DEPARTURES

WHERE THE MONEY TRAVELS NEXT

Affluent American travelers are no longer just shaping luxury travel trends—they are quietly determining where hospitality capital flows, which projects get built, and which destinations outperform.

REGINA RUSSO

Dubai Branded Residences

At a moment when much of the travel industry is bracing for volatility, one segment is offering unusual clarity. According to the newly released 2026 Future of Luxury Travel report from Resonance Consultancy, affluent American travelers are no longer simply responding to hospitality trends—they are actively directing where global hospitality capital flows next.

Based on surveys of more than 1,500 U.S. households in the top 1 percent and top 10 percent of income and net worth, the report captures a cohort controlling an estimated $544 billion in leisure spending. For hotel owners, developers, and investors, the implication is direct: demand at the top of the market is not weakening, but it is becoming more concentrated, more selective, and more decisive in shaping what gets built—and what gets funded.

Shaw Wellness Clinic

Wellness Moves From Amenity to Asset Strategy

One of the most decisive shifts highlighted in the report is the acceleration of wellness and longevity travel. Among top 1 percent travelers, 34 percent plan to take a trip primarily focused on health and wellness within the next year, up sharply from 23 percent in 2019. Interest among top 10 percent households has followed a similar trajectory.

This evolution signals more than an expanded spa menu. Affluent travelers are seeking longevity science, biometric diagnostics, and regenerative therapies integrated into the core resort experience—programming that directly influences length of stay, repeat visitation, and pricing power. From Costa Rica to Saudi Arabia’s AMAALA development, wellness is emerging as a measurable value driver rather than a discretionary luxury, reframing how operators think about yield per guest.

Ultra-Luxury Cruising Redefines Scarcity Economics

The resurgence of cruising among affluent travelers further underscores how demand is reshaping supply. Interest in cruising among top 1 percent travelers has climbed from 37 percent in 2019 to 53 percent in 2025—but this growth bears little resemblance to mass-market cruising models.

New entrants such as Ritz-Carlton Yacht Collection, Four Seasons, and Aman at Sea are deploying vessels with fewer than 300 guests, positioning them closer to floating boutique resorts than traditional ships. Service density, curated itineraries, and intentional scarcity are redefining cruising as a high-yield hospitality asset class—one aligned with luxury land-based economics rather than volume tourism.

The Rise of the New-Scale Luxury Resort

On land, hotel development is undergoing a quiet but consequential bifurcation. Mid-scale projects continue to face financing headwinds, while luxury properties with fewer than 150 keys are attracting sustained investment. These “new-scale” resorts often blend hotels with branded residences, villas, and private membership components, creating diversified revenue streams that appeal to both guests and capital partners.

Recent examples—including Nekajui, a Ritz-Carlton Reserve in Costa Rica, Six Senses Rome, and La Valise Mazunte—illustrate a broader shift toward precision over scale. STR data supports this realignment, showing luxury average daily rates continuing to grow while mid-scale and economy segments stagnate.

Four Seasons Yachts

A Reordered Map of Global Demand

Geography, too, is being reshaped by affluent travel behavior. Canada has overtaken Europe as the top international destination for affluent Americans, driven by proximity, safety, and the ability to blend nature, culture, and urban experiences in a single trip. Costa Rica continues to gain share from the Caribbean, buoyed by branded development and expanded nonstop airlift. Meanwhile, the Middle East is emerging as a “dream destination” for younger affluent travelers, with Dubai leading interest among those aged 18 to 34.

As Chris Fair, President and CEO of Resonance Consultancy, observes, the affluent travel market remains robust—but it is also more concentrated and more exposed than ever. For hospitality stakeholders, resilience and growth increasingly depend on understanding this group with precision.

The Signal Beneath the Surface

For Private Air readers, the implications extend beyond lifestyle forecasting. Luxury travel has become a forward-looking capital signal. The destinations, formats, and experiences favored by affluent travelers are the same ones attracting financing, commanding premium valuations, and demonstrating long-term resilience.

In an industry searching for certainty, following where affluent travelers choose to spend may be the clearest indicator of where hospitality value will emerge next.