Millionaires Spending More On Luxury Travel Adventures

Millionaires spending more on Luxury Travel Adventures


Wardrobes packed with designer accessories and haute couture was once considered the status symbol of millionaires. Not any more. The world’s moneyed class no longer spends their wealth on luxury shopping. The current trends show that millionaires are now looking for more than just luxury goods – exceptional luxury travel adventures are becoming increasingly popular with the rich, spending more of their wealth on expensive adventures.
 According to recent reports, despite the economic slowdown, the millionaires of the world are willing to spend money on luxury products and services. However, there is a distinct shift in the spending pattern – from owning luxury products to experiencing luxury services. Millionaires are willing to spend money on novel travel ideas – helicopter skiing in Alaska or a vacation to one of the islands in the Maldives- are increasingly finding customers among the rich. Half of the estimated $1.4tn being spent on luxury wares is for luxury travel adventures.
 Emerging Millionaires
 In the past couple of years, the luxury goods and service industry has recovered from the lull created by the economic crisis. However, wealthy people from America, Europe and Japan, still continue to spend cautiously. The luxury travel market is being fuelled by shoppers from China and Brazil. These are the new emerging millionaires who, flushed with funds, are on a spending spree that is buoying the luxury product market.
 Luxury travel experiences in great demand
 A study by the Boston Consulting Group reveals a new trend. Last year, demand for luxury experiences, including luxury travel increased faster than that for luxury goods. And it’s not only luxury travel experiences like exclusive safaris or spas that are in demand; an increasing number of millionaires are also booking themselves for medical treatments in five-star hospitals where they have special rooms with butler service. So, the millionaires of today don’t want to possess luxury goods, rather they want to define themselves by the exotic travels and adventures they have experienced. The younger generation of millionaires is attracted to instant pleasures like a weekend adventure spree or adventure sports.
 Predictions for the Future of Luxury Travel
 The industry providing luxury travel packages and luxury experiences like art auctions is steadily growing, almost worth more than $ 750 billion according to the Boston Consulting Group’s report. The report also predicts that the middle class in the newly emerging markets of China,Russia and Brazil will further increase the demand for luxury products and services in the immediate future. Some cities in these countries are already luxury hubs and the populace is becoming a force to reckon with i n terms of international luxury travel and shopping.

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