips around the city.

Wealthy tourists from America are expected to spend more on their holidays.

At the same time, two-thirds of respondents plan to use the services of a travel agency. Flexibility and insurance are the main reasons for this.

The results show that the message of a more resilient and climate-friendly post-pandemic travel industry is resonating with luxury travelers. Just over 25% state that the environment and sustainability are important to them (the percentage is higher among respondents under 35).

Overall, more than 70% of respondents said that the carbon footprint of their flights or vacations had either greatly or partially influenced their booking decisions.

But here comes the mystery: When asked what factors were decisive when booking their next vacation, hotels were greener and only ranked seventh out of 14 options, proving that the gap between consumer intent and action remains when it comes to sustainable travel.

What is certain is that domestic and regional travel will remain stable in 2023. Still, the desire for more international travel will dominate, with half of those surveyed now prioritizing holidays abroad over local travel. Up to 52% are planning to visit Europe, 41% will visit America, and 25% are planning a trip to the Middle East or Africa.

As for wealthy Americans, they mostly look to Japan, Australia, and, as proof that some things never change, Italy.

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