Luxury Travel Trends of the Wealthiest One Percent

In an analysis of 1,667 travelers with a household income of at least $200,000 or net worth of $2 million, Resonance found 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). U.S. travelers overall take an average of 4.8 trips. Analyzing spending habits of the top five percent, it was revealed that there is an average of $3,115 spent per person 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.”

While Mexico, Canada and Europe are the most popular international destinations when considering all U.S. travelers, Caribbean destinations such as the Bahamas, Anguilla and the U.S. Virgin Islands stand out when it comes to attracting the top one percent of U.S. travelers.

Of the top 10 international places to visit in 2016 chosen by the wealthiest one percent, six also ranked high on the list for U.S. travelers in general. The top one percent chose these as their top ten destinations:

• Mexico (26%) pictured at top
• 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.

The study also reveals that upscale luxury hotels are the preferred accommodation for high net worth travelers, with Four Seasons, Ritz-Carlton and Hilton at the top of the list of preferred hotel brands for the wealthiest one percent.

When it comes to booking vacations, wealthy travelers are more likely to book directly with a hotel or airline than use an online travel agency, and more than one-third use a travel agent to make arrangements for them.

Demand for large homes and multi-bedroom villas that facilitate “togethering” may see an increase, as 45 percent of the top one percent are planning vacations with friends, 41 percent with kids and 30 percent a multi-generational vacation. They also consider health and wellness aspects of travel, and 67 percent regularly or occasionally play golf while on vacation.