Flywire survey

Luxury travelers planning to spend more on vacations and take longer trips compared to last year - Seite 2

Group-based trips and ocean experiences lead the next wave of luxury travel

According to the data, group travel will increase in 2024, particularly with Baby Boomers as well as Gen Z and Millennials. When looking at what group travel means to them, 33% of respondents see it as a group of friends while 22% interpret it as a trip with extended family – another 22% view it as a couples’ group trip. 93% of luxury travelers surveyed would pay more to travel with a private group for unique experiences.

In terms of the types of experiences luxury travelers are seeking, there are a few notable increases year over year. Interest in luxury cruises increased nearly 70% over last year, and adventure trips increased nearly 30%. More than 80% of those surveyed are likely to combine vacations with special events.

Payment simplicity and security is a top concern

Almost all luxury travelers (94%) agree it should be easy for them to pay for all parts of their trip at once to streamline the process. Travelers also increasingly prefer to pay their travel agent for major trip components while covering their own meals and incidentals themselves – a 73% increase from last year. Additionally, travelers look to avoid certain pain points when paying for their experiences, such as unexpected fees and/or exchange rate confusion (45%), the inability to use their preferred credit card (27%) and the inability to pay in their local currency (20%). And security remains top of mind, with 68% of those surveyed concerned about the security of their payments.

To view the full report with additional data points and key takeaways, please visit: Flywire's annual luxury travel report.

About Flywire

Flywire is a global payments enablement and software company. We combine our proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for our clients and their customers.

Flywire leverages its vertical-specific software and payments technology to deeply embed within the existing A/R workflows for its clients across the education, healthcare and travel vertical markets, as well as in key B2B industries. Flywire also integrates with leading ERP systems, such as NetSuite, so organizations can optimize the payment experience for their customers while eliminating operational challenges.