Summer has arrived in the Northern hemisphere. All this week, our daily charts will focus on travel and tourism. We’ll explore shifting travel preferences, new business models, luxury travel, disruptions affecting the industry, and more.
Demand for luxury tourism is projected to grow faster than other segments of the industry, but even among this group, preferences vary widely. Aspiring luxury travelers—those with net worths of $100,000 to $1 million—tend to favor exploring new locales and seeking cultural immersion, senior partner Matteo Pacca and coauthors find in their survey of more than 5,000 luxury travelers. Those at higher wealth levels often prefer exclusivity and personalized services. Catering to these evolving preferences and rethinking commonly held perceptions about the luxury market is essential for attracting and retaining these consumers.
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A line graph shows the motivations for leisure travel among aspiring luxury travelers and outlines their spending patterns based on the type of travel. It shows that ~80% of travelers exploring new places, ~60% of travelers on cultural or historical trips, and ~30% of those seeking authentic experiences, cultural immersion, or new experiences are willing to spend up to $750 per night.
Note: Aspiring luxury traveler spends $500–$749 per night.
Source: McKinsey State of Tourism Survey, 5,061 travelers, Feb 27–Mar 11, 2024
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To read the article, see “Updating perceptions about today’s luxury traveler,” May 29, 2024.