Luxury consumers are spending more on travel, technology and food and drink, according to a Small Luxury Hotels of the World (SLH) survey designed to identify trends in luxury travel.
The lion's share of respondents in the survey reported that for the last five years they have increased spending on travel (62 percent), technology (62 percent) and food and drink (60 percent). Spending on luxury health and beauty products is also on the rise, with 51 percent of respondents spending more. The survey included 800 SLH guests around the globe.
When prompted to choose one luxury item, 42 percent of respondents selected a luxury vacation and 40 percent chose a memorable experience. The one caveat was Canadian respondents, 58 percent of whom said they would choose a luxury car.
Russian respondents were No. 1 when it came to consumption of luxury products, with nearly 90 percent saying they upped their spending on the travel and food and drink segments. Eighty percent also spent more on technology.
The Maldives was the favorite luxury destination, according to 13 percent, followed by Italian and French destinations (12 percent and 11 percent, respectively). U.S. and Canadian respondents were the only group that did not rate the Maldives in their top three, instead they listed Europe and France (22 percent and 23 percent, respectively.) The most popular luxury vacation was one at a secluded beach resort, according to 43 percent of respondents.
When it came to the most crucial luxury travel elements, five-star facilities and authentic experiences were at the top of the list at 28 percent and 26 percent.