Flywire survey

Luxury travelers planning to spend more on vacations and take longer trips compared to last year

Interest in luxury cruises increased nearly 70% Year-over-Year, signaling boon for ocean experiences

Payment simplicity and security remain top requirements for discerning travelers

BOSTON, March 26, 2024 (GLOBE NEWSWIRE) -- Flywire Corporation (Nasdaq: FLYW), a global payments enablement and software company, has released its third annual report on luxury travelers' preferences, finding 90% of their vacations will be longer than ones they took a few years ago. 87% of the same group also plan to spend more on travel in 2024 than they did last year; this number jumps to 95% when looking specifically at Gen Z and Millennials.

Flywire’s annual luxury travel report surveyed approximately 675 luxury travelers in the U.S. to understand how their preferences and plans could impact the travel industry in 2024. The report explores topics around AI in travel, sustainability, hybrid work’s influence on luxury vacations, payment security and more.

“From our third annual report, we learned that luxury travelers are as motivated as ever to invest in unique high end experiences around the world, and plan on spending even more than before to embark on once-in-a lifetime adventures,” said Colin Smyth, SVP and GM of Travel at Flywire. “Our data shows a few notable spikes, including an accelerated interest in ocean experiences, such as luxury cruises, and in group travel across generations. Overall, these trends are positive indicators for travel providers who cater to the luxury market.”

Luxury travelers still value personal interaction and rely on advisors for true luxury experience

Even in the age of AI, luxury travelers prefer working with people. In most instances, they still want to use a travel agent or advisor to help plan their trips. In fact, 96% of luxury travelers have used an agent or are likely to use one in the next 18 months, and this number is increasing year over year.

About nine in ten travelers say working with a travel agent is the best way to manage their itinerary in real time or make changes as necessary. Respondents say their top reasons to use an agent are providing peace of mind, making sure they know about relevant travel restrictions and solving problems when they happen. More so, 85% of luxury travelers say working with a travel expert or agent is the only way to have a truly luxury travel experience.