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Jamie holiday
Luxury travelers remain an important client base for travel consultants. And, thanks to the wealth accumulated during the pandemic and the desire to travel well, they’re arguably more important than ever.
There is also good news for luxury travelers. Despite the current economic downturn facing the U.S., they still want to travel, and are increasingly interested in using an advisor, according to a survey from Strategic Vision and consumer research firm Affluent.
The survey was conducted in late June and targeted affluent neighborhoods in the US to recruit participants. All respondents had incomes of $250,000 or more and were between the ages of 25 and 74. The survey results represent 8 million wealthy households with an average income of $914,000.
More than half, 52%, said their budget is higher than it was before the pandemic. Almost half, 42%, their budget was more than last year.
Among survey respondents who said they plan to travel in the next 18 months, the majority, 98%, is unchanged. Compared to last (42% and 30% respectively), more said that they plan to go abroad this summer.
Travel to Europe is at its peak, with more than half, 54%, planning to travel to the continent, compared to 43% last year. North America is a strong destination, and 34% plan trips to Asia, compared to 18% last year.
Cruise travel is also popular, with 55% planning a cruise on their next trip. Two-thirds of those surveyed were planning a multigenerational trip in the next 18 months, and 20% said they were planning more than one multigenerational trip.
Finally, some good news for travel advisors: In last year’s survey, 40% used “advisor collaboration to make plans.” This year, this number has dropped to 22%, while those who work with a consultant have risen to 43%. An additional 5% of survey respondents also said they would use a consultant in the next 18 months.
Popular destinations from the start
New York-based First in Service Travel (pronounced F1S) last week released the top destinations its advisors are booking and recommending.
F1S recently surveyed its consultants, and the three international destinations they are targeting are France, Italy and Greece. The majority of respondents, 55.6%, are holding France and Italy. Almost half, 44.4%, are holding Greece.
F1S chief executive Fernando Gonzalez says the demand for European destinations is driven by both demand, the destinations themselves and the euro’s parity with the US dollar.
Additionally, F1S asked its advisors to share the top destination by core region.
In Africa it was South Africa; in Asia, India and the Maldives; In Australia / New Zealand / South Pacific, Australia and Tahiti; In the Caribbean, St. Barts; In Central America, Costa Rica; In Europe, the aforementioned France and Italy; United Arab Emirates in the Middle East; In North America, Mexico; And in South America, Argentina, Ecuador (especially the Galapagos Islands) and Peru.
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