- International travellers are expected to increase spending on luxury trips abroad, according to the latest data from Flywire’s annual luxury travel report.
- Hybrid work and the expanding travel season mean more flexibility when it comes to international travel.
- Payment security while abroad remained a priority, with 69% of respondents expressing a desire for stronger security and greater payment convenience.
According to Flywire’s annual luxury travel report, luxury travellers are set to increase spending on international trips in 2023.
83% of luxury travellers surveyed said that they intend to spend more on travel in the coming year than 2022 and 84% reported that they will be taking longer holidays than in the past 18 months.
While consumers prepare to spend more on travel, the report revealed that payment security is a high priority, with 69% stating that safe money transfer methods are a necessity when travelling abroad.
It is also apparent that Gen Z and Millennial travellers are among the most conscious of the need for secure international money transfer options, with over 80% agreeing that payment security is their prime concern.
The expanding travel season and the popularity of hybrid work solutions have played a part in the luxury travel boom.
With almost all respondents agreeing that there is no longer an ‘off-season’ for travel, 85% cited their flexible working schedule as the reason they are able to travel more frequently.
Almost three quarters stated that they are likely to combine holidays with international work and business trips.
The report also stressed the importance of travel advisors, with 81% saying that working with travel experts is key for creating a true luxury travel experience.
Again, Gen Z and Millennials are more likely to seek the assistance of travel agents and advisors as opposed to Boomers and Gen X.
Are you planning a luxury international trip in 2023? If so, take a look at our money transfer comparison tool to find the best secure methods of money transfer for your holiday.
