The rise of the self-made female HNWI & what that means for luxury travel
The rise of female UHNWs is said to partly be behind the increase in luxury wellness travel. Women entrepreneurs and business owners now represent an increasingly larger share of millionaires and billionaires throughout Europe and Asia. The number of female ultra-high net worth individuals — those with net assets of $30 million or more, is increasing faster than their male counterparts, encouraging travel agencies, luxury hotels, tour operators, and private jet companies to focus on their interests. These include holidays that focus on "wellness or well-being" and can be combined with business or voluntary work, according to data provider, Wealth Insight.
Whilst 54% of travel decisions are made by the top 1% of individuals, they are made by females and they are also more likely to travel solo. Luxury travel companies need to adjust their offerings to meet the demand, not just in terms of destination, but right down to the choice of plane, destination, and resort.
One Private Jet Company taking on this new trend is, ‘Fast Private Jet’, an Italian-based private jet charter company, which states whilst the majority of their travelers are male, typically 78% according to the latest research, the number of females choosing to fly privately is increasing. To meet this new trend, Fast Private Jet is flying to destinations most suited to females such as Switzerland and even tailor their offering to choosing more female-oriented interiors on planes to the catering and food they put on their planes, more suited to females diets. They have to create experiences targeted at the female audience.
Working with Fast Private Jet, The Fixer Lifestyle Group, a UHNWI luxury experience company, personalizes every trip for females. "UHNWI female travelers biggest concerns are safety and security" state Kimberley Watt, ‘we, therefore, choose destinations where females are not at risk and are made to feel comfortable at every step of their journey, everything from having secure accommodation, security staff onsite, female drivers and activities tailored to the female interest. The most popular trips we are currently seeing are wellness, spa, and retreats in locations in the Caribbean, Switzerland, and across Asia.’
As wealthy females have greater control over their careers and finances, they are becoming more selective about holidays, demanding personal and more sophisticated services and a holistic service," says continues Kimberley Watt. Our experiences are no longer about a destination, but what the traveler is traveling there for and that is to be curious and seek wellbeing experiences that also satisfy the need for intellectual growth.