June marked a major milestone for MMGY Global with the launch of the 27th Portrait of American Travelers® and a celebration to officially debut the company’s new office in midtown Manhattan. Industry influencers and members of the press were welcomed at a special event that included an exclusive review of the annual report’s findings and a panel discussion helmed by the company’s leadership and MMGY Global CEO Clayton Reid.
Following are highlights from this year’s report and the media coverage it sparked.
Profile of Luxury Travelers
A recent article published by Skift, “How to Tell the Difference Between Luxury and Affluent Travelers,” included MMGY Global’s 2017–2018 Portrait of American Travelers® insights to define the true luxury market as the part of the affluent segment willing to pay top dollar for quality. Thirty-six percent of all affluent travelers fell into the luxury category, defined as “travelers with high household incomes that say it is worth paying more for the very best quality for vacation accommodations and transportation.”
American Travelers Are Visiting Vanishing Destinations
As reported by Travel Pulse, MMGY Global’s travelhorizons™ survey showed that 36 percent of adults believe it is important to visit vanishing destinations, including the Great Barrier Reef, Glacier National Park and Venice, Italy. Nearly four in 10 travelers feel it is very to extremely important to visit these destinations, most prominently Millennials, the affluent and those with college degrees or higher.
Millennial Families Are the Primary Drivers of Growth in Travel
In a year of projected slowdown for travel, Millennial families are going to spend more and travel more than all other generational segments, according to MMGY Global’s 2017–2018 Portrait of American Travelers® survey. The research predicts that the approximately 60 million traveling households in the U.S. will spend up to $5 billion less on leisure travel, which shows a less than 1 percent dip from its eight-year high in 2016. The 9.5 million households that are American Millennial families, however, intend to spend 19 percent more on vacations during the next 12 months and intend to travel 35 percent more than the previous year. Research was published by Travel Weekly, Hospitality Net and Luxury Travel Advisor, among others.