Soaring Travel Costs Are Weighing on Even the Wealthiest Vacationers, WSJ Study Shows

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.

Italian fine wines are gaining momentum among Australian collectors and drinkers, with new data from showing a surge in interest driven by value, versatility and a new generation of producers.

Long dominated by France, the premium wine conversation is beginning to shift, with Italy increasingly positioned as a compelling alternative for both drinking and collecting.

According to Langtons, the category is benefiting from a combination of factors, including its breadth of styles, strong food affinity and more accessible price points compared to traditional European benchmarks.

“Italy has always offered fine wine fans an incredible range of wines with finesse, nuance, expression of terroir, ageability, rarity, and heritage,” said Langtons General Manager Tamara Grischy.

“There’s no doubt the Italian wine category is gaining momentum in 2026… While the French have long dominated the fine wine space in Australia, we’re seeing Italy become a strong contender as the go-to for both drinking and collecting.”

The shift is being reinforced by changing consumer preferences, with Langtons reporting increased demand for indigenous Italian varieties and lighter, food-first styles such as Nerello Mascalese from Etna and modern Chianti Classico.

This aligns with the broader rise of Mediterranean-style dining in Australia, where wines are expected to complement a wider range of dishes rather than dominate them.

Langtons buyer Zach Nelson said the category’s versatility is central to its appeal.

“Italian wines often have a distinct, savoury edge making them an ideal pairing for a variety of cuisines,” he said.

The move towards Italian wines also comes as prices for traditional French regions continue to climb, particularly in Burgundy, prompting collectors to look elsewhere for value without compromising on quality.

Italy’s key regions, including Piedmont and Etna, are increasingly seen as offering that balance, with premium wines available at comparatively accessible price points.

Nelson said value is now a defining factor for buyers in 2026.

“Value is the key driver for Australian fine wine consumers… Italian wines are offering exactly that at an impressive array of price points to suit any budget,” he said.

The category is also proving attractive for newer collectors, offering what Langtons describes as “accessible prestige” and a more open entry point compared to the exclusivity often associated with Bordeaux.

Wines such as Brunello di Montalcino and Nebbiolo-based expressions are increasingly being positioned as entry points into cellar-worthy collections, combining ageability with relative affordability.

At the same time, a new generation of Italian producers is reshaping the category, moving away from heavier, oak-driven styles towards wines that emphasise site expression and vibrancy.

“There’s definitely a ‘new guard’ of Italian winemaking… stripping away the makeup… to let the raw, vibrating energy of the site speak,” Nelson said.

Langtons is also expanding its offering in the category, including exclusive access to wines from family-owned producer Boroli, alongside a broader selection spanning Piedmont, Veneto, Sicily and Tuscany.

The company will showcase the category further at its upcoming Italian Collection Masterclass and Tasting in Sydney, featuring more than 50 wines from 23 producers across four key regions.

For collectors and drinkers alike, the message is clear: Italy may have been overlooked, but it is no longer under the radar.

Soaring Travel Costs Are Weighing on Even the Wealthiest Vacationers, WSJ Study Shows

Italian wines are emerging as a serious contender for Australian collectors, offering depth, rarity and value as French benchmarks continue to climb.