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Luxury Travel Trend of the one percent wealthiest of Americans
January 27, 2016
In the 2016 Luxury Travel Report, Resonance Consultancy studied the travel and leisure habits of the wealthiest 1% and 5% of households by conducting an online survey of 1,667 U.S. luxury travelers.
Top 1% is defined as having Household Income of $400k+ or net worth of $8 million+ and the Top 5% having Household Income of $200k+ or net worth of $2 million+ 1,667 American travelers with a household income of at least $200,000 or net worth of $2 million.The study revealed that the top five percent take 14.3 trips per year (half for business and half for leisure, totaling an average of 29 days per year), in compared with 4.8 trips/year of the average travelers.
A top five-percent-U.S traveler spend $3,115 per vacation, as compared to the typical U.S. traveler, who spends just $1,347.
“With estimated total expenditures of close to $400 billion per year on vacations, the top five percent of U.S. travelers is the most lucrative leisure market segment in the world,” says Resonance Consultancy President Chris Fair. “This report provides an unprecedented look at the travel aspirations and intentions of the wealthiest households in the country.”
Below are the top 10 destinations of the top one percent affluent of Americans
- Mexico (26%)
- Canada (24%)
- Italy (24%)
- England (22%)
- France (22%)
- Germany (14%)
- *Bahamas (14%)
- *Anguilla (13%)
- *Australia (12%)
- *U.S. Virgin Islands (11%)
*These destinations are not among the top 10 destinations of U.S. travelers in general.
When it comes to accommodation, luxury hotels are rich travelers’ choice. Four Seasons, Ritz-Carlton and Hilton at the top of the list of preferred hotel brands for the wealthiest one percent.
The study also showed that wealthy travelers are more likely to book vacations directly with a hotel or airline rather than use an online travel agency, and more than one-third use a travel agent to make arrangements for them.
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