High Demand for Luxury Travel Continues Unabated
Photo courtesy of AdobeStock via Olinger Group
Luxury travelers are taking more trips and spending more money as the demand for luxury travel and experiences continues unabated, according to a study conducted in Q4 of 2022 by The Olinger Group, a market research firm whose specialties include luxury travel and luxury brands.
The Q4 study is a follow-up to The U.S. Luxury Traveler Study 2022, which was conducted in the spring to provide baseline information on the identity, expectations, and behaviors of luxury travelers. The Olinger Group timed the studies to coincide with the summer and holiday peak travel periods, thereby providing timely information to companies specializing in high-end travel experiences.
“People told us in the spring that they wanted to take more luxury trips, and now we know they are really doing it,” said Chanttel Allen, Managing Director for The Olinger Group. “And they have more plans on the horizon. It doesn’t matter if people make $100K or $250K per year, they want to splurge and enjoy luxury travel and experiences.”
In addition to confirming the continued demand for luxury travel, the study reveals striking similarities between luxury travelers with household incomes of $100K-$249K and those with incomes above $250K. The study also provides detailed information on how each group interacts with travel advisors, tour operators, hotels, and cruise lines.
The TOG team also compared the Q2 data and Q4 data for luxury travelers in the $250+ income level.
Here are a few key findings from the study:
- More than 80% of luxury travelers involve their children in key decision-making processes, and more than 90% said their children were influential in one particular decision.
- Two hotel chains are significantly more appealing to higher-income ($250K+) luxury travelers, and one is significantly more appealing to lower-income ($100K - $249K) luxury travelers.
- Luxury travelers identified the 10 most influential factors in deciding which cruise line to select.
- Households with income levels of $100K - $249K are significantly more likely to seek out travel guidance through social media, tour guides, and tour operators.
For a free copy of The US Luxury Traveler Study, contact Chanttel Allen. To learn more about The Olinger Group’s expertise, visit www.olingergroup.com.
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