Admire them or vilify them, the wealthiest 1% and 5% of Americans are a fascinating demographic. Their preferences and habits are parsed and breathlessly reported, yet their experiences become the stuff the rest of the population dreams of.
For this 2016 U.S. Luxury Travel Report, Resonance Consultancy examined the travel and leisure habits of the wealthiest 1% and 5% of households by conducting an online survey of 1,667 U.S. luxury travelers. We defined the Top 1% as having Household Income of $400k+ or net worth of $8 million+ and the Top 5% having Household Income of $200k+ or net worth of $2 million+. Most interviews were conducted between October 18 and November 16, 2015, with some interviews completed between November 6-12, 2015. The data collected was weighted by age, gender and income according to U.S. Census data.
In our research we found that this small demographic has a startling economic impact: the wealthiest 5% take an average of 14.3 trips per year (about half for business and half for leisure) compared to just 4.8 by the average U.S. traveler. With an average of 2.9 people per household, and an average expenditure of $3,115 per person per vacation, that adds up to spending of more than $390 billion per year on leisure travel alone, which makes wealthy U.S. travelers one of the most lucrative market segments in the world.
This 84-page report on U.S. Luxury Travel includes:
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