2016 Future of Luxury Travel Report
Wealthy U.S. travelers are one of the most lucrative travel market segments in the world, and an important driver of luxury travel demand and trends across the globe. Resonance conducted an online survey with 1,667 U.S. travelers in the top 5% of U.S. households, with 724 travelers falling in the top 1%.
We found that the wealthiest 5% take an average of 14.3 trips per year (about half for business and half for leisure) compared to just 4.8 by U.S. travelers in general. With an average of 2.9 people per household, and an average expenditure of $3,115 per person per vacation, that adds up to spending of approximately $390 billion per year on leisure travel alone.
The 2016 Future of Luxury Travel Report identifies 10 high level trends that reflect experiences and habits that are shaping the travel experience at the high end in the U.S. and around the world.
1.TRAVEL AS TRANSFORMATION
Experiences can only be deemed ‘transformative’ if they change you. But for the highly evolved species that is the luxury traveler, who has seen and done much, can transformation only come from an out of this world experience?
2. ART IS THE NEW FOOD
Food was once a quintessential expression of local, a placemaking tool, a destination-maker, and a refuge for connoisseurs and the curious. Today, art is the new food. And travelers, wealthy and otherwise, are developing a taste for it.
3. WELL, WELL, WELL
Once, there was a world without wellness; now it’s ubiquitous. Today, ‘Well-being’, a word that includes health, comfort and happiness, is the next addition to the vocabulary of health – and to the aspirations of luxury travelers.
4. HOSPITALITY’S ASIAN TURN
As Asian hospitality interests look overseas for growth and aggressively buy up western brands, they’re targeting wealthy travelers from around the world. But they’re also looking ahead to providing accommodation for the ever-growing numbers of Asian leisure and business travelers.
5. TOGETHERING IS EVERYTHING
Multi-generational travel has been the biggest trend in tourism for more than five years. Now it’s not changing the configuration of resort and second home destinations as the wealthy demand ever-larger lodgings to accommodate extended families and friends – and sometimes, entire communities.
6. UNREAL REAL ESTATE
Ownership of a vacation home, or many homes, has always been one of the most desirable luxuries for the wealthy. But today, technology is changing the way the affluent access, use and buy – or don’t buy – vacation properties around the world.
7. WARM IS THE NEW COOL
Hospitality design once placed wealthy travelers in an opulent bubble. Then came contemporary interiors, with their rarified materials and clean, hard edges. Now, luxury has warmed up to its surroundings and opened up to the out of doors. But the wow remains.
8. ATHLETIC PURSUITS
As extreme athletics take the place of golf as the go-to pass time for a new generation of executives, destinations and hospitality providers have new opportunities to attract a wealthy demographic that will go anywhere and spend what is costs to maximize their fitness and improve their results.
9. TRIP. ADVISERS.
Luxury travelers want advisors, not agents; they seek connoisseur-level experts who cultivate relationships and deep knowledge of individual needs in order to assemble experiences as unique as the people who will enjoy them. The advisors who will flourish in the future are those who can combine the human element with innovative uses of technology.
10. HIGHER FLYERS
It used to be that a vacation didn’t really start until travelers had checked into the hotel, found a quiet spot by the pool and taken that first sip of wine. But for wealthy, experience-seeking travelers, carriers are making the getaway begin before the plane even takes off. And in a world where flying is drudgery, the journey is once again becoming as memorable as the destination.
2015 PORTRAIT OF THE U.S. INTERNATIONAL LEISURE TRAVELER
To better understand the tastes and preferences of the U.S. international leisure traveler, Resonance Consultancy conducted an online survey of 1,256 recent international travelers of all ages, from 18 to 80, in November 2014. This 114-page, infographic-rich report on the U.S. International Traveler provides detailed findings on the demographics, destinations, activities and experiences desired by this lucrative travel audience.
2015 PORTRAIT OF THE U.S. MILLENNIAL TRAVELER
To better understand the tastes and preferences of the U.S. Millennial traveler, Resonance Consultancy conducted an online survey of 1,189 recent travelers aged 18 to 34 in November 2014. This 118-page, infographic-rich report on the U.S. Millennial Traveler provides detailed findings on the demographics, hotel brands, amenities, activities and experiences desired by this burgeoning travel market.
2015 PORTRAIT OF THE U.S. RETIREE TRAVELER
65+ is the fastest-growing demographic in the U.S. and the wealthiest demographic in the developed world. Ten thousand Boomers turn 65 every day, and they’re healthier, wealthier and more worldly than any before them. While some of their demands are unique, the desires of the 65+ traveler mirror those of their younger counterparts, from the demand for free internet in hotels to the desire to learn something new on vacation. For the Portrait of the U.S. Retiree Traveler we surveyed 1,147 travelers aged 65 and over in the U.S. for their current and future travel and accommodation desires.
2015 RECREATIONAL REAL ESTATE REPORT
To identify how interested consumers are today in owning a vacation property and better understand the tastes and preferences of prospective purchasers and how they might differ from current owners Resonance Consultancy interviewed more than 3,300 recent U.S. travelers of all ages and incomes to learn what kind of vacations they wanted, where they wanted to stay, the amenities they desired most and least, the activities they most enjoy on vacation, and their aspirations and preferences for ownership of a vacation home.