Travel Spending Increases, with Experiential Travel at the Forefront

We know we sound like a broken record when we say that the wealthy are willing to pay for "experiences" when they travel, but we can't dispute the facts. According to a newly released Q2 trend data from the 2013 Survey of Affluence and Wealth in America, by American Express Publishing and Harrison Group, more than half of affluent Americans plan to maintain or increase their vacation and travel spending. Two-thirds of the affluent and wealthy agree that they are willing to pay more for true luxury in lodging, and almost three-quarters of One Percenters are willing to do so.

These key "vacation spenders" are planning to spend an average of $4,716 next year on resorts and fine hotels. This will take them both locally and globally, with 82 percent of the affluent and wealthy planning domestic trips in the next year, and 74 percent planning trips outside the continental U.S. in the next two years.

The survey also reports that 92 percent of these Americans will look for true threads of personalization and craftsmanship when purchasing luxuries. 

 

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