I love it when a research study reveals something unexpected, and our U.S. Luxury Travelers Study 2022 did just that!
If you know me at all, you know I love to travel. (If you don’t know me yet, shoot me a line and let’s get acquainted!) My family and I live to make memories, and traveling together to new and interesting places is the perfect opportunity to do that.
It is also one of my priorities. If I had to choose between renovating my house or taking an extra vacation, I would book the plane tickets. Every. Single. Time.
Since I love traveling so much, and since I own a kick-ass market research firm, I decided to specialize in doing research on – you guessed it! – Luxury Travel and Luxury Brands. (We also specialize in Health & Wellness because that goes hand-in-hand with living your best life and making memories.)
(Photo: Skiing in the Austrian Alps, 2020)
Defining the American Luxury Traveler
Prior to transitioning to a specialist firm in the spring of 2022, we searched high and low for a definitive profile or portrait of an American luxury traveler. We couldn’t find one.
Well, that needed to change! How can businesses cater to luxury travelers if they don’t who they are or how they think? So, I tasked my team of research experts to design and conduct a study.
We wanted to know:
- Who are luxury travelers?
- How well do they know luxury brands?
- Which luxury brands do they prefer?
- What are their attitudes and behaviors towards luxury travel?
- How do they differ from non-luxury travelers?
We surveyed 1,500 adults in the U.S. who:
- Had a minimum income of $100,000 per year
- Took leisure vacations
- Self-identified as either luxury or non-luxury travelers based on the trips they took
Our goals were:
- Conduct the first piece of research that describes the U.S. luxury traveler in a post-pandemic world
- Use these findings as a baseline going forward
- Understand when and how luxury travel changes
Some of the study results were expected, but one caught us completely by surprise. (Cue the drum roll.)
(Photo: Attending a swanky birthday party on a private yacht on the Seine River in front of the Eiffel Tower, 2019)
Defining value
Of the 1,500 people we surveyed, 900 self-identified as luxury travelers and 600 as non-luxury travelers. So far so good. But to our surprise, both groups had identical average incomes!
That income was $175,000. Exactly the same for luxury and non-luxury travelers! So, are you ready for that surprise finding I mentioned earlier? Here it is:
There is zero correlation between
income level and desire for luxury travel.
Mind blown!
“Luxury” is actually a state of mind and a belief. It is what people value. And since people value different things, the definition of luxury varies by person.
Some people value large homes, classic cars, fine art, and an impressive wine collection. I certainly see the appeal of those things. (Have you seen my 1959 Austin Healey? Yeah, baby!)
But, again, my family values making memories, and we make those memories through travel. We visit amazing locations, stay in 5-star hotels, eat incredible food, and smile and laugh until our faces hurt.
(Photo: Hot air balloon ride at Napa Valley, 2022)
Defining opportunities
I have shared just one of the many interesting and valuable findings we gleaned from the U.S. Luxury Travelers Study 2022.
In case I am being too subtle (Like that would EVER happen!), our study helps luxury travel brands gain valuable insights on current and potential customers. It also helps them identify opportunities to improve and grow their businesses.
We recently presented our findings at the ULTRA Luxury Advisors conference at EAU Palm Beach Resort in July 2022. The response was so overwhelmingly positive that the event organizers asked us to present next year’s study results at the 2023 conference.
In the meantime, we also posted three white papers on our website:
- Who are Your Luxury Travelers in 2022
- Meet the Millennials – The New Luxury Travelers
- The Future of Luxury Cruising – The View from our Stateroom
I am curious – what do you value enough to classify as luxury? Drop a line in the comments box, and let’s keep this conversation going.
(Photo: Macy’s Thanksgiving Day Parade, 2021)
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