Demand for luxury tourism and hospitality is expected to grow faster than for any other industry segment. This growth is being powered in part by a sharp rise in the number of individuals globally with net worths between $1 million and $30 million. But it’s also resulting from a large and expanding base of aspiring luxury travelers with net worths between $100,000 and $1 million, many of whom are younger and increasingly willing to spend larger shares of their wealth on upscale travel options (Exhibit 1).
We dug deeper into this ongoing evolution by surveying luxury travelers (defined here as those who spend, on average, $500 or more per night on lodging) to inquire about their preferences, plans, and expectations. Our survey of…
