REPORT
Aug 6, 2020
How will HNWIs travel post-pandemic?

The global tourism industry was brought to its knees as COVID-19 restrictions saw jet-setters cancel flights en masse. As the world emerges from lockdown, it’s hoped that HNWIs will play a key role in reviving the sector – but how has the pandemic changed their vacation preferences?

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Scope

Globetrotting has long been a pastime of the wealthy. According to research from International Luxury Travel Market, high net worth individuals globally (those worth over $1 million) collectively account for $507.6 billion of the $1.41 trillion spent each year on air travel and accommodation. While COVID-19 has understandably disrupted this spending, the report hints at the true extent of luxury travel’s economic power, concluding that ”the continued access to and interaction with globetrotting individuals of wealth and spending power is vital for many economies and travel-related businesses around the world. The large effect that this small group of 22.8 million HNWIs has on putting wealth back into local economies is unrivalled.” [1]

SOURCES