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Travel Spending Goes On Experiences

Global luxury travel is leaning more toward conscious tourism, wellness, and meaningful human connections, says a report from American Express and Altiant, a luxury market research firm. It also found that a majority of wealthy travelers continue to prefer spending on experiences over goods. Almost 60 per cent plan to spend more on travel in 2023, compared with 10 per cent who say they’ll cut back. Health and safety rank as the top factors in choosing a destination, a concern that’s here to stay post-pandemic. Safety includes both security concerns and fear of discrimination at a destination. Wellness remains a key driver in vacation planning for 61 per cent of respondents. The report also found 50 per cent of respondents say they’ll continue to make up for lost time and live out their extravagant travel dreams and bucket lists. However, 49 per cent will fly less and stay longer. Forty-five percent plan to take more eco-friendly trips next year and that number jumps to 81 per cent for Chinese travelers. A little more than half are willing to pay up to 20 per cent extra for sustainable holidays. The preference for relaxing vacations continues ‒ beaches and city breaks. Domestic and regional trips will stick around in 2023, but the desire for more international travel will dominate as half of respondents are now prioritizing an overseas vacation over a backyard trip. Up to 52 per cent plan to visit Europe, 41 per cent will visit the Americas, and 25 per cent plan to travel to the Middle East or Africa.

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