How the Top 10%’s $544 Billion in Travel Spending Is Redrawing Luxury Hospitality

The top 10% of American households now account for more than half of all U.S. consumer spending, a dominance that is most pronounced in travel and tourism, where their collective expenditure is projected to reach $544 billion in 2026. This concentration of demand among affluent travelers is fundamentally reshaping global hospitality investment, driving capital away from mid-scale resorts and toward smaller luxury properties, intimate cruise vessels, and experience-driven accommodations that cater to the preferences of the wealthiest consumers.

Research from Resonance Consultancy, conducted in partnership with market research firm Léger, surveyed 1,050 households in the top 10% of income and/or net worth (annual income $240,000 to $600,000 and/or net worth $1.5 million to $13 million) and 451 in the top 1% of income and/or net worth (annual income above $600,000 and/or net worth above $13 million) between August and September 2025. The longitudinal study tracks affluent American travelers since 2007, providing a detailed picture of how spending patterns and preferences have shifted over nearly two decades. The findings reveal not only the magnitude of luxury travel spending but also the specific ways this wealth is reshaping the global hospitality landscape, from which destinations affluent travelers choose to how hotels and cruise lines design their properties and amenities.

Accelerating frequency and per-trip spending

Affluent travelers are taking significantly more leisure trips than the national average, and this travel frequency has accelerated substantially in recent years. The top 10% now average 4.3 leisure trips annually, while the top 1% take an average of six trips per year—more than double the national average of 2.8 trips. Among the top 10%, the percentage of travelers taking between six and eleven leisure trips annually rose from 11% in 2022 to 18% in 2025; among the top 1%, it rose from 15% to 27%, signaling a fundamental shift in how the wealthiest Americans approach vacation planning.

Per-trip spending has surged even more dramatically than trip frequency. Top 10% travelers now spend approximately $7,900 per trip, up from $5,100 in 2022—a 55% increase in spending per journey. The top 1% spend around $12,400 per trip, compared with $8,400 in 2022, representing a 48% increase. By contrast, the average US traveler spends $3,700 per trip, meaning the top 1% spend more than three times as much per journey and the top 10% spend more than twice as much. This combination of increased frequency and higher per-trip spending means that travel now represents a far larger portion of affluent households’ discretionary spending than in the past.

The top 10% dominance
The top 10% of US households account for more than half of all consumer spending and are projected to spend $544 billion on leisure travel in 2026. These households have annual incomes between $240,000 and $600,000 and net worth between $1.5 million and $13 million, according to Resonance Consultancy’s research conducted between August and September 2025.

Ultra-luxury cruise lines emerging at the margins

Interest in cruising among the top 1% of US travelers has exploded, jumping from 37% in 2019 to 53% in 2025—a shift of 16 percentage points in just six years. This dramatic increase in cruise interest among the wealthiest Americans is notable because traditional cruise ships have historically been viewed as mass-market accommodations that cater to budget-conscious travelers. The surge in cruise interest among ultra-wealthy travelers reflects a fundamental change in how luxury cruise lines are being positioned and designed.

This shift has prompted luxury hospitality brands to enter the cruise market with vessels that fundamentally depart from the mass-market cruise ship model. Rather than accommodating thousands of passengers, these new entrants focus on intimate, all-suite experiences with hotel-quality service. Four Seasons, Ritz-Carlton, Aman, and Orient Express are all launching or have recently launched cruise vessels designed to carry fewer than 300 guests, creating a market segment that barely existed five years ago.

Four Seasons I, featuring 95 all-suite accommodations spread across a 34,000-gross-ton vessel 679 feet long, was scheduled to enter service in early 2026. Each suite includes outdoor space, and the ship features notable amenities including a 9,975-square-foot glass-enclosed Funnel Suite with 270-degree views spanning four levels, plus a 7,952-square-foot Loft Suite. The vessel also includes a transverse marina and one of the largest pools at sea with a convertible platform. The ship was scheduled to debut in the Caribbean in early 2026 before relocating to the Mediterranean for spring and summer cruising, positioning it to serve both the Caribbean luxury market in winter months and the European luxury market during summer peak travel season.

Aman at Sea is under construction and expected to enter service in 2027 with either 47 suites (per KJ Travel) or 50 suites (per Maritime Executive) spread across a 23,000-gross-ton vessel 600 feet long. Each suite features a private balcony, and amenities include multiple dining venues, an Aman Spa with Japanese garden, a beach club with water access, and two helipads. Notably, Aman at Sea will be among the first ships in the industry to operate as dual-fuel using marine diesel and methanol, reflecting environmental considerations in the design of ultra-luxury vessels. The Ritz-Carlton Yacht Collection has been operating since 2023 and now comprises three vessels in its fleet, blurring the line between resort and ship. This emerging ultra-luxury cruise segment represents a direct response to wealthy Americans’ demonstrated interest in cruise travel combined with their preference for intimate, personalized experiences rather than mass-market accommodations.

Hotel development bifurcating by luxury tier

The concentration of travel spending among wealthy Americans is creating a two-tier hotel development market characterized by very different trajectories for luxury and mid-scale properties. Luxury properties with fewer than 150 rooms continue attracting substantial investment capital, while mid-scale commodity projects are struggling to secure financing. Luxury hotel rates grew 5.7% in 2025, while mid-scale and economy segments experienced minimal growth, demonstrating clearly where investor capital is flowing.

The luxury development pipeline reflects this bifurcation, with recent openings including Nekajui, a Ritz-Carlton Reserve in Costa Rica (107 rooms), Six Senses Rome (96 rooms), and La Valise Mazunte in Mexico (6 suites) — all under the 150-room threshold that continues to attract capital while mid-scale commodity projects struggle to secure financing.

According to WATG Advisory, a hospitality advisory firm, approximately 510,810 ultra-high-net-worth individuals exist globally—those worth $30 million or more—with this population projected to grow 31% by 2030. This expanding ultra-wealthy base is driving development of boutique properties that prioritize personalization and cultural immersion over sheer size. New-scale luxury properties are increasingly paired with branded residences, villas, and private clubs that offer residential comfort alongside hotel services. Property-level amenities have become critical differentiators, with 60% of luxury travelers prioritizing staying at hotels with great restaurants, and properties with strong dining concepts reporting up to a 40% surge in positive reviews.

Resort repositioning of existing properties is increasingly favored over greenfield development, driven by rising construction costs and environmental considerations. Rather than constructing entirely new properties, hospitality investors are increasingly renovating and repositioning existing assets to capture the ultra-luxury market. This shift reflects both the practical reality of rising construction costs and the growing emphasis on environmental, social, and governance (ESG) criteria among institutional investors and developers seeking returns in a high-cost environment.

Wellness-focused properties are achieving 20 to 35% higher average daily rates compared to properties without these amenities, reflecting both the willingness of affluent travelers to pay for wellness-focused properties and the operational advantages that wellness properties enjoy.

Wellness design and experience-driven amenities

Health-oriented travel has emerged as one of the primary drivers of luxury hospitality investment and is reshaping how properties are designed and marketed. Among the top 1% of US households, 34% are planning wellness trips in the next 12 months, up from 23% in 2019. For the top 10%, 21% plan wellness-focused travel, compared with 15% in 2019. The dramatic increase in wellness travel interest among affluent Americans represents a shift from leisure travel focused primarily on recreation toward travel that incorporates health and wellness objectives.

Wellness travelers spend more than 40% above the average per trip, making this segment particularly attractive to investors and hospitality operators. Properties that emphasize wellness are achieving measurable performance premiums in the market. Hotels and resorts featuring evidence-based wellness design—informed by neuroscience and biometrics—are achieving 20 to 35% higher average daily rates (ADRs) compared to properties without these amenities. This premium pricing reflects both the willingness of affluent travelers to pay for wellness-focused properties and the operational advantages that wellness properties enjoy in the current market.

Beyond wellness travel, affluent travelers are increasingly seeking curated experiences and cultural immersion. Family programming has also become strategically important, with 56% of families choosing a hotel based on the quality of its kids club; properties that elevate children’s programming report longer stays and stronger repeat bookings. Elevated food and beverage has become a critical revenue driver, with properties positioning restaurants as “third spaces” that attract both guests and local clientele. This experiential focus represents a fundamental shift away from opulence for its own sake toward authenticity, personalization, and meaningful engagement with destinations and communities.

Geographic reorientation and market expansion

The geographic preferences of affluent US travelers are shifting in ways that are reshaping investment priorities globally. Canada has emerged as the top international destination for wealthy US travelers, narrowly surpassing Mexico. Costa Rica is gaining significant share from traditional Caribbean markets, while the Middle East is gaining traction as a new destination among younger affluent Americans. These geographic shifts reflect both changing preferences among wealthy travelers and the strategic positioning of new luxury properties in emerging destinations.

This geographic and demographic concentration means that hotel brands, cruise operators, and destination developers worldwide are increasingly oriented toward serving this small but extremely affluent consumer base, regardless of traditional geographic or market considerations. Developers in emerging destinations are constructing luxury properties targeting affluent Americans and other international wealthy travelers, while traditional luxury markets like the Caribbean and Mediterranean are being repositioned to capture higher-end segments of the market. The result is a global hospitality landscape increasingly stratified by wealth, with ultra-luxury properties becoming the focus of development activity in both established and emerging destinations.

Photo: Basile Morin · CC BY-SA 4.0 · via Wikimedia Commons