You don’t have to look very far these days to find evidence of a global economy teetering on the edge. But that hasn’t stopped a growing number of travelers from plopping down a small fortune on opulent outings and elaborate excursions.
What’s behind the trend?
After the COVID-19 crisis began to cool off a bit, many people found themselves with extra cash and a pent-up desire to get out of the house. This led to a rise in so-called “revenge travel,” but the pandemic alone doesn’t explain the spike in luxurious trips.
Experts believe there’s a newfound sense that tomorrow isn’t guaranteed, which has motivated people to seize the opportunity to enjoy the finer things in life while they can.
Contrary to what you might think, inflation hasn’t been a huge dealbreaker. One study found that just 22% of people said higher prices would “greatly impact” their travel plans and a whopping 91% of Americans indicated they planned to take a vacation within the following six months.
But since prices are higher, these travelers seem determined to make the money they spend count, often by turning an ordinary vacation into a VIP experience.
Where’s the money going?
Just because vacation cash is flowing doesn’t mean folks aren’t being selective about where they spend it. Based on anecdotal evidence from travelers themselves, there are three ways they want to describe an ideal vacation:
- Comfortable: Whether it’s extra leg room on the plane or a hotel suite, this is a big factor in any luxury trip.
- Convenient: Springing for a direct flight or paying someone to take care of all the planning can make a vacation less stressful and more enjoyable
- Costly: Vacations can provide people with an excuse to order expensive foods, try new things, or pamper themselves.