NEW YORK, March 29, 2023 (GLOBE NEWSWIRE) -- Resonance is a leading global advisor on tourism development for the world’s best cities, districts, developments and destinations. The consultancy has been studying and monitoring the intentions and preferences of the country’s wealthiest and most affluent travelers since 2008 to better inform the design, development and marketing of luxury travel destinations, products and services.
The 2023 Future of U.S. Luxury Travel Report provides vital, timely insights from a survey of what Resonance refers to as the “Top 1%” of U.S. households in 2022 (Household Income of USD $500K+ and/or net worth of USD $11 million+).
“Luxury travel and tourism in the U.S. has not only recovered, but grown over the past three years. However, there have been significant changes in where affluent travelers want to go, the types of accommodations they desire and the types of activities and experiences they want to enjoy,” says Resonance President and CEO Chris Fair. “We created this report to help the marketplace better understand the opportunity to enchant and onboard the new affluent U.S. luxury traveler.”
The 2023 Future of U.S. Luxury Travel Report outlines luxury traveler intent today and for the year ahead by comparing and contrasting behavior from Resonance’s 2019 survey of the same demographic. The result is the most comprehensive intent survey of high-net-worth individuals in the U.S. today, featuring post-pandemic travel intentions regarding destinations, vacation types, and activities and accommodations when they get there.
Insights from the report’s seven chapters include…
02 Today’s Luxury Travel Landscape
Almost all affluent U.S. travelers are planning an overnight trip of at least 75 miles away within the next 12 months, and 41% are planning to travel internationally, with Canada being the most popular country they are planning to travel to.
03 How We Travel Now
While city trips are still popular, they dropped from 53% in 2019 to just 35% for the Top 1% planning to take a city trip in the next 12 months. The biggest shift has been the surge in affluent households planning to take a vacation for health and wellness, rising from 23% in 2019 to 31% in 2022.
04 Where is the Top 1% Going?
When it comes to international travel, the cautiously optimistic U.S. luxury traveler is keen to explore Canadian landscapes, with the likelihood of a visit jumping significantly from 2019, with 47% of the Top 1% saying they are likely to visit Canada in the next 12 to 24 months, up from 29% in 2019.
05 Accommodation Preferences
Hotels of all types have declined in popularity since 2019, while the use of Airbnb has increased significantly (23% in 2019 to 38% in 2022).
06 Key Trends
An exploration of new concepts and twists on old favorites, with deep-dives ranging from multi-generational travel and Indigenous learning, to Gigayachting and questing.
07 The Way Forward
Multilayered expectations and shifting attitudes are transforming the very definition of a holiday itself. For many luxury travelers it’s not about what they ‘see’ anymore, but what they ‘do’ and how they ‘change’ as a result, whether they choose wellbeing retreats, cultural adventures or extreme sport vacations.
The full report is available at resonanceco.com/reports/future-of-us-luxury-travel
About Resonance Consultancy
Resonance is a global consultancy of strategic and creative place makers. As leading advisors in real estate, tourism and economic development, Resonance combines expertise in research, strategy, branding and communications to make destinations, cities and developments more valuable and more vibrant. ResonanceCo.com
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Tom Gierasimczuk Resonance Consultancy 604-649-8664 tom@resonanceco.com
