Upper Class Aren’t the Only Ones Demanding Luxury Vacation

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In a boon for the travel industry, a surprising new study shows the luxury travel demographic is six times larger than marketers are currently targeting. 

Luxury travelers are taking more trips and spending more money as the demand for high-end experiences continues unabated. However, high-income earners aren't the only ones willing to pay for it.

Luxury Travel Isn't Just for the Ultra-Rich

Luxury is defined as “an indulgence in something that provides pleasure, satisfaction, or ease.” While the rich may live a life of luxury year-round, the Olinger Group found the not-so-rich are willing to pay for a luxurious vacation.

Lower-income ($100K+) luxury travelers may have less spending capacity than higher-income luxury travelers. Still, they outspend and take more vacations than all non-luxury travelers, regardless of income.

Olinger predicts that luxury travel demand will remain strong in 2023. “Our data shows that luxury travelers expect to spend more – 25% to 33% more, depending on income – in the next 12 months.”

Luxury Travelers Are Spending More, Even as Hotel Costs Increase

The hotel industry, in particular, is experiencing an unprecedented price increase. Despite high inflation and fears of a recession, demand for hotels is higher than ever.

Olinger says, “They are looking for guidance and unique offerings and services. Social media is one way of getting that guidance, as is using luxury travel advisors, especially among higher-income people, to plan and book their trips.”

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