Travel is back despite years of pandemic-related hardships, and neither inflation nor still-recovering economies seem to be slowing it down. Just last year, air travel soared to 70 percent of its pre-pandemic levels worldwide. Hospitality was also booming across the globe, as hotel occupancy averaged almost 70 percent last summer–a 5 percent increase from summer 2019. While tourism is booming overall, high-end travel is standing out as the current sector to watch. In 2021, the market was worth $638.2 billion globally. By 2031, it’s projected to hit $1,650.5 billion. This year, luxury travelers are expected to spend 72 percent more on airfare, experiences, and accommodations than they did before the COVID-19 era. Specifically, these travelers plan to spend an average of $5,000 per person on their next luxury vacation. Factors driving luxury travel While the pandemic threw a wrench in the tourism industry, it might ironically be one of the keys to its current resurgence. Many tourists are making up for years of lockdowns, restrictions, and social distancing by booking their dream vacations–and they are willing to shell out big bucks to make that dream come true. In fact, almost half of the participants in a recent survey specifically cited lost time during the pandemic as their reasoning behind plans to spend more