Travel is a massive industry, expected to reach $8.6 trillion in spending in 2024, making up about 9% of global GDP. According to McKinsey, luxury tourism is projected to grow from $239 billion in 2023 to $391 billion by 2028, driven by a rise in individuals with a net worth of $1 million to $30 million. Interestingly, 35% of luxury travelers have less than $1 million in net worth, but are willing to spend extravagantly. The study highlights a shift in perceptions, revealing that today’s luxury travelers are often younger and more diverse than previously thought. Many aspire to luxury experiences without being ultra-wealthy and prefer familiar travel options like beach vacations. Additionally, they value loyalty programs and holistic wellness offerings, expecting a blend of luxury and personal service. The growth of wealth in Asia is also reshaping the luxury travel market, with a significant percentage of new luxury hotel developments located there.