Luxury Travel On the Rise
More people than ever seek and spend more on luxury travel and, in doing so, they’re changing what the term “luxury” means.
As opposed to elaborate amenities, services and material items, today’s luxury traveler is likely to spend a significant amount of money on experiences, according to the insights presented in management consulting firm, L.E.K.’s 2017 Luxury Travel Study. The survey of 1,972 U.S. travelers aged 17 and older shows pampering is no longer the ideal, and luxury now has a more diverse range of definitions.
“While luxury travel once meant first-class transportation and plush accommodations, today’s luxury travelers are just as likely to seek out life experiences,” said Dan McKone, consulting managing director, L.E.K. “And instead of being solely affluent, they’re as likely to be mainstreamers who pick and choose the luxury elements they want to add to their trips.”
According to the study, most travelers will spring for luxury while on the road, but in a limited capacity. While fewer than 10 percent of survey respondents consider themselves luxury travelers, nearly 85 percent say they indulge in travel luxuries at least once in awhile — often meaning specialized tours, excursions, classes and entertainment.
The survey also revealed modern luxury travel is the leading category for discretionary spending, meaning most travelers spend more on luxury travel than on other indulgences such as fine dining, jewelry, apparel and luxury vehicles.