Broker Check

Editorial by Paula R. Chesser

Travel Trends of the Affluent

Travel Trends of the Affluent

The simple act of "getting away from it all" helps people reduce stress and re-energize. 

Discovering fresh destinations and authentic experiences, relaxing, investing in personal enrichment and spending time with loved ones are all great examples of time well spent to reinvigorate the soul.  Luxury yacht charters, private jets, private islands and private villas, at anywhere from $500 a day to $900,000 a week, are the travel toys of wealthy travelers.  Let's take a look at some of the trends of today's high-net-worth travelers:

  • The chance to be first.  There are plenty of "uncharted" gems awaiting visitors in Cuba, Bhutan, Tibet, and Nicaragua just to name a few examples.  The wealthy want to get there first.

  • New challenges.  They seek out destinations and activities that make them step out of their comfort zones and push their boundaries.  Many are willing to seek out unique local experiences and splurge to enjoy the cuisine of a particular destination.  Experiences like going truffle hunting or driving classic cars (which are led by locals) help to make the experience memorable.

  • Being privy to the most comfortable modes of travel.  When heading to St-Tropez, Bora Bora, or Dubai, it's not uncommon to see the wealthy jaunting around the world in a private jet, a private yacht, or the comfort of first class.

  • Going deeper.  Traveling in the company of noted experts, scholars, and authors can share cutting edge information.  Why just go to the beach when you can go to the beach and brag about the historical significance of its shores?

With the world as their playground, the wealthy may look like they have it easy.  But the truth is, they budget and plan ahead for their trips.  Whether they have $1 million or $30 billion in the bank, high-net-worth individuals plan for each upcoming adventure.  If you have the travel bug, the time is now; talk with your wealth advisor about setting monies aside for exotic experiences or educational travel.  By including your travel goals in your wealth management planning, you will ensure the consistency of travel experiences you are seeking to enjoy today and also in the future.  You will be glad you did!