Luxury segment will resume faster to travel

By Related

Results of the newest data collected by Related/Travellyze reveal that the Nordic luxury segment is more likely to return faster to travel in 2021 than the average Nordic traveler.

2020 has been a life-changing year, especially when it comes to traveling – and many potential travelers are cautious when it comes to planning and booking their next holiday.

Since 2014, Related has collected data from the Nordic consumers, asking about their travel behavior, travel patterns, and booking patterns. This year, additional questions regarding the impact of Covid-19 were needed to get a feeling for the Nordic travelers’ wanderlust and travel expectations for 2021. The survey was carried out in four countries: Sweden, Denmark, Finland, and Norway.

Comparing segments has given answers to essential questions such as who will be the first to travel, and who will be the most restrained.

Comparing Nordic households with an annual income of 95,000 EUR and upwards – here called the luxury segment – to the average of all income groups, the result was clear: More than 42% of the respondents across all income groups stated that they don’t expect to go on longer holidays abroad (5 days or more) in 2021. Among the luxury segment, this share is only 31.78%. The biggest gap is found among the Swedish respondents: 42.11% of the average Nordic travelers state that they don’t expect to go on a holiday of 5 or more days abroad in 2021, compared to 23.88% among the Swedish luxury segment. These numbers show us that the segment with a high income are more likely to return faster to travel in 2021.

Swedes won’t wait for a vaccine
It is also the Swedes with a household income of +95,000 EUR that stand out when it comes to traveling without a potential vaccine. Almost 80% of the Swedish respondents are not waiting for a vaccine to resume travel. The neighbors in Finland and Norway are more cautious: 43% respective 38% state that they will resume traveling after a vaccine has been found. In Denmark this share is 30%. The Nordic average across all income groups is 34%.

Travel budget insights
The survey also gives us valuable information about holiday budget for the travel year 2021 within the luxury segment. 55% of the Swedish respondents within the luxury segment state that they will have a household travel budget of 10,000 EUR or more in 2021. Only 25% of the respondents in the same target group across all four countries are calculating with that amount of budget for 2021. The average Nordic travel budget per household is 5180 EUR.

These and many additional interesting facts have been sourced from our annual survey. To learn more, please contact Henrik Koch at hek@related.dk.