Bringing Families Closer Together: Unveiling Luxury Travel Insights for 2023
In the world of luxury travel, 2023 promises to be a year of meaningful connections and unforgettable experiences for those seeking new adventures. An emerging and affluent traveler demographic, known as Luxury Risers is shaping a new era of luxury travel trends that doesn’t show signs of slowing down any time soon.
Who are Luxury Risers?
Luxury Risers are a demographic of individuals with an annual income of $100,000-$249,000, ranging in age, with a common passion and mindset for luxury experiences and products.
Luxury Risers not only share a passion for indulgent travel that rivals even those with a yearly income of $250,000 or more, but they also immerse themselves much more deeply into the experiences they enjoy while traveling. This demographic of luxury travelers brings forth an unwavering belief that luxurious travel experiences are not just extravagant escapes; they are the threads that weave families closer together.
Amidst the ever-evolving landscape of travel trends and preferences, The Olinger Group’s 2023 Luxury Travel Trends Report immerses us in a comprehensive exploration of the tastes and dreams cherished by Luxury Risers. These individuals and families are not content with just any vacation; they seek out experiences that enrich their lives and create lasting bonds.
Luxury Risers Are Shaping the Luxury Travel Industry in 2023 and Beyond
Luxury Enthusiasts Value Experiences Over Possessions
Shrehya Agarwal discusses how customers today are placing more value in experiences over possessions in the series “Experiential Content in the Age of Experience Economy”. Agarwal explains, “Brands that stage experiences can command higher prices for their offerings because consumers perceive experiences as more valuable and are willing to pay for them.”
Luxury Risers understand that true wealth lies not in accumulating tangible goods but in creating cherished memories. They are willing to pay top dollar for experiences that resonate with them and their families. For Luxury Risers, these experiences are not just a luxury; they are an investment in the quality of their family life.
Luxury Risers Involve the Whole Family In Planning Their Travel
What sets Luxury Risers apart is their approach to travel planning when children are involved.
Again, Argarwal makes note that, “Most parents do not take their kids to Walt Disney World only for the venue itself but rather to make the shared experience part of everyday family conversations for months, or years, afterwards.”
Unlike high-income earners who prefer to make decisions themselves, Luxury Risers with children at home actively involve their families when planning vacation destinations, activities, and hotel accommodations.
This not only ensures that the trip caters to the entire family’s desires but also fosters a sense of togetherness from the very beginning of the journey.
Live Well™ Recommendations for Luxury Travel Industry Players
For luxury travel agents, hospitality decision-makers, and those in the luxury travel industry, these insights from the 2023 Luxury Travel Trends Report should not be overlooked:
Equality for Luxury Risers: Luxury travel destinations must recognize Luxury Risers as a demographic with immense potential as a part of the Experience Economy. Their aspirations and desires for unique experiences should be met with the same enthusiasm and care as those of high-income earners.
Tailored Marketing and Communication: To resonate with Luxury Risers, marketing and communication strategies need to be finely tuned. Messages that emphasize the value of experiences, family togetherness, and the emotional impact of luxury travel win.
Offering Family-Centric Experiences: Luxury travel providers should ensure that their offerings cater to families. Whether it’s curated family-friendly activities or accommodations that meet the needs of all family members, the emphasis should be on creating a memorable journey for everyone.
Luxury travel in 2023 is all about creating meaningful connections and lasting memories. Luxury Risers are driving this trend, valuing experiences over possessions and involving their families in travel decisions. As the luxury travel market evolves, industry players must adapt by recognizing the importance of Luxury Risers, adjusting their marketing strategies, and providing ample family-friendly experiences.
For a more in-depth look at the data and trends shaping luxury travel in 2023, download the full report, “The Great Escape – U.S. Luxury Travel Trends 2023.” Live well, travel luxuriously, and make 2023 a year of unforgettable family adventures.