A new report from WealthInsight looks at the key trends and preferences in luxury tourism among multimillionaires (UHNWIs) across Europe, Asia-Pacific and North America.
According to the study, female billionaires are one of the prime targets in the luxury tourism industry. WealthInsight analysis shows that the female UHNWI population in countries studied grew at a review-period (2010 – 2014) CAGR of 5.3%, as opposed to a CAGR of 4.4% for male UHNWIs. While growth in the female UHNWI population was highest in Asia-Pacific, at a CAGR of 9.1%, in North America and Europe the CAGRs were 5% and 2.9% respectively.
Female multimillionaires are also increasingly playing dominant roles in family businesses: more than half of female billionaires in the Asia-Pacific region are first-generation entrepreneurs, while less than a quarter of female billionaires in the US and Europe are self-made. These trends represent significant opportunities in luxury tourism. Services such as spas, yoga, meditation, health and wellness are key attractions for female UHNWIs globally. Demand to combine a business trip with holiday is also rising among female UHNWIs.
WealthInsight’s Eceonomist Dr Roselyn Lekdee comments: “As wealthy females have greater control over their careers and finances, they are becoming more selective about holidays, demanding personal and more sophisticated services. This is forcing luxury hotels, tour operators and concierge services to really get to know their preferences.”
For more information please download the attached white paper. The paper is based on key findings from the new WealthInsight report: Opportunities in Luxury Tourism: Trends in UHNWI Demographics and Leisure Interests.