Most Ultra-Wealthy Travelers Won’t Pay More Than $500 a Night on a Hotel Room, a New Survey Says
How much is too much to splurge on a hotel room?
According to the latest MLIV Pulse survey, a whopping 69 percent of wealthy travelers don’t want to spend more than $500 a night on accommodations, Bloomberg reported. They also don’t have an appetite for swanky upgrades or sustainable lodging if it means that the cost of their trip will increase. Of the 465 respondents that were polled, 24 percent capped their budget at $1,000, while 5 percent of participants set their limit at $2,000. Unsurprisingly, only 2 percent said they’d drop up to $3,000 a night on a fancy vacay.
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Of course, $500 a night will still get you some pretty sweet digs. Though, high room rates aren’t necessarily an indication of quality these days. In fact, inflation and ongoing labor shortages are a few of the contributing factors that are driving up costs and why consumers are cutting back. To put it simply, tourists don’t want to splash out extra cash when the service is sub-par—top-tier resorts included.
To put things into perspective, data from Google found that five-star hotels in New York can range from $523 to $999 per night in late spring. In places like Paris, prices start at $707 and can climb up to $1,382. If you’re more interested in a Caribbean escape, the going rate for a high-end hotel in St. Barts, for example, is upwards of $1,400. And that doesn’t even account for amenities or any additional add-ons.
Much like the luxury hotel sector, the trend will continue to impact restaurants and airlines, which are expected to face even more dissatisfied customers in the coming months. The latter has already been hit with rising demand, increased jet fuel prices, and lower capacity following the pandemic.
If your summer travel plans aren’t already in the works, they’ll likely cost you a pretty penny.
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