These millionaires use their money to create memories.
Travel agents catering to the rich and famous have revealed that their customers are willing to spend exorbitant amounts of money to enjoy their dream vacations.
According to Empower research, the majority of Americans (90%) plan to travel domestically and expect to spend an average of $1,163 per trip.
But for dispossessed billionaires, including 350,000 people living in New York City, spending just over $10,000 on a trip is nothing.
Experts working in the luxury travel industry say customers are prepared to pay hundreds of thousands of dollars for each trip. But it's not just about relaxing or taking the perfect Instagram photo.
Giacomo Piva, travel industry analyst and co-founder of Radical Storage, said: “Billionaires see travel as more than just a way to relax, they create lasting memories and live a luxurious lifestyle. I also see it as an opportunity to have fun,” he told Yahoo!.
“They pursue unique experiences, such as private jets and island leases, and are willing to invest large sums of $50,000 to $100,000 per year to satisfy their passion for travel. Many invest more than $200,000 into their trip, ensuring that every aspect is carefully tailored to their preferences.”
The majority of travelers (57%) are most willing to splurge on food and restaurants during their vacation, while 47% will splurge on experiences and 41% will splurge more on lodging.
Luxury travel agencies say many of their clients prefer to fly jets in private aircraft or sail on yachts to ensure exclusivity, privacy and personalization on every trip (usually once a year or more). It is said that he has been splurging, such as renting a private island.
“The luxury of our itineraries lies not only in the amount we spend, typically ranging from $500,000 to more than $1 million per year, but also in the meticulous attention to detail and exclusive access to some of the world's most coveted experiences. ,” says Founder and Lead Travel Designer LaDell Carter. She told Yahoo! at Royal Expression Travels.
“Each journey is more than just a trip. It is a testament to the power of luxury to transform the ordinary into the extraordinary.”