ALTIANT Global Luxury AND ASSET MANAGEMENT (GLAM) MONITOR
Q4 2024 RELEASE
I
Q4 2024 RELEASE I
Quarterly GLAM Monitor: Q4 2024
Release date: January 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 12,000 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.
Hard-hit categories such as retail and travel and are now broadly in line, or even exceeding, pre-pandemic norms. However, global issues such as the energy and climate crises, international conflicts and inflation remain significant and 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 into 2025. Some questions will be replaced by new and more relevant ones from Q1 2025, as we refresh GLAM for another year.
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 Q4 2024 but will also include trended data from the trackers’ previous quarters. For any additional questions about this research, please contact glam@altiant.com.
METHODOLOGY
For the methodology, we have continued to survey different members of our global panel whenever possible. All respondents are invited to answer the survey once a year at most. 457 affluent/HNWIs were surveyed between October and December 2024, with 155 in Europe, 150 in North America and 152 in Asia Pacific. 27% of this quarter’s sample was aged 18-39, with 73% aged over 40. The sample was split 54:46 in terms of gender M:F. Since starting the tracker in Q3 2018, we have now conducted 12,200 interviews in total, 36% of which were among aged 18-39s (64% 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 $286k, while the median investible assets stood at almost $800,000 (exchange rates as per 24th December 2024). This brought the median HHI across all 5+ years’ of study so far to just over $263k, while the Investible Assets median stood at $915,000.
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 both quarters so far, 11% have defined themselves as coming from Legacy wealth, while 16% fell into the Head start category, the latter rising to 33% in China. Another 20% said they were Upwardly mobile, while only 8% defined themselves as an Inheritor. By far the largest share fell into the Self-made category (46%), albeit standing at only 15% among the Chinese response. Q3 had a slightly higher share of self-made respondents (49% vs 42%), but there was otherwise minimal quarterly variance on this metric.
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
Travel remains buoyant, with 90% taking a luxury holiday within the past year – a new tracker high. City breaks are set to be the most popular type of holiday in 2025 (67%), followed by family trips and sightseeing/tourist breaks (both 60%) and beaches (58%).
Travel was the highest spending category over the past year, and the only one to exceed $10,000 ($10,500). Watches followed on $8,900, with jewellery spending just shy of $7,000.
All categories saw a rise in respondent sentiment for planning to spend less in 2025, often significantly so. Wealth management and travel are the least impacted by this shifting mindset.
As of Q4 2024, two in five (39%) expect an improvement in performance of their stocks in 2025, but with just 5% expecting them to perform much better.
Despite the recent rise to all-time highs in crypto values, sentiment has not yet followed suit and remained at 20% for long-term investors and 13% for short-term).
Within the first quarter of 2025, 24% expect to make significant changes to their portfolios, 55% expect to keep their investments unchanged, and the remaining 21% were unsure of their plans.
LUXURY PURCHASES
PAST LUXURY PURCHASES (Past 12 Months)
“In which of the following categories have you purchased a luxury brand or service within the past year?”
Total Unfiltered Base: 12,171 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. More than two thirds (68%) say that they took multiple trips within the past year, only slightly behind the tracker high point from Q3. Tourism remains firmly at the top of the list for categories’ purchasing penetration and comfortably ahead of 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 75-80% 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. Luxury automotive (46%), high-end audio (42%) and art and collectibles (42%) 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?”
This 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 came out the lowest with a median normalised spend of $760, a little behind cosmetics ($1,200). Both leather goods and designer fashion had a median spend around the $2,500 mark. Travel was the highest median spending category, and the only one to exceed $10,000($10,500). Watches followed a short way behind ($8,900), with jewellery spending just shy of $7,000 and high-end audio at $5,000.
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
Total filtered Base (active buyers) of 12,171 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantPurchasing trends remained somewhat consistent across 2024, but the results from this quarter 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. For example, across Q1-3 2024 an average of 18% planned to cut back on high-end electronics in the year ahead; this figure jumped to 30% in Q4. For watches, these numbers rose from 23% to 32%, while jewellery went from 20% to 25%.
Many brands are already reporting difficult sales periods, with these purchasing plans suggesting further challenges. Automotive remains the category which active buyers expect to cut back on most in the year ahead, with 41%anticipating doing so, and only 21% planning to spend more. Travel is one of the better performing categories, with only 11% expecting to spend less in 2025, although 38% expect to spend more (down from 47% last quarter).
Wealth management appears to be well placed to navigate this shift. Some 43% expect to use wealth managers more in the year ahead – broadly in line with the Q1-3 average 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, the only other category to have more than one quarter planning to increase their spending in 2025 is consumer electronics (21%).
“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 most likely categories to not entice new customers, all having 85-90% of non-users not expecting to begin doing so over the next 12 months. Leather goods and travel are the categories which may be able to attract new category buyers, with both having around one-third expecting to buy in 2025.
PURCHASE CHANNELS
“Within the past 12 months, how have you purchased luxury brands or services?”
Total Unfiltered Base: 12,171 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 (81% in Q4 2024).
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 Q4, two-thirds (64%) said that they had purchased luxury goods or services via their computer/laptop, rising to 81% of Americans. Meanwhile, 42% bought luxury goods via their mobile phone, while 16% did so using a tablet. Men and over-40s comfortably remain the least likely to have shopped via their mobile.
SOCIAL MEDIA INTERACTIONS
“Have you participated in any of the following activities in relation to luxury brands and services on social media in the past 3 months?”
Total Unfiltered Base: 12,171 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantIn line with online retail prospering, social media has also become more important for many luxury brands. Almost half of the Q4 sample said that they had followed a brand (44%) and/or liked or recommended a brand to family, friends or colleagues (45%) 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 (17%) or sent a private message to a brand (15%), with under-40s again most likely to do so.
Many brands are allotting 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, 36%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?”
Total Unfiltered Base: 12,171 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 (43%) 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: 28% say that they will prioritise responsible travel in the future. Meanwhile, 16% say that they have reconsidered their recent travel plans due to climate changes such as heatwaves and wildfires, up from 12% in Q3.
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 5% are interested in renting clothes indicates that this growth is likely to be gradual. Meanwhile, 20% say are interested in buying second-hand clothes, though this figure lags behind in Asia where still only 15% are receptive.
Increasing numbers of wealthy individuals are also gravitating towards brands which have a genuine sustainable ethos and positioning. Almost half (43%) are interested in buying sustainable products such as electric cars or organic clothing. A slightly higher share (47%) are also now concerned about the climate crisis and geopolitical stability in the world (53%), while 37% are trying to reduce their personal carbon footprint in everyday life. Meanwhile, 21%have reduced or eliminated their consumption of meat, rising to 35% in Europe but standing at just 11% in Asia.
“How sustainable/environmentally-friendly do you think the following are? / And which of these do you currently do?
Total Unfiltered Base: 6,217 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 (54%) think that renting goods is either somewhat or very environmentally-friendly, rising to 66% for buying goods second hand. Some 34% say that they are already doing the latter, while only one in five (8%) 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, 31% think that these cars are very environmentally-friendly, with another 26% 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 23% 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, 46% of the sample say that they are already using such programs, rising to 62% among under-40s and 56% among American respondents.
Many wealthy individuals are also making sustainable changes at home, for example by investing in solar panels or heat pumps. Almost three-quarters (71%) believe that these actions are very or somewhat environmentally friendly, with broadly high response across the demographics. Almost half (45%) of the Q4 sample have already taken some of these steps, reaching 49% among the Millennial cohort but falling back to just 26% among 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)?”
Total Unfiltered 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. Two-thirds (62%) say that it is very or somewhat important to them for brands to do this. Only 15% 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?”
Total Unfiltered Base: 12,171 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 29% of the Q4 sample are entirely unprepared to spend any more for sustainable/ethical luxury products. Overall, 49% 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 6% 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?”
Total Unfiltered Base: 12,171 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 Q4. 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?”
Total Unfiltered Base: 12,171 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 investors seeing their stocks fall as a result of greater financial uncertainties. From 37% pre-pandemic, the share of respondents who felt that the financial system was either very or somewhat stable plummeted to a low of just 20% in Q2 2020.
While the following two years saw some recovery, perceived stability has fluctuated in recent quarters, with the result recently falling back to the ~20% mark (21% in Q4). Concurrently, the share of those who think that the financial system is very or somewhat unstable remains high at 55% (with 14% deeming it very unstable). Only 23% now hold a neutral/uncertain position.
Stock Market Knowledge
“How knowledgeable do you think you are about topics related to the stock market?”
Total Unfiltered Base: 12,171 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 Q4 this remained broadly flat, with 78% 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. 19% 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 (31% vs 14%).
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?”
Total Unfiltered Base: 11,688 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 Q4 2024, two in five (39%) expect an improvement in performance in the year ahead, but with just 5% expecting their stocks to perform much better. One-third (31%) 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?”
Total Unfiltered Base: 6,217 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. Q1 2024 saw a small recovery in this figure, where it remains as of Q4 (24%). Meanwhile, 55% expect to keep their investments unchanged, while only 21% were unsure of their plans. The outcome of notable general elections in the UK, US and France across June-November 2024 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?”
Total Unfiltered Base: 2,396 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantOne in five (17%) say that they will be making more charitable donations in 2025, a broadly flat figure against the previous two quarters since this question was introduced to the study. More than two thirds (69%) expect to donate about the same, while only 14% anticipate cutting back. A similar pattern emerges for sustainable investments, with 24% expecting to increase these, 66% 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.”
Total Unfiltered Base: 12,171 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 9% 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, and again briefly topped $100k after the US Presidential election.
Nevertheless, the 2023 drop in value saw an increasing share of wealthy investors cashing out of crypto: in Q2 2023 the share of long-term investors fell from 29% to 20%, where it remains as of Q4 2024. Americans, under-40s and men remain the most likely long-termers, with around a quarter of each doing so. The share of short-term investors also fell back from early 2023, stabilising around one in five since (13% in Q4).
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, 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 one in five since (24% in Q4). Another 34% now say that they do not currently invest in crypto and do not think they will do so in the future.
“Please select one of the following options in relation to NFTs.”
Total Unfiltered Base: 6,217 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantNFTs remain a relatively niche concept despite the hype of recent years. Their widespread coverage and adoption by some brands mean that only 21% are now entirely unfamiliar with them. However, still only one in ten (13%) say that they have previously purchased NFTs as of Q4, rising to 18% of Americans and 21% of under-40s.
As with crypto investment, there has been a clear rise in negative sentiment among non-investors. Only 23% of current non-buyers are now interested in buying them, while the share of those who have not purchased NFTs and are not intending to do so is still high at 44%. While some luxury brands continue to launch NFTs, the coverage and value of the industry has dropped notably over the past two years. Coupled with the lack of notable change in respondents’ answers to this question, this will be the last quarter in which we monitor this metric in GLAM.
FOCUS ON TRAVEL
Luxury Travel Experiences
“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]
Total Unfiltered Base: 12,171 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantLuxury remains important right from the start of our respondents’ holidays, including at the airport: within the past year, 54% shopped in a duty-free store, 46% used a VIP waiting lounge and 48% travelled by business/first-class. 5* or more hotels remain highly popular, used by 58%, while 37% stayed in a suite/penthouse room and 27% rented a beachfront villa. Fine dining (58%) and room services/concierges (41%) also continue to appeal to many affluent travellers.
Spas were used by more than half (52%) within the past 12 months, with under-40s remaining the most likely users (66%). Wellness tourism continues to flourish as more luxury hotels acknowledge the appeal of relaxation facilities; indeed, 19% say that they had been to a wellness retreat over the past year.
Many wealthy individuals are also extending a business trip for a holiday (workations/’bleisure’). One in five (24%) say that they have done this over the past year, while a similar share had a private transport experience (21%) such as a helicopter ride or used a private chauffeur (22%) 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. One in ten (10%) said that they had taken one of these train trips within the past year, while 31% had attended sporting events on holiday, the latter rising to almost half of Americans.
Holiday Purchase Intentions
“Which of the following types of holiday are you likely to take within the next year?”
Total Unfiltered Base: 12,171 global affluent/HNWIs | Source: LuxuryOpinions®/Altiant[Note: in Q4 2021 this question was from a three-year time period to one-year]
Travel has rebounded strongly over the past two years. While many individuals continue to favour domestic trips, or going to countries closer to home, international holidays are broadly back on the rise (see Section 1). Different holiday types see wide variance in popularity across the regions, but all types saw a downturn in interest since the outbreak of Covid-19.
City breaks in Europe and the US were hit particularly badly, a likely reflection of travellers’ ongoing concerns about being in overcrowded places where their exposure to Coronavirus may be elevated. City breaks, sightseeing/tourist holidays and family holidays are now back at pre-Covid levels, albeit many are 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 (67%), rising to 78% among under-40s and 90% among Chinese. This is closely followed by family trips and sightseeing/tourist breaks (both 60%) and beaches(58%). Multi-generational trips remain popular along with rural/countryside holidays such as glamping (31%), 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: 23% plan to visit one of these in 2025.
Post Covid Luxury Travel
“Thinking about how your travel intentions are likely to change against pre-Covid years, are you likely to take more, fewer or about the same number of holidays to the following places?”
Total Unfiltered Base: 6,217 global affluent/HNWIs | Source: LuxuryOpinions®/AltiantNew travel considerations such as spontaneous Covid outbreaks mean that some wealthy travellers may remain watchful about planning their holidays, both in terms of frequency and location. A quarter (27%) say that they are likely to book more holidays within their own country in the coming years, with only 8% expecting to cut back and the remaining 65% taking about the same number of domestic trips. These results are broadly in line with the previous quarter.
Shorter-haul flights may remain desirable in the immediate future as some travellers still look to minimise their time on-board where possible, or to avoid air travel disruption. For airlines, the challenge remains continually restoring confidence so that travellers feel comfortable about spending longer periods on planes. Just over one-quarter say that they expect to take more short- and medium-haul flights in the coming years, with only one-in-ten cutting back. While one quarter (27%) also expect to take more long-haul flights, 23% plan to cut back on these.
Due to minimal quarterly changes, and as the immediate impacts and concerns related to Covid-19 continue to recede, this question will also be retired from GLAM at the end of 2024.
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