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Flywire Survey: Luxury Travelers Expected to Spend Even More Than Last Year on Vacations
Travelers are expecting to spend more on vacations, and to extend their trips for longer, compared to last year BOSTON, March 08, 2023 (GLOBE NEWSWIRE) -- A
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[{"type":"text","content":"Travelers are expecting to spend more on vacations, and to extend their trips for longer, compared to last year\nBOSTON, March 08, 2023 (GLOBE NEWSWIRE) -- A new research report out today from Flywire Corporation (Nasdaq: FLYW), a global payments enablement and software company, reveals that 83% of luxury travelers surveyed plan to spend more on travel in 2023 than they did in 2022. And as the demand for unique travel experiences is expected to remain strong, 84% of luxury travelers surveyed said their next few vacations will be longer than the ones they took over the past 18 months. Flywire’s annual luxury travel report surveyed more than 600 U.S. adults to uncover the patterns and priorities that will help shape the industry in 2023. “Our recent research suggests that there’s a strong desire among travelers to continue to invest in unique travel experiences around the world,” said Colin Smyth, VP and GM of Travel and Flywire. “Based on our data, vacations, on average, are expected to be longer this year compared to last. Travelers are more likely to combine business trips and vacations, and they’re planning to spend more than in recent years. And the rise of the four-day work week, along with hybrid work schedules, is allowing them to travel more in the off-season.” Travel advisors are critical to achieving the true luxury experience The report highlighted the value of the travel advisor when creating a luxury experience. 81% of respondents say working with travel experts is the only way to have a true luxury travel experience – up from 74% last year. Younger generations such as Gen Z and Millennials (63%) are more likely to take advantage of the assistance from agents and advisors as opposed to Gen X (54%) and most Boomers (45%). While travel advisors and agents can take away some of the stress and manage many pain points – including logistics and payment offerings – additional considerations such as hidden travel restrictions, including last minute COVID-19-related changes, have made agents and advisors more important. The survey found 67% could not imagine traveling without an agent/advisor, with 62% citing the benefits of agents' ability to take care of everything. Hybrid Work and the Expanding Travel Season The growth in popularity of hybrid work, the four-day work week and more work-life balance may prove to be a boon fo...