Luxury Travel Has Deep Pockets
Luxury consumers spend over six times as much on travel than the average consumer annually, and the trend is for this disparity to widen finds EyeforTravel’s "The Global Luxury Travel Consumer" report.
The average traveler spends $1,690 a trip, and take around three each year. By contrast, luxury consumers and fork out $5,365 on each journey, and take just over 5.6 trips.
EyeforTravel’s research finds that this gap is more likely to widen than diminish. According to the "Knight Frank Wealth Report 2017" the number of high net worth individuals (HNWIs) globally is expected to grow by double digits each year and well into the 2020's, adding millions of luxury consumers into the market. For the travel industry, more good news is that luxury consumers are expected to prioritize experiential spending and put less emphasis on personal goods.