Part 5/10:
As the demand for ultra-luxury travel has surged following the pandemic, the industry has quickly adapted. Data indicate that while wealthy individuals are traveling less, they are spending significantly more on lavish experiences. Larger expenditures on vacations—such as a notable price increase in costs per trip—have elevated the business class and first-class travel markets, with airlines reporting record revenues despite a drop in business travel.
In urban centers like New York City, an explosion in ultra-luxury hotel openings and occupancy rates signifies this trend. Hotels such as Aman New York now feature rates starting at $2,600 per night, reflecting a broader willingness among the wealthy to invest in high-end experiences.