4 | The Art of Luxury Another study by YouGov – in March 2023 that polled affluent consumers across 18 international markets – found that three-quarters (74%) of consumers globally planned to take at least one trip in the next 12 months, and that number was significantly higher (91%) among high-income earners This is a record high post- pandemic, since early 2020 The survey goes on to say that “Luxury travel is the turbo-engine for travel recovery Spurred by high demand, intentions to take longer trips, and plans by high earners to spend more on travel this year, means the luxury travel market can be expected to be the fastest-growing segment of the travel industry” Supporting this prediction, many industry players have taken noticeable steps to attract and satiate luxury travelers To name just a few, several airlines have been expanding and upgrading their in-flight offerings, as well When taking a seat at any boardroom table, it is always a priority in strategizing to determine the size of a brand’s or product line’s target market. In 2022, the market size of the global luxury travel industry was estimated at just under two trillion U.S. dollars, according to Statista. And this figure was forecast to increase to an estimated 2.1 trillion U.S. dollars in 2032. as services at airport lounges Luxury hotel brands have been integrating local experiential adventures and alternative eco-friendly accommodations options into their product lines And both high-end ocean and river “The acquisition of wealth is progressing at an unprecedented pace, with increasingly more consumers gearing up to luxury purchasing. In the U.S. alone, the number of people with over $1 million in liquid assets (excluding home/ retirement funds) is approaching nine million, equating 3% of the population. This segment of the population is growing seven times faster than any other segment.” – Forrester Research HOW BIG IS THE LUXURY TRAVEL SECTOR?