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The Resonance Report 2013
U.S. Affluent Travel and Leisure
resonanceco.com
Overview
• In December 2012, a national sample of 1,232 wealthy consumers was surveyed
in depth online by the Luxury Insti...
Who is Affluent?
3
$150K
MEDIAN INCOME
AMERICANS SAY A FAMILY
OF FOUR NEEDS TO FEEL
WEALTHY: $150,000
(Pew Research Center)
4
10.6 million
(9% of Households)
with Income $150k+
5
6
7
8
Why are they
important?
9
U.S. Bureau Labor Statistics 2011 Consumer Expenditures Survey
10
11
What do they
want?
12
13
14
15
Where are they
going?
16
17
Top 10 U.S. Travel Destinations*
1. New York, NY
2. Las Vegas, NV
3. San Francisco, CA
4. Washington, DC
5. Orlando, FL
6....
Top 10 International Travel Destinations
1. Italy
2. United Kingdom
3. France
4. Canada
5. Caribbean Islands
6. Australia
...
20
21
16%
16%
15%
11%
10%
9%
8%
7%
6%
6%
1. Hawaii
2. North Carolina
3. Miami or South Florida
4. Las Vegas
5. Orlando/Central F...
What kind of
accommodations
do they prefer?
23
24
25
26
What kind of trips
are they planning?
27
28
What amenities are
most important?
31
30
31
What activities do
they pursue?
32
33
34
Vacation Homes
35
36
Between 1990 and 2000, population aged 45 to 54 grew by 49%
Between 2000 and 2010, population aged 45 to 54 grew by 19%
Be...
Percentage of Affluent Households Owning Vacation Property
Vacation home
Vacation condominium
Hotel condominium
Timeshare
Pr...
39
Percentage Currently Considering by Segment
Vacation home
Vacation condominium
Hotel condominium
Timeshare
Private residen...
41
42
What are their
plans at age 65?
43
44
45
Retirement of Affluents at Age 65
A Continue Working
B Retire from my current
field of employment and
pursue other activities...
Personal Housing at Age 65
Continue to live in our primary
home for the foreseeable future
Downsize to a smaller home/cond...
Key Takeaways
48
#1
Vacation Homes & Exotic
Vacations remain two of
the most desired
aspirations for affluents
49
#2
While formation of
families is slowing down,
multi-generational
travel continues to rise.
50
#3
Affluents love
technology and will
come to expect
sophisticated digital
guest experiences
51
#4
1 in 4 affluents plan to
move to vacation home
or relocate at age 65 in
their “flextirement”
52
#5
Success tied to product
and amenity innovation
catering to “flextirees”
and multi-multi lifestyles.
53
Chris Fair
President
Resonance Consultancy Ltd.
(646) 413-8887
cfair@resonanceco.com
Twitter: @crfair
Download: www.resona...
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The Resonance Report 2013 Webinar

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The Resonance Report is a biennial study of the travel and leisure habits of affluent American households by Resonance Consultancy, a leading global travel and tourism consulting firm that monitors travel and leisure trends. The study, conducted in conjunction with the Luxury Institute in New York, surveys more than 1,200 individuals from households with incomes of $150,000 and higher every two years to measure their travel and leisure preferences and aspirations. These affluent households account for almost a third of all domestic spending on lodging and air travel, according to recent estimates in the U.S. Bureau of Labor Statistics’ Consumer Expenditures Survey.

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The Resonance Report 2013 Webinar

  1. 1. The Resonance Report 2013 U.S. Affluent Travel and Leisure resonanceco.com
  2. 2. Overview • In December 2012, a national sample of 1,232 wealthy consumers was surveyed in depth online by the Luxury Institute on behalf of Resonance Consultancy about their aspirations, lifestyles, leisure and retirement pursuits. • Respondents were recruited and screened to only include those age 21 or older with a minimum gross annual income of $150,000. No minimum was set for net worth, but the data was captured. • These results are intended to provide important insights that can guide decision- making and best practices implementation for companies and brands that cater to wealthy consumers. • Please be advised that your use of this Resonance Consultancy Ltd. document constitutes your agreement to (i) use the content under a limited license only for your own internal purposes, and (ii) not disclose, publish or otherwise make public or provide the content, in whole or in part, to any third person or entity without the prior written consent of Resonance Consultancy Ltd.  The content is and remains at all times the exclusive intellectual property of Resonance Consultancy Ltd.  Copyright © 2013 Resonance Consultancy Ltd. 2
  3. 3. Who is Affluent? 3
  4. 4. $150K MEDIAN INCOME AMERICANS SAY A FAMILY OF FOUR NEEDS TO FEEL WEALTHY: $150,000 (Pew Research Center) 4
  5. 5. 10.6 million (9% of Households) with Income $150k+ 5
  6. 6. 6
  7. 7. 7
  8. 8. 8
  9. 9. Why are they important? 9
  10. 10. U.S. Bureau Labor Statistics 2011 Consumer Expenditures Survey 10
  11. 11. 11
  12. 12. What do they want? 12
  13. 13. 13
  14. 14. 14
  15. 15. 15
  16. 16. Where are they going? 16
  17. 17. 17
  18. 18. Top 10 U.S. Travel Destinations* 1. New York, NY 2. Las Vegas, NV 3. San Francisco, CA 4. Washington, DC 5. Orlando, FL 6. New Orleans, LA 7. Chicago, IL ** 7. Maui, HI ** 7. Miami, FL ** 7. San Diego, CA ** *As defined by Metropolitan Statistical Areas ** Tied for 7th 18
  19. 19. Top 10 International Travel Destinations 1. Italy 2. United Kingdom 3. France 4. Canada 5. Caribbean Islands 6. Australia 6. Germany 8. Spain 9. New Zealand 9. Mexico 27% 21% 19% 16% 15% 13% 13% 12% 10% 10% 19
  20. 20. 20
  21. 21. 21
  22. 22. 16% 16% 15% 11% 10% 9% 8% 7% 6% 6% 1. Hawaii 2. North Carolina 3. Miami or South Florida 4. Las Vegas 5. Orlando/Central Florida 6. South Carolina 7. Caribbean Islands 8. Europe 9. Northern California 10. Arizona Top 10 Locations for Vacation Homes 22
  23. 23. What kind of accommodations do they prefer? 23
  24. 24. 24
  25. 25. 25
  26. 26. 26
  27. 27. What kind of trips are they planning? 27
  28. 28. 28
  29. 29. What amenities are most important? 31
  30. 30. 30
  31. 31. 31
  32. 32. What activities do they pursue? 32
  33. 33. 33
  34. 34. 34
  35. 35. Vacation Homes 35
  36. 36. 36
  37. 37. Between 1990 and 2000, population aged 45 to 54 grew by 49% Between 2000 and 2010, population aged 45 to 54 grew by 19% Between 2010 and 2020, population aged 45 to 54 will decrease by 8% U.S. Census Bureau 37
  38. 38. Percentage of Affluent Households Owning Vacation Property Vacation home Vacation condominium Hotel condominium Timeshare Private residence club membership Destination club membership 19 7 4 18 8 7 24 11 3 19 10 9 19 8 2 15 4 3 2008 2010 2012 38
  39. 39. 39
  40. 40. Percentage Currently Considering by Segment Vacation home Vacation condominium Hotel condominium Timeshare Private residence club membership Destination club membership 13 8 4 4 4 4 <55 7 5 2 3 2 2 55+ 9 4 2 4 2 2 <$1MM 12 10 5 4 5 4 $1MM+ 40
  41. 41. 41
  42. 42. 42
  43. 43. What are their plans at age 65? 43
  44. 44. 44
  45. 45. 45
  46. 46. Retirement of Affluents at Age 65 A Continue Working B Retire from my current field of employment and pursue other activities and interests 40 35 30 25 20 15 10 5 0 A B % Under Age 65 Age 65 or Older 29% 36% 40% 37% 46
  47. 47. Personal Housing at Age 65 Continue to live in our primary home for the foreseeable future Downsize to a smaller home/condominium in the same region as our primary residence Convert a vacation or investment property into my primary residence Relocate and purchase or rent a home or condominium in a different region None of the above % 10 20 30 40 50 42% 55% 12% 9% 5% 2% 16% 10% 21% 27% Under Age 65 Age 65 or Older 47
  48. 48. Key Takeaways 48
  49. 49. #1 Vacation Homes & Exotic Vacations remain two of the most desired aspirations for affluents 49
  50. 50. #2 While formation of families is slowing down, multi-generational travel continues to rise. 50
  51. 51. #3 Affluents love technology and will come to expect sophisticated digital guest experiences 51
  52. 52. #4 1 in 4 affluents plan to move to vacation home or relocate at age 65 in their “flextirement” 52
  53. 53. #5 Success tied to product and amenity innovation catering to “flextirees” and multi-multi lifestyles. 53
  54. 54. Chris Fair President Resonance Consultancy Ltd. (646) 413-8887 cfair@resonanceco.com Twitter: @crfair Download: www.resonancereport.com

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