Wealthy Travelers Eye International Destinations Despite Rising Costs – 64% Rise for International Trips

Affluent travelers remain as eager as ever to explore the world, though economic considerations are playing a more prominent role in their planning, according to the Global Travel Study conducted by WSJ Intelligence between June 27 and July 19. The survey, which polled 879 Wall Street Journal readers—predominantly male (79%) with an average age of 56 and a net worth of around $3.5 million—revealed that 94% plan to embark on leisure travel within the next year, a slight decrease of just 1% from the previous year. Additionally, international travel is on the rise, with 64% of respondents intending to venture abroad, up from 60% in 2023.

While enthusiasm for travel remains high, economic factors like inflation and market volatility are increasingly influencing decisions. A significant 80% of respondents indicated they would either maintain or increase their travel budgets compared to last year. However, the cost of flights and accommodations has emerged as the top concern, with 78% of travelers citing prices as a crucial factor—a notable nine-point increase from the previous year.

Carolyn Romano, Associate Director of Luxury Lifestyle Intelligence at The Wall Street Journal, noted that while there is still a strong desire to travel, the economic environment has led to a more calculated approach. “Our readers are still really enthusiastic about travel,” Romano said, “but with another year of market volatility and inflation, they’re being a little bit more thoughtful about how they plan their trips.”

Availability of flights and hotels also ranks high on the list of concerns, with 76% of respondents considering it a key factor in their travel planning. Loyalty programs, discounts, and deals have become increasingly important as well, with both factors seeing a 10-percentage-point rise in significance compared to last year. Romano highlighted the importance of these trends, noting that “our reader approaches every purchase as an investment, and even with travel, they’re weighing these considerations carefully.”

Despite economic pressures, the lingering enthusiasm for travel post-COVID remains robust, with 70% of respondents traveling more frequently than in previous years. The survey indicates that over the next 12 months, the average expected spend on leisure travel is $18,305, a slight increase from the previous year’s $18,250.

Europe continues to be the top destination for wealthy travelers, with 86% of respondents considering a trip to the continent, a minor decline of just 1% from the previous year. Italy has emerged as the most favored European country, overtaking the U.K., with interest in the country growing by 9% year over year. Meanwhile, Asia has seen a significant increase in interest, with 40% of respondents planning to visit the continent, up ten percentage points from 2023. Japan is the most popular Asian destination, with 61% of those surveyed considering a visit, marking a 6% increase from the previous year.

When it comes to planning their travels, a significant majority (72%) turn to family and friends for recommendations. In contrast, only 13% consult a travel agent, although those planning cruises are much more likely to seek professional travel advice.

Overall, the study reveals that while the wealthy are still eager to travel, they are becoming more discerning in their choices, balancing their desire for adventure with the realities of rising costs and economic uncertainty. The preference for international travel, particularly to Europe and Asia, underscores a continued interest in global exploration, even as travelers navigate the complexities of the current economic climate.

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