Soaring Travel Costs Are Weighing on Even the Wealthiest Vacationers, WSJ Study Shows
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Wealthy individuals remain just as interested in travelling as they were last year, but costs have become a larger factor in their plans, according to a Global Travel Study conducted by WSJ Intelligence between June 27-July 19.
Of the 879 Wall Street Journal readers surveyed—who had an average age of 56, were 79% male, and had an average net worth of about US$3.5 million—94% intend to travel for leisure in the next 12 months, down just 1% from 2023. Additionally, 64% plan to travel internationally, up from last year’s 60%.
Travellers are most concerned about costs amid ongoing inflation and other economic challenges, even as 80% of respondents say they plan to increase or maintain their travel spend compared to last year.
The cost of flights and hotels is the top factor of importance for WSJ readers, with 78% concerned about prices, a nine-point increase from 2023.
“Travel is still on the up—our readers are still really enthusiastic,” says Carolyn Romano, associate director of Luxury Lifestyle Intelligence at The Wall Street Journal. “But at the same time, it’s yet another year of market volatility and inflation, so I just think they’re being a little bit more thoughtful about the way that they’re traveling.”
Availability of flights and hotels is the second-biggest issue for travellers, with 76% of readers responding that it is a factor of importance for them.
Notably, as factors of importance, both loyalty programs and discounts and deals are up 10 percentage points year over year. Romano says this increase is “pretty significant.”
“Our reader approaches every purchase as an investment of some sort, and even our reader is still taking all of these factors into consideration,” she says.
Despite rising costs, the post-Covid enthusiasm for travel remains, with 70% of respondents traveling more than they have in the past. Over the next 12 months, WSJ readers’ average anticipated spend on leisure travel is US$18,305, up from last year’s US$18,250.
As for destinations, 86% of respondents are considering traveling to Europe, down just 1% from last year. Italy is the top European country of choice—superseding the U.K.—seeing a 9% annual increase in interest.
Though most destinations, both international and domestic, included in the survey saw similar interest as last year, traveling to Asia is up 10 points from 2023, with 40% of respondents considering booking a trip to the continent. Japan ranks the highest, with 61% of respondents considering traveling there, up 6% from last year.
When making travel plans, 72% of WSJ readers say they go to family and friends for recommendations. Only 13% report consulting a travel agent, though people taking cruises are much more likely to use a travel agent.
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This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
The grand estate custom built for the Bulls legend has been on the market for 12 years
2 min
Michael Jordan has found a buyer for his Chicago estate after more than 12 years.
The 7-acre compound, custom built for the basketball legend in the ’90s in the area’s Highland Park suburb, first hit the market in 2012 asking $29 million. By 2015, the price on the nine-bedroom home was reduced to $14.855 million—the digits of which add up to 23, Jordan’s jersey number—and it’s remained at that price ever since.
Spanning over 32,000 square feet on Point Lane, the home reflects the larger-than-lifeness of its owner, with 19 bathrooms, five fireplaces, a regulation-sized basketball court, a massive weight room where Jordan used to train, and a built-in aquarium, according to the Wall Street Journal.
The sale was first reported by Crain’s Chicago Business.
Outside the home, there is a tennis court, a putting green and a circular infinity pool with its own island, accessible by a small bridge. There are plenty of circular touches throughout, including a round skylight above a circular eat-in kitchen, an arched wine cellar and a circular sitting room with views directly onto the basketball court.
A large lounge area that was once an indoor pool includes glass sliding walls on either side that can open up completely during Chicago’s milder months.
Other unique features include doors from the original Playboy Mansion, a three-bedroom guesthouse and the number 23 emblazoned on the front gate.
Compass agent Katherine Malkin, who is marketing the property, confirmed the pending sale to The Athletic. Malkin did not respond to a request for comment, and the buyer and price were not immediately available. Jordan could not immediately be reached for comment.
It’s unlikely to exceed the asking price. A year after the home first hit the market in 2012, Jordan decided to sell via auction, but the home failed to even meet the reserve bid of $13 million. Despite the lack of movement, Jordan has not dropped the asking price any further since 2015.
Homes in Highland Park, a wealthy suburb of Chicago can fetch upward of $5 million, but Jordan’s home has been the priciest option on the market for a long time. Fellow Chicago Bulls legend Scottie Pippen sold a nearby home in 2023 after a five-year wait. That home, which Pippen bought for $2.6 million in 2004, sold for $1.7 million two decades later, according to Realtor.com.
It seems that despite the home court advantage, this is one game that Jordan has not been able to win.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
