High net worth Travelers Prioritize Experiences Over Luxury Goods in 2023

Luxury travel is transcing the traditional boundaries, as adventurers and experiences are now at its heart. High-income households those earning above $150K have shifted their focus beyond extravagant shopping sprees, spa indulgences, gourmet dining, and countless opportunities to indulge lavishly.

Research from Arival reveals that affluent travelers contribute nearly half 46 of global sping on experiences like tours, activities, and attractions. This tr signifies a significant shift where adventure-seekers are prioritizing experiences over material goods.

The Adventure-Specifics

Arival's findings show that 59 of American travelers partake in outdoor adventures while traveling during the year 2023. Luxury adventure travel merges thrilling activities with premium accommodations, offering a bl of comfort and high-quality amenities and services to match the traveler's desires.

Skift Research's survey on luxury travelers last year highlighted that 63 of these travelers are inclined towards seeking adventurous activities to enhance their luxurious vacation experience.

The $1-$1.3 trillion market for nature-based adventures, active travel experiences is projected to grow by this decade, according to a forecast from Skift Research. The U.S. Travel Trs survey for Q1'24 reveals that most travelers are willing to splurge more on adventure travel in pursuit of luxury.

Youthful Influence

This tr is especially pronounced among the younger generations aged 18-44, who account for 67 of bookings and 70 of sping by affluent travelers. Skift's survey findings show that younger, adventurous travelers are primarily motivated by nature and community engagement.

In early 2023, Pelorus, a luxury adventure tour operator with average trips costing $140K per person, shared insights revealing Generation Alpha those born post-2010 significantly impacts travel planning for extreme experiences. Twelve-year-olds were noted contributing to activity recommations based on their interests, what they learn in school, online research or nature-focused documentaries.

The global population of high net worth individuals is expected to expand by 28 from 2023 to 2028 as per Knight Frank's Wealth Report for 2024.

This text assumes the was already well-written and structured, hence making minimal edits.

If you have a confidential tip or story idea, please reach out via our confidential tip submission pagehttps:www.skift.comtip.
This article is reproduced from: https://skift.com/2024/09/09/the-shift-in-luxury-travel-experiences/

Please indicate when reprinting from: https://www.qo52.com/Hotel_Guesthouse/Luxury_Travel_Experiences_Atlas.html