I find the Miami Herald article interesting. I recently wrote a financial article regarding the affluent and economic pressures, and what cam out of several interviews of the "mega-wealthy" was that discretionary spending was reduced simply because of a media effect. Affluent individuals are more in-tune with the market and media-reported trends which affects whether they might buy a third vacation home or purchase an exotic car or piece of art. However, travel was not one of the things that suffered as this was a lifestyle feature as much as dining at nice restuarants are. Travle was one of the few items that was not compromised despite recessionary trends. Many of the clients were beginning to use luxury marketplace sites like LuxuryIndex.com as this allowed them addition returns on their own investments through listing them for rent or charter, or they chartered ot rented themselves on items they deemed discretionary. Anyway, the bottom line was that travel opportunities did not change for this ever-rising group.
One was in Miami, one was a senior level financial advisor in Rhode Island, one lived near Chicago. I also interiewed 2 travel agents, one in Atlanta and one in New York. All supported travel as a lifestyle "necessity" that was insulated among the wealthy to recessionary pressures. Thanks
omegaet , the article from the Miami Herald was interesting to read, and I thought your comments were reflective as well, dchildress. Although I do not fall into the mega-wealthy class, I do consider leisuretravel more of a necessity than a luxury, in terms of my sanity. I would cut back in other areas rather than missing out on a holiday.
Let's shed a tear for the unfortunate "mega wealthy" who are being buffetted by the ill winds of the U.S. economy. According to the Miami Herald article posted on this Board, many of these poor bewildered folk now face the harrowing prospect of having to forego that third or fourth Bentley or Jaguar in the garage on their estate. Some are even being forced by the harsh realities of the times to forego buying another luxury yacht, more diamonds or another closet-full of fashions from Dior. My heart goes out to these souls because hard times may actually cause them not to fly to Monte Carlo again to try their luck at high-stakes Hold 'Em Poker this weekend at the Casino, just a couple of months since they jetted there from a vacation in Dubai to watch Formula 1 Grand Prix racers roar past their exclusive seats just off the famed Swimming Pool. Oh my, things are looking grim indeed. What are the rest of us, the merely "well off" average travellers going to do?
What exactly was your point? I think it is rather obvious the "mega-wealthy" don't need any pity. The discussion was simply a matter of cause and effect. Does or did recessionary pressures affect luxury travel habits among affluent individuals. Pretty simple. You can place your own judgement value on the answer either way. I don't anyone would really argue against your point.
Just to add a bit of humour to the discussion and to underscore the notion (in my view) that the "Super Rich" in the USA and elsewhere seem unlikely tohave their lifestyles affected in any significant way by the current downturn in the economy (which has been and will more than likely continue to fluctuate on a cyclical basis, as usual).