Pulse of the Industry Report 2025 shows that clients are still spending, but they’re also reassessing.

Today, we are releasing our 2025 Pulse of the Industry Report, and the message from senior travel executives is clear: High-net-worth clients are still traveling, still spending, and still dreaming big.

But they’re also more selective, more attuned to value, and more vocal about what they want — and what they don’t.

For the second year in a row, the data confirms that luxury travel is no longer in rebound mode. It’s in refinement mode.

Nearly 75% of respondents expect revenue to increase in 2025, and 63% say bookings are already pacing ahead of last year. But high prices are drawing more scrutiny.

More than half of advisors say their clients are concerned about cost — and 68% say clients have changed hotels because pricing felt out of sync with expectations. The message? Luxury travelers aren’t necessarily spending less, but they are asking for more clarity, consistency, and emotional ROI.

What do they want more of? Experiences that matter. Emotional motivators like family time, discovery, and transformative travel continue to drive demand.

This year, we saw a jump in interest around discovering new destinations, engaging with art and culture, and event-based travel. The motivators are widening, but the underlying need remains the same: to feel enriched and connected.

Some of the categories seeing the strongest growth include:

• Cruising, particularly expedition and river, where 75% and 57% of advisors respectively are seeing increased interest.

• Asia, with Japan driving demand and South Korea and Southeast Asia gaining traction.

• Corporate, which is recovering slowly, and MICE, which is picking up more rapidly as Zoom fatigue gives way to a desire for in-person engagement.

The rosiness of the overall picture is echoed in recent earnings reports from American Express — whose Q2 revenues jumped 20% YoY, driven largely by customers shelling out for perks related to dining, concerts, and other experiences — and Delta and United, both of which reported robust demand after a period of uncertainty earlier in the year. (American Airlines, which is more exposed to softening domestic demand, posted a weaker outlook.)

But the news isn’t all blue skies. Air travel frustrations continue to shape perception, from delays and cancellations to concerns about air-traffic control and safety.

Political tensions, particularly around U.S. politics, are cited as a reason international clients are avoiding U.S. destinations. And 31% of advisors say overtourism is pushing clients toward less saturated spots — a call for suppliers and destinations to start thinking more intentionally about dispersal, exclusivity, and access.

There are also internal pressures. Advisors cite staffing, service frustrations from DMCs and airlines, and client pushback on pricing as their top pain points. AI is entering the workflow — 69% have used it in some form — but most see it as a helper, not a replacement.

So what’s the big picture? The boom isn’t over; it’s just growing up. The clients at the top of the market want personalization, meaning, and service that justifies the price point. They’re not backing off, they’re leveling up — and they expect the industry to do the same.

You’ll find the full report here: Strategic Vision- Pulse of The Industry Report 2025 (pdf)