According to global insights company Maru, HENRYs (those High Earners who are Not Rich Yet) are committed to discretionary travel spending despite shifting life priorities.
Seek out opportunities to maximise value of vacations
Notwithstanding their otherwise liberal spending behaviour, HENRYs demonstrate a more frugal approach to travel. They are avid loyalty program subscribers, and seek to capitalise on those points as much as possible when traveling for pleasure. Not surprisingly, the large hotel brands are referenced, namely Marriott, Starwood Preferred Guest, and Hilton. When redeeming points is not an option, HENRYs will invest their time to seek out the lowest rates for both airfare and accommodations, ensuring that most of their funds can be used for the experiences during their trips. For some, the availability of attractive rates has even influenced their chosen destination.
Ultimately, though, it’s about value, and being flexible is key to realizing that value for HENRYs! Some reflect on having received greater value with Airbnb compared with hotels, or by seeking out those hidden gem resorts or relatively unknown destinations.
Eager to return to travel but will do so cautiously
While HENRYs are keen on the idea of traveling in a post-pandemic environment, consistent with their more considered approach to such expenses, they intend to do so with caution, likely even to a greater degree than the average traveler. They’re looking forward to the opportunity to relax, with some longing for the day that they can enjoy the warm weather on a care-free beach vacation. One HENRY said, “I would like to go to some beach, doesn’t matter where. I just want to get in the ocean, have a drink and walk in the sand.” The chance to travel is seen as a return to “happier” times, but there are also clear expressions of nerves and anxiety, as well as a reluctance to travel without widespread vaccination and the removal of quarantine requirements.