‘Stealth wealth’ and ‘quiet luxury’ are de rigueur
American Express has released an Amex Trendex report on luxury shopping, travel and dining trends.
According to the global report, craftsmanship and sustainability rather than ostentatious labels are driving luxury purchases, social media is a top source of inspiration for travellers and hard-to-get restaurant reservations are attracting more and more diners.
Travellers are increasingly turning to social media platforms when planning trips and looking for inspiration.
Sales strategies that influence bookings include complimentary breakfast, with 38% saying they would be swayed by that offer. Off-peak season discounts were also sighted as a draw, with 30% open to booking based on seasonal deals.
The most important things travellers look to social media for when planning a trip are restaurant recommendations (49%), landmarks to visit (49%) and things to do at their destination (46%).
In terms of planning ahead, respondents were almost equally divided, with 51% of consumers surveyed preferring a full itinerary before going on a trip and 49% preferring little or no planning.
When it comes to sharing personal travel experiences, more than one-third of consumers surveyed (36%) want to show off their travels to impress their followers on social media, increasing to nearly half (49%) of all Millennials and Gen-Z travellers.
Analysing survey respondents by age, Millennials and Gen-Z are most likely to embrace the ‘quiet luxury’ and ‘stealth wealth’ trends. Premium brands are favoured over inexpensive 'fast fashion' brands, with 70% saying they’d rather invest in high-quality, sustainable brands.
Eight in 10 (80%) consumers surveyed had purchased luxury items within the past year. Overall, 66% of respondents said they are more likely to purchase than rent luxury items, a figure that increased to 71% among Millennials and Gen-Z respondents, and 71% care more about craftsmanship and brand values than the designer label.
Almost 8 in 10 (79%) consumers surveyed are dining out as much as or more often than last year. Around half (44%) of diners jump at the chance to get hard-to-get reservations at popular restaurants while 53% prefer to eat at hot new restaurants for special occasions.
The majority (85%) of consumers surveyed said that dining out is the main way to treat themselves. Interestingly, a restaurant’s aesthetic was ranked as important as food quality when determining where to eat.
The Amex Trendex is a trend index that tracks how consumers, small businesses and retailers are feeling about spending, saving and travelling. The poll was conducted between 17 and 29 August 2023 among 7,400 travellers from multiple countries. Respondents have an annual household income of at least a US$50k and typically travel by air at least once a year.