ALTIANT Global Luxury AND ASSET MANAGEMENT (GLAM) MONITOR
Q1 2025 RELEASE
I
Q1 2025 RELEASE I
Quarterly GLAM Monitor: Q1 2025
Release date: March 2025
Lars Long - Founder & CEO, Altiant
Welcome to the newest edition of Altiant’s Global Luxury and Asset Management (GLAM) Monitor. The monitor focuses on the behaviours and sentiments of our panel of validated global affluent/High Net Worth Individuals.
GLAM has now passed five years of data collection, during which time we have conducted over 12,500 interviews to construct a comprehensive and evolving view of luxury sentiment and behaviour. The 5+ years of study so far clearly show the significant change and disruption which the world has seen in that period. We hope that the future findings continue to assist your business strategies and decisions in the years ahead.
Q1 marked five years since the outbreak of the Covid pandemic. While hard-hit categories such as retail and travel are now broadly in line, or even exceeding, pre-pandemic norms, there remain some ongoing challenges for luxury markets. Global issues such as the energy and climate crises, international conflicts, tariffs/trade wars and inflation continue to impact affluent sentiment. The recent general elections in the UK, US and France are likely to have a notable impact on these results well into 2025.
As we refresh GLAM for another year, some questions have been replaced by new and more relevant ones from Q1 onwards. All the data is available within Tableau so that you can reformulate the results according to your own preferences. Age, gender, region and household income filters will enable you to interact with the data and cut it in different ways to identify key differences and trends.
We welcome the free and fair use of our data to meet your individual and business objectives, only asking that you clearly link your readers to the source of the data whenever applicable. As we publish additional iterations, trends will continue to strengthen, enabling you to further enhance your understanding of global luxury consumers. In the event you have any questions about the data, please contact us at glam@altiant.com.
Altiant Founder and CEO, Lars Long
INTRODUCTION TO THE RESEARCH
All data presented in this GLAM monitor has been sourced from Altiant’s manually validated in-house panel of Affluent and High Net Worth Individuals (HNWIs), Luxury Opinions©. This iteration reports on Q1 2025 but will also include trended data from the trackers’ previous quarters. For any additional questions about this research, please contact glam@altiant.com.
METHODOLOGY
We continue to survey different members of our global panel whenever possible, surveying all respondents once a year at most. 465 affluent/HNWIs were surveyed between January and March 2025, with 155 in Europe, 151 in North America and 159 in Asia Pacific. 23% of this quarter’s sample was aged 18-39, with 77% aged over 40. The sample was split 58:42 in terms of gender M:F. Since starting the tracker in Q3 2018, we have now conducted more than 12,500interviews in total, 35% of which were among aged 18-39s (65% over-40) and with a gender split of 50:50.
MEDIAN HOUSEHOLD INCOME AND INVESTIBLE ASSETS
Normalised to $US, the median household income (HHI) in this quarter was $274k, while the median investible assets stood at just over $750,000 (exchange rates as per 24th March 2025). This brought the median HHI across all 5+ years’ of study so far to $258k, while the Investible Assets median stood at $868,000.
wealth acquisition: the new categories
In Q3 2024 we introduced a new question asking for the respondents’ best description about how they had acquired their wealth so far. The five categories are:
Legacy wealth: Wealthy upbringing/financial support and with an inheritance
Head start: Wealthy upbringing/financial support with no inheritance
Upwardly mobile: Middle-class or poor upbringing with financial support and an inheritance
Inheritor: Middle-class or poor upbringing with an inheritance but no financial support
Self-made: Middle-class or poor upbringing without an inheritance or financial support
Across the three quarters so far, 11% have defined themselves as coming from Legacy wealth, while 15% fell into the Head start category, the latter rising to 29% in China. Another 21% said they were Upwardly mobile, while only 7%defined themselves as an Inheritor. By far the largest share fell into the Self-made category (46%), albeit standing at only 13% among the Chinese response. The results for Q1 were broadly in line with the previous two quarters for this question.
GLAM 5-YEAR
As we release this quarter's findings, we also celebrate a significant achievement: The GLAM Monitor has now surpassed five years of continuous and detailed data collection, marking a sustained contribution to thought leadership in luxury and asset management research. DISCOVER THE REPORT AND MAIN INSIGHT
STUDIED POPULATIOn
KEY QUARTERLY CHANGES
Some categories have continued to see more buyers planning to reduce spending. For example, 40% now plan to spend less on high-end audio (up from 30% in Q3 2024), fragrances increased from 14% to 21%, watches from 22% to 32% and jewellery from 19% to 28% over the period.
As of Q1 2025, 59% had purchased luxury goods or services via a computer/laptop, the lowest point since exactly five years’ prior as pandemic lockdowns were being introduced.
Two thirds (64%) say that they are spending about the same amount of time online as 12 months ago, while 21%have reduced this vs 15% who are doing so more often.
Health is becoming an increasingly key component in the lives of affluent/HNWIs, with 55% focusing on their health and wellbeing more than last year.
Spas were used by more than half (56%) within the past 12 months (up from 52%) and the highest point of the tracker so far.
AI penetration continues to rise, with 55% saying that they now use AI programs, up from 46% in Q4 and 43% in Q3 2024.
LUXURY PURCHASES
LUXURY BEHAVIOUR
“Which of the following words best represents yourself when it comes to luxury and wealth?”
Base: 465 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantThis question has been introduced from this quarter, with respondents using a 10-point slider to indicate which words from the following pairs best sums them up. The numbers below represent a net of the three slider points closest towards each word (bottom 3/top 3). While four of the pairs are reasonably balanced between the two extremes, there is a clear preference towards established and international brands (42% and 41%), and those which focus on brand-specific/standalone products (43%) rather than collaborations with others.
· Saving vs Spending: 30% vs 30%
· Established brands vs Niche brands: 42% vs 22%
· Local/regional brands vs International brands: 24% vs 41%
· Fast vs Slow: 34% vs 26%
· Modern vs Traditional: 36% vs 26%
· Physical vs Digital: 30% vs 33%
· Brand collaborations vs Standalone products: 19% vs 43%
PAST LUXURY PURCHASES (Past 12 Months)
“In which of the following categories have you purchased a luxury brand or service within the past year?”
Base: 12,636 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantBefore 2020, travel numbers saw little quarterly variation in our tracker. However, the tourism industry was one of the worst-hit by the Covid pandemic, with regional outbreaks and lockdowns leading to an uneven recovery. Relatively fewtravellers are now cautious about taking holidays, with travel having returned to pre-pandemic levels.
The share of wealthy individuals saying that they had taken a luxury holiday steadily rose after 2021/22, stabilising in the mid-high 80%s in 2024 and reaching a new tracker-peak of 90% in Q4. This stood at 89% in Q1, with two thirds (65%) taking multiple trips within the past year. Tourism remains firmly at the top of the list for categories’ purchasing penetration and comfortably ahead of the next most popular: designer fashion, alcohol and electronics.
Various other categories such as wealth management services, cosmetics and fragrances and alcohol have also remained popular and purchased by around 70-80% within the past year. Purchases of leather goods and cosmetics/fragrances see a clear skew towards women, while men are more likely to buy watches and use wealth management services. High-end audio (44%), luxury automotive (43%) and art and collectibles (41%) remain the least likely categories to have been purchased within the past year.
“Approximately how much did you spend in total in the following categories last year?”
Base: global affluent/HNWIs who made purchase(s) in the relevant categories | Source: LuxuryOpinions®/AltiantThis question has been added from Q4 2024 to track the changing spending patterns across the different luxury categories. Among the typically lower-priced categories, fragrances again came out the lowest with a median normalised spend of $864, a little behind cosmetics ($1,150). Both leather goods and designer fashion had a median spend in the $2,500-3,000 range. Travel was the highest median spending category, and the only one to exceed $10,000 ($11,900). Watches followed a short way behind ($8,700), with jewellery spending at $6,000 and high-end audio and electronics just below $4,500.
Luxury Purchase Intent (Next 12 Months)
“Do you expect to spend more or less in the next 12 months, compared to the last 12 months?” - Active buyers, past 12m
Base: 12,636 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantPurchasing trends remained somewhat consistent across 2024, but the results from the past two quarters have seen a clear and significant shift. All categories saw a rise in respondent sentiment for planning to spend less in 2025, often significantly so. While some categories saw a small correction in Q1, many others have continued to see a rising share of respondents planning to reduce spending. For example, 30% planned to spend less on high-end audio in Q3, rising to 37% in Q4 and 40% in Q1 2025. Similarly, fragrances increased from 14% to 21%, watches from 22% to 32% and jewellery from 19% to 28% over the Q3 2024-Q1 2025 period.
Many brands are already reporting difficult sales periods, with these purchasing plans suggesting further challenges ahead. Automotive remains the one of the categories which active buyers expect to cut back on most in the year ahead, with 37% anticipating doing so, and only 18% planning to spend more. Extra tariff costs might be driving the expected increase on spending in this category. Travel is one of the better performing categories, with only 11% expecting to spend less in the next year. While 40% expect to spend more, this is still well down on the results prior to Q3 2024.
Wealth management appears to be well placed to navigate the turbulent financial markets. Some 44% expect to use wealth managers more in the year ahead – broadly in line with the average over the past year as many affluents appear to want to plan financially for unforeseen events such as pandemics, political change or to hedge against inflation. After wealth management and travel, art and collectibles and designer fashion are the only other categories which have 20% planning to increase their spending in 2025.
“You mentioned that you have not purchased luxury items from the following categories within the last year/Do you think you will make purchases in any of these categories within the next year?”
Alcohol, art and collectibles, luxury cosmetics and high-end audio remain the least likely categories to entice new customers, all having 85-90% of non-users not expecting to begin doing so over the next 12 months. Leather goodsand travel are the categories which may be able to attract new category buyers, with both having around one-thirdexpecting to buy in the next 12 months.
PURCHASE CHANNELS
“Within the past 12 months, how have you purchased luxury brands or services?”
Base: 12,636 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantPrior to Covid-19, the share of consumers buying luxury goods/services in a physical store hovered around the 85% mark. This fell as low as 67% in Q2 2021 and while there were some fluctuations across 2022 and early 2023, it has stabilised around the 80% mark since (82% in Q1 2025).
The past two years have also seen a notable uplift in online luxury shopping, but this too saw some fluctuation over the past year. As of Q1 2025, 59% said that they had purchased luxury goods or services via their computer/laptop, rising to 74% of Americans. This is exactly five years on from the next lowest point (55%), a time when most countries were imposing pandemic lockdowns.
Whether this is a one-off result, or a potential pivot towards more in-person experiences remains to be seen, although there are signs of many affluent/HNWIs trying to reduce their screen times (see Section 4). Similarly, purchases via mobile phones (40%) and tablets (13%) both saw significant declines vs a few quarters previously. Men and over-40s comfortably remain the least likely to have shopped via devices such as these.
SOCIAL MEDIA INTERACTIONS
“Which of the following social media sites/apps do you use in a typical week for at least 30 minutes in total?
Base: 465 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantThis question was introduced from Q1 2025 to provide a greater level of detail on social media usage. The unique nature of Chinese social media means that its specific sites were only shown to respondents in China, with all other markets seeing the same options as each other. Respondents from Hong Kong were shown both the Western/international sites as well as the Chinese ones. Within China, Douyin is highly popular and used by almost three quarters (73%). Weixin(54%) and Xiaohongshu (41%) are two other sites which have a significant weekly usership within China.
Among the non-Chinese markets, Instagram (63%), Facebook (60%) and YouTube (57%) were the most popular, followed by the professional networking site LinkedIn (47%). Women are much more likely to use the former two sites, with men more likely to use LinkedIn. Americans are most likely to use Facebook and LinkedIn, those from APAC for YouTube, while Europeans and under-40s drive usage of Instagram.
TikTok also has a strong usage bias towards under-40s, 41% using it weekly for at least 30 minutes vs 24% of over-40s (overall average of 27%). Despite recent controversies, X/Twitter remains reasonably popular and used by30%, while only 3% are currently using its new competitor, Bluesky. WhatsApp is also popular despite not being an actual site, with54%using it for at least 30 minutes in a typical week
“Have you participated in any of the following activities in relation to luxury brands and services on social media in the past 3 months?”
Base: 12,636 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantIn line with online retail prospering, social media has also become more important for many luxury brands. Some 41% of the Q1 sample said that they had followed a brand, while 47% had liked or recommended a brand to family, friends or colleagues within the past three months, both figures broadly level vs the previous quarters. In both cases, women and under-40s continue to be the most likely to do so. Elsewhere, just under one in five made purchases via social media or sent a private message to a brand (both 16%), with under-40s again most likely to do so.
Many brands are dedicating parts of their marketing budgets to social media influencers. With 24% of wealthy individuals saying that they had followed influencers within the past three months, this can be a lucrative option if well-chosen partners are utilised. Over-40s, men and Europeans are the least likely groups to do so at under one in five. Finally, 32% reported that they made none of these social media interactions within the past three months.
LUXURY & SUSTAINABILITY
Attitudinal Statements
“Which of the following statements about luxury do you agree with?”
Base: 12,636 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantRecent years have led to many affluent/HNWIs reassessing their purchases of luxury goods, often instead preferring to spend their money on luxury experiences: two in five (40%) say that they prefer luxury experiences over goods/products. As seen in Section 1, travel has now returned to pre-2020 levels, and sustainable/ethical travel will remain prevalent: 25% say that they will prioritise responsible travel in the future. Meanwhile, 12% say that they have reconsidered their recent travel plans due to climate changes such as heatwaves and wildfires.
Similarly, many people are opting to rent items rather than buy them, particularly in categories such as fashion and jewellery. Sustainability and tapping into the circular economy are at the heart of this growth, although that only 6% are interested in renting clothes indicates that this growth is likely to be gradual. Meanwhile, 15% say are interested in buying second-hand clothes, though this figure lags behind in Asia where still only 9% are receptive in this quarter’s results.
Increasing numbers of wealthy individuals are also gravitating towards brands which have a genuine sustainable ethos and positioning. Two in five (36%) are interested in buying sustainable products such as electric cars or organic clothing. A slightly higher share are also now concerned about the climate crisis (44%) and geopolitical stability in the world (56%), while 30% are trying to reduce their personal carbon footprint in everyday life. Meanwhile, 19% have reduced or eliminated their consumption of meat, rising to 27% in Europe but standing at just 9% in Asia.
“How sustainable/environmentally friendly do you think the following are? / And which of these do you currently do?
Base: 6,682 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantThe ongoing climate crisis means that many wealthy individuals are now scrutinising their own actions and how they are contributing to, or alleviating, this issue. Perceived green credentials can be highly influential, and the growth of the rental and second-hand market has been built around the circular economy.
While some studies have questioned the legitimacy of these claims, consumer perception is key. This appears to be broadly positive as over half (55%) think that renting goods is either somewhat or very environmentally-friendly, rising to 64% for buying goods second hand. Some 38% say that they are already doing the latter, while less than one in five (7%) are currently renting.
Another significant behavioural change is the increasing need to find alternative fuels for driving. The growth of electric and hybrid cars has been broadly positive, albeit with some ongoing concerns about the convenience of charging and battery reliability (‘range anxiety’). Nevertheless, 27% think that these cars are very environmentally-friendly, with another 22% thinking they are somewhat so. Two in five (39%) have already made the switch to electric or hybrid cars, with uptake likely to rise in the coming years as the technology of these cars continues to improve and BEVs are phased out.
There are also growing energy demands coming from the use of AI programs, a new metric introduced to the tracker from Q3 2024. Overall, only 27% think that these are sustainable or environmentally friendly, with half believing they are not very/at all green. Over-40s and Europeans are the most likely to have a negative impression of AI from a sustainability perspective. Nevertheless, 55% of the sample say that they are already using such programs, up from 46% in Q4, rising to 61% among under-40s and 73% among Chinese respondents.
Many wealthy individuals are also making sustainable changes at home, for example by investing in solar panels or heat pumps. Two thirds (68%) believe that these actions are very or somewhat environmentally friendly, with broadly high response across the demographics. Almost half (47%) of the Q1 sample have already taken some of these steps, reaching half among the Millennial cohort but falling back to just a third of Boomers.
The Importance of Sustainability
“How important is it to you that luxury brands commit to adopting policies that promote environmental protection, social responsibility and ethical behaviour (sustainable luxury)?”
Base: 5,954 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantThe ongoing climate crisis remains one of the most pressing issues globally. 2024 was the warmest year on record, breaking the previous year’s high and seeing several climate-related disasters. This has led to many becoming increasingly demanding of brands to acknowledge and act alongside them in alleviating climate concerns, for example via recyclable materials or carbon offsetting.
Individuals are also becoming more aware of ‘greenwashing’ and discerning about brands which make sustainable claims. Three in five (55%) say that it is very or somewhat important to them for brands to do this. Only 20% now say that it is not very, or not at all important for brands to focus on sustainability, showing the importance of this issue for consumers.
Trading up for Sustainability
“Would you be prepared to pay more for a product which positions itself as sustainable luxury?”
Base: 12,636 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantDespite some muted responses to brands’ sustainability efforts, many affluent consumers are seemingly prepared to back up their views about environmental protection and sustainability with their money. Only 30% of the Q1 sample are entirely unprepared to spend any more for sustainable/ethical luxury products. Overall, 48% are prepared to spend up to 10% more, which could be a sweet spot for brands to justify a small price premium.
The remaining 22% are prepared to spend more than 10% extra for sustainable/ethical luxury products, with 3% even being prepared to spend more than 25% extra. Trading up for sustainable goods resonates with under-40s more than over-40s overall, especially for the 10-25% extra spending bracket.
Sustainable Luxury Champions
“Are there any luxury brands in any industry which you think are good examples of sustainable luxury? If so, which companies?”
Base: 12,636 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantOver the course of our tracker so far, a handful of luxury brands have consistently stood out to wealthy individuals as sustainable luxury operators. The likes of Louis Vuitton, Stella McCartney, Gucci and Tesla garner a high share of the response each quarter, with these brands also being among the most cited in Q1. Meanwhile, many wealthy individuals do not state any specific sustainable brands or, even worse, actively mistrust some green claims, something which brands continue to have to work on resolving.
FOCUS ON FINANCE
Global Financial System Stability
“How stable do you feel the global financial system currently is?”
Base: 12,636 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantA variety of recent events have had a major impact upon consumer confidence in the global financial system. Covid-19, Brexit, the climate crisis, international conflicts and inflation have all had an influence, with many companies seeing their share prices fall as a result of greater financial uncertainties. The new US Administration has also had a dramatic impact on share prices via the introduction (and reversal) of various trade tariffs with other countries.
While financial system stability plummeted at the outset of the pandemic, it subsequently recovered, with some fluctuations in recent years around the 20% mark. In Q1, this dropped to 18%, one of the lowest points of the tracker so far. Concurrently, the share of those who think that the financial system is very or somewhat unstable rose from 55% to 62% (with 20% deeming it very unstable). Only 19% now hold a neutral/uncertain position.
Stock Market Knowledge
“How knowledgeable do you think you are about topics related to the stock market?”
Base: 12,636 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantSelf-claimed stock market knowledge has historically shown little quarterly variation in the tracker, hovering around the 75-80% mark. In Q1 this remained broadly flat, with 77% saying that they are either very or somewhat knowledgeable, albeit with only 20% falling into the top box. Women and Europeans continue to be the least likely groups to state that they are knowledgeable as per this quarter’s data. 20% feel that they have very little stock market knowledge, while only 3% say they have no knowledge at all. Women remain much more likely than men to profess having little or no comprehension of the stock market (30% vs 19%).
Regional Stock Market Confidence
“How do you think the stock markets in your region will perform during the next 12 months when compared to the past 12 months?”
Base: 12,139 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantFrom a low point of 33% in Q2 2020, stock market confidence recovered steadily across 2021 and neared 50% at the end of the year as a more bullish stance returned. However, this fell away again and dropped as low as 30% in Q2 2022, before recovering in an uneven manner since. As of Q1 2025, two in five (42%) expect an improvement in performance in the year ahead, but with just 8% expecting their stocks to perform much better. One quarter (28%) think that their stock performance will remain about the same while 30% anticipate a downturn.
INVESTMENT PLANS
“Within the next 90 days, do you expect to make significant changes to your investment portfolio?”
Base: 6,682 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantPreviously hovering around 30%, the share of wealthy individuals expecting to make significant changes to their portfolios fell back to just 22% in Q4 2023, the lowest point for this metric since this question was introduced two years’ prior. Last year saw a small recovery in this figure, where it remains as of Q1 2025 (24%). Meanwhile, 57% expect to keep their investments unchanged, while only 19% were unsure of their plans. The ongoing market uncertainty, largely emanating from the US, may see this figure change in the coming quarters.
“Do you plan to change how much you dedicate towards charitable donations and/or sustainable investments over the next year?”
Base: 2,861 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantOne in five (18%) say that they will be making more charitable donations in the year ahead, a broadly flat figure against the previous two quarters since this question was introduced to the study. More than two thirds (70%) expect to donate about the same, while only 12% anticipate cutting back. A similar pattern emerges for sustainable investments, with 21% expecting to increase these, 68% planning to maintain and only 11% cutting back.
Investing in Cryptocurrencies and NFTs
“Please select one of the following options in relation to your interest in virtual cryptocurrencies like Bitcoin and Ethereum.”
Base: 12,636 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantCryptocurrency continues to attract a high level of media interest amid ongoing controversies. As a result of this high profile, only 7% of the global affluent are now entirely unfamiliar with them. Following a significant drop in 2022, Bitcoin values saw a strong recovery in 2023 and reached a new all-time high in Q1 2024 before briefly topping $100k directly after the US Presidential election. At the time of writing, YTD values of Bitcoin were down by 10%.
In Q1 2025, 27% were long-term investors, driven by Americans and men, while 12% invested with a short-term view. Bitcoin remains the most popular currency by some distance. While some investors only do so for single coins, typically Bitcoin, many also dabble in others such as Ethereum.
Despite rising values in 2024, the continued unpredictability and volatility of crypto appears to have hardened the opposition among non-investors: the share of current non-investors but who might be interested in doing so fell back steadily in 2023 and remains at around a quarter since (27% in Q1). Another 27% now say that they do not currently invest in crypto and do not think they will do so in the future.
FOCUS ON TRAVEL AND LEISURE TIME
Holiday habits and intention
“With whom did you take holiday within the past year?
Base: 465 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantAnother new question introduced this quarter aimed to understand who travellers were taking their holidays with. Couple trips were the most popular overall, with 58% doing so, closely followed by couples with their children (50%). Holidays with friends were also commonplace at 38%, rising to 46% among under-40s and half among Americans. Multi-generational/extended family trips (27%) and solo travel (20%) also provide the travel industry with significant opportunities to tap into.
“Which of the following have you done while on holiday within the past year?”
[Note, this question has been changed from a three-year time period, to one-year, in response to the Covid-19 pandemic]
Base: 12,636 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantLuxury is important right from the start of respondents’ holidays, including at the airport: 52% shopped in a duty-free store, 42% used a VIP waiting lounge and 40% travelled by business/first-class within the past year. Alcohol, perfume and cosmetic purchases were commonplace among those who shopped in a duty-free store. 5* or more hotelsremain highly popular, used by 57%, while 36% stayed in a suite/penthouse room and 26% rented a beachfront villa. Fine dining (60%) and room services/concierges (42%) also continue to attract many of these travellers.
Spas were used by more than half (56%) within the past 12 months, up from 52% and the highest point of the tracker so far, with under-40s remaining the most likely users (69%). Wellness tourism continues to flourish as more luxury hotels acknowledge the appeal of relaxation facilities; indeed, 24% say that they had been to a wellness retreat over the past year, back up from 19% in Q4.
Many wealthy individuals are also extending a business trip for a holiday (workations/’bleisure’). One in five (20%) say that they have done this over the past year, while a similar share had a private transport experience (22%) such as a helicopter ride or used a private chauffeur (23%) within the past year. Americans are the most likely to have treated themselves on their luxury holidays in most of these listed activities, with very little overall change vs last quarter.
Two new codes were introduced in Q3 2024 to account for increasingly visible travel trends: taking a medium/long distance luxury train trip (such as the Orient Express) and attending a sporting event while on holiday. One in ten (10%) said that they had taken one of these train trips within the past year, while 23% had attended sporting events, the latter rising to a third of Americans.
“Which of the following types of holiday are you likely to take within the next year?”
Base: 12,636 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantWhile many individuals continue to favour domestic trips, or going to countries closer to home, international holidays have firmly recovered from the post-Covid dip (see Section 1). Different holiday types see wide variance in popularity across the regions, with many now looking for hidden gems and lesser-known destinations off the beaten track.
Overall, city breaks are set to be the most popular type of holiday in 2025 (66%), rising to 73% among under-40s and 83% among Chinese. This is closely followed by family trips, sightseeing or tourist breaks and beaches (all 57%). Multi-generational trips remain popular along with rural/countryside holidays such as glamping (27%), reflecting many wealthy travellers’ ongoing desire for privacy. Wellness retreats are also likely to retain their popularity as the wealthy look to improve their physical and mental health: 26% plan to visit one of these in the year ahead.
“Thinking about your day-to-day life, are you doing the following activities more, less or about the same as 12 months ago?
Base: 465 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantThis last question was introduced from Q1 2025 to provide a better overview of respondents’ leisure time when they are not on holiday. There are signs of a growing return to in-person experiences, and a reduction of screen time. While 64%say that they are spending about the same amount of time online, 21% have reduced this vs 15% who are doing so more often. Americans are the most likely to be cutting back on their screen time (29%), vs only 6% of Chinese.
Health is becoming an increasingly key component in their lives, with 43% focusing on their health and wellbeingabout as much as last year, while 55% are giving it greater importance (rising to 59% among women and 61% for under-40s). Specifically to participating in sports and exercise, 57% are maintaining their levels of activity, while 32% are doing so more often.
Finally, rising costs have not yet been a significant deterrence for dining out of home, going to sporting and cultural events. Around two thirds are doing so about the same as a year ago, with 23% dining out and attending cultural events more often (falling to only 12% who do so for sporting events). Under-40s and Chinese respondents are the most likely to say that they were doing these activities more than a year ago.
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