Europe’s high net worth individuals (HNWI) intend to slash on leisure and hotels in 2022. According to MoneyTransfers.com data analysis, 62% of HNWIs plan to spend more on those two things. The main drivers of this increase in spending are a desire for better quality leisure experiences and expanding the global travel market.
MoneyTransfers CEO Jonathan Merry has been explaining these figures. He holds, “HNWIs are looking for ways to make the most of their time away from home. This is evident in their willingness to increase spending on luxury hotels, resorts, and other types of accommodation.”
A Boon For Tourism and Hospitality
What this means for the hotel industry is that there is an increasing demand for premium accommodation options. For example, Airbnb has recently seen a surge in popularity among high-end travelers due to the rise in “bleisure” travel – the combination of business and leisure travel.
This growth is excellent news for the hotel industry, as HNWIs are known for spending extravagantly on vacations. They are also more likely to travel during peak seasons. So hotels can expect an increase in bookings during those times.
It’s not just hotels that will benefit from this spending spree. Restaurants, shopping districts, and other tourist hotspots will likely see a surge in business as well. That is good news for local economies and could help create new hospitality industry jobs.
Key Trends That HNWIs Look For in Luxury Hotels
Firstly, there is a strong demand for unique experiences. These could include anything from exclusive dining experiences to unique accommodation options. Hotels must find ways to differentiate themselves from their competitors and offer guests an experience they cannot get anywhere else.
Secondly, there is a growing interest in wellness tourism that includes activities such as yoga, meditation, and spa treatments. Finally, HNWIs are increasingly interested in sustainable tourism practices. They want to ensure their holiday dollars go towards businesses doing good things for the environment. Full story and statistics can be found here: Almost two-thirds of Europe’s High Net Worth Individuals Intend to spend more on Leisure and Hotels in 2022