As well as traveling less often, low-income individuals also travel shorter distances than people in higher income groups.
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Affluent Americans eschew busy summer months and tend to travel in the spring or fall; treat themselves to an average of three vacations a year; and shell out an average of nearly $3,000 per trip.
From fine dining in the place's best restaurants to expensive sightseeing points, the rich want to fine-tune their overall experience and add extravagance to the vibe. You might think that the rich travel to mainstream tourist attractions. They do, of course, but their preferences lean towards the road less taken.
What motivates millennials to travel. “Millennials tend to be driven very much by experiences,” said Roeschke. Millennials, along with Gen Zs, are more likely to spend money on experiences than on consumer goods (46% vs. 37%), according to American Express Travel's 2023 Global Travel Trends Report.
Solo travel is cool, but the rich usually prefer group travel. And not just any group travel. They will subscribe to exclusive club memberships in places of visit and take along their friends and/or family.
Generally, $20,000 is the baseline cost for a trip around the world for one person for one year. This estimation falls in line with popular recommendations that budget travelers can spend an average of $50 a day on the road, and allows additional budget for flights and vaccines.