Luxury Travel Takes a Hit as High-End Consumers Cut Back on Spending
High-end travelers are limiting their vacation spending, with most wanting to pay no more than $500 a night for a hotel, according to a Bloomberg survey. This may be due to diminishing consumer confidence or complaints that inflated pricing hasn't been accompanied by a proportionate increase in service quality. The survey also found that luxury hotels, restaurants, and airlines will face increasingly irritated consumers this summer. Additionally, the majority of respondents say their habits have recalibrated to pre-pandemic norms overall, with only 7% planning to "splash out" on their next vacation.