Super-rich spurring new travel spending
Travel times may be tough but the super-rich are again opening their pocket books, according to some new studies.
One explanation may be that what American Express Co. calls “ultra-affluent” consumers are beginning to feel more comfortable displaying wealth now that the worst of a global recession is over.
“I think these people didn’t spend a lot before not because they couldn’t afford it but because it was not socially acceptable,” suggested Abe Pizam, dean of the University of Central Florida’s College of Hospitality Management.
One of the first areas to recognize and jump at this new opportunity are the Orlando theme parks that surround Pizam.
Spending at theme parks by “ultra-affluent” American cardholders jumped by almost one-third in the first quarter of this year compared to last year. Park spending was also up, according to the study by American Express.
Orlando’s theme parks are moving ahead with expansion plans such as SeaWorld’s announcement to expand its decade-old Discovery Cove.
“People are still willing to pay for ultra-expensive experiences,” said Sea World spokesman Nick Gollattscheck.
By David Wilkening
David
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