The U.S. luxury travel market is recovering faster than the world’s budget tourism industry according to a report released this week by research firm Global Luxury Travel Market Reports and Consulting Company (GLTRM). While global tourism has seen a 6 percent drop in demand from both wealthy travelers from China and Russia, America’s top five destinations have increased 6% year on year for the first time since 2010.,
The “u.s. travel statistics 2021” is a report that found that the U.S. luxury tourism industry has recovered faster than the budget travel industry over the past five years.
According to a recent report, luxury travel in the United States has rebounded faster than budget tourism, owing in part to a growth in “high-net-worth people.”
According to a poll conducted by GlobalData.com, 29 percent of respondents stated their travel costs had grown since the coronavirus epidemic began.
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The luxury leisure sector benefited the most from the increased expenditure, with the industry seeing a strong start to recovery in 2021 as rich consumers—now with more discretionary income—returned to travel.
“There’s a lot that goes into why the luxury market is recovering faster than others,” Vita Brillanti President Emily Brillanti said. “I believe a lot of it has to do with this assumption that most people have been putting off on taking major vacations for the previous two years.” “As a consequence, they’ve been putting money aside in order to spend it for luxury trips.”
“The second side is that passengers are understanding that they appreciate comfort and being looked after much more than they may have thought in the past, and luxury travel is where that level of service and comfort tends to come from,” Brillanti stated. “People are quite happy to pay an extra $300-$500 a night if it means they will be well-cared for and have a fantastic time.”
According to the GlobalData research, overall hotel income from leisure tourists for luxury hotels in the United States recovered the most last year, up 147 percent from 2020. In 2021, two percent of Americans had a net worth of more than $1 million, according to the statistics.
“I hear over and over again that people have spent too much time at home, are weary of Zooms, and have repainted or redecorated more times than they can count,” said Stephen Scott, a luxury travel adviser for Protravel International.
“All of this comes together with a desire to do something finer than usual, and luxury travel paired with a professional travel adviser is the getaway they want,” Scott concluded.
According to the poll, gains in disposable income may have resulted from unintentional saving as a result of pandemic-related travel restrictions or from good economic circumstances that have led housing values to rise.
The “how much has travel increased in 2021” is a report that found US luxury tourism to be recovering faster than budget travel.
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